Great Basin Gold, the insolvent operator of the Hollister Mine in Elko County 80 miles east of Winnemucca, said last week it may write down the $90 million value of the mine on its books.
The company said an in-house study now estimates that the mine has a remaining productive life of three years, rather than the six years it previously estimated.
The company headquartered at Vancouver is undergoing court-supervised financial restructuring, and it says it doesn't have the money for exploration that might support higher estimates of the property's reserves.
The company began trial mining at the Hollister Mine in 2008, and it says the property has produced 400,000 ounces of gold.
Publicly held Great Basin Gold said a regulatory filing last week that it will require additional funding by mid-January to move forward with the sale or recapitalization of the Nevada mine as well as a mining property in South Africa.
