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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Gold Mining Stocks Under $5

Great Basin Gold is engaged in the acquisition, exploration, development and trial mining of precious metal deposits within two material projects -- Hollister gold project and the Burnstone gold project, which is at the trial mining stage. All the analysts covering the stock recommend a buy, with consensus estimates indicating a 59.8% potential upside over the coming few months. The stock was trading at $2.69 Friday morning.

For the fourth quarter, the company's Hollister gold project reported a production increase of 31,000 gold equivalent ounces, compared to 11,000 ounces in the third quarter. Cash costs fell 20% to $680 per ounce from the earlier quarter. On an average, daily production at Hollister has increased to 325 tons from the initial 275 tons.

As per a research report, MLV estimates Great Basin to report fourth-quarter net income of C$1.9 million, as opposed to a loss of C$0.7 million in the year-ago quarter. Average metallurgical recovery at the Burnstone gold project stands at 86% and is likely to reach 95% as the plant ramps up and higher-grade material is processed. The company expects to reach commercial production by the end of January 2011. During the first quarter of 2011, GBG will recognize the revenue for the 3,500 gold equivalent ounces delivered to the refinery during 2010.

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