Great Basin Gold Provides Operational and Exploration Update

Great Basin Gold

provides updates on progress at operations and exploration and drilling results for its Hollister Project and Burnstone Mine. Summary Hollister operations and exploration results continue to deliver Hollister 2012 Production Targets - 90,000 to 100,000 Au eqv oz at a cash cost of US$700 - 750 per Au eqv oz1 Significant progress on Burnstone ramp up since the end of December 2011 Water issues resolved Reef development ends up 19% to 38 Reef development rates achieving planned levels of 40 meters per reef development end per month Square meters available for stoping up 71% to 12,356 sq meters with an additional 6,000 sq meters partially developed Productivity underground improving through de-bottlenecking and infrastructure development, and Mine expected to be cash flow positive (after capital investment) by early Q3 2012 Burnstone 2012 Production Targets - 90,000 to 100,000 Au oz at a cash cost of US$900 - US$1,000 per oz Ferdi Dippenaar, Great Basin Gold President and CEO, commented: "With improvements, both made and planned, to underground infrastructure at Burnstone, the build-up is proceeding well to reach our milestone of 1,500 ore development meters per month in Q2 2012 and our interim production milestone of 10,000 oz per month in early Q3 2012. This will lay the foundation for the project to achieve its potential optimal production rates of 220,000 - 250,000 Au oz per annum, and including Hollister, for the Company to achieve 320,000 - 350,000 Au eqv oz in total production per annum.