Company Information for Great Basin Gold Limited

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Company Statement

Great Basin plans to become a mid-tier gold producer through a well-defined strategy of:

• Developing our highly prospective projects into high margin productive units;
• Continuing to increase our resource base through focused exploration programs;
• Acquiring prospective companies and/or assets.

Current Operations

HOLLISTER PROPERTY - NEVADA, USA
In 1997, Great Basin acquired Newmont's 75% interest in the Hollister Gold Property (formerly known as the Ivanhoe Gold Property) in Nevada for US$6 million. Two years later, the company increased its interest to 100% through purchase of all the shares of Touchstone Resources, which held the remaining 25%. Great Basin explored the property from 1997-2001, outlining gold resources in the Clementine, Gwenivere and South Gwenivere vein systems and also indicating excellent additional exploration potential. Great Basin Gold now owns 100% of the Hollister Mine Property.


In mid-2002, Great Basin entered into earn-in and joint operating agreements with Hecla Mining Company to undertake the underground access and exploration program at its Hollister Property, to complete the development and to operate the mine. Hecla had the option to earn a 50% working interest in the Block, constituting some 5% of the property by funding a US$21.8 million advanced exploration and development program, leading to commercial production.

In addition, Hecla would pay Great Basin a revenue royalty that escalated with the gold price.  On 20 February 2007, Great Basin entered into an agreement with Hecla whereby Great Basin purchased their “earned in to date” interest in the Hollister Development Block. The purchase consideration of US$ 60 million was payable as US$ 45 million in cash and US$ 15 million in shares. The agreement was closed on the 19th of April 2007, thereby giving GBG 100% ownership of the property.

Production from a resource of 2 million gold equivalent ounces at the Hollister property on the prolific and highly developed Carlin Trend in Nevada is expected in 2008. Hollister Development Block's annual gold equivalent production is expected at 160,000 ounces for six years, at an in-situ grade of 1.05  ounces of gold per ton and a cash cost of US$ 214/oz.



BURNSTONE PROJECT  - SOUTH AFRICA
In November 2002, Great Basin acquired the right to purchase 100% interest in South African company Southgold Exploration (Pty) Ltd., which has rights to the Burnstone Gold Property. The two-stage acquisition was completed in January 2004, for a consideration totalling US$3.25 million in cash, 21 million shares and 10.5 million warrants, and US$1.5 million in expenditures.  Construction on the decline commenced in July 2006, with site clearance. Development of the access decline continues according to plan, and as at the end of October 2007, approximately 1200  meters of the planned 2180 meters had been completed. Once completed, bulk sampling is planned, which is scheduled for completion in the second half of 2008.

Located in the world's most prolific goldfield, the Witwatersrand Basin in South Africa. The area contains a gold resource in excess of 7 million ounces.  A Feasibility Study for an initial operation in Area 1 at Burnstone indicates an annual average of 254,000 ounces of gold  for 19 years at a cash cost of US$283/oz.   Substantial additional resources are available for later phases of development.

Board of Directors and Key Management

Ronald W. Thiessen	Chairman
Ferdi Dippenaar	President and CEO.
Johan G. Oelofse	COO
Zelda Smit	CFO
Directors:
Patrick R. Cooke
David J. Copeland
T. Barry Coughlan
Ferdi Dippenaar
David Elliott
H. Wayne Kirk
Sipho A. Nkosi
Walter T. Segsworth
Ronald W. Thiessen

Company Address 1500 Royal Centre, 1055 West Georgia Street Vancouver, British Columbia, Canada V6E 4N7 Telephone: +27 11 301 1800 Facsimile: +27 11 301 1833 Email: tsholos[at]gbgold.co.za Website: http://www.grtbasin.com

Capital Issued 203,037,069 Fully Diluted 210,206,278

Annual General Meeting June, Vancouver

Year End 31 December

Nominated Brokers BMO, Toronto

Nominated Advisors BMO, Toronto

Major Shareholders

• Tranter Gold - 10% - as at June 2007

• RBC Asset Management - 3,4% - as at June 2007

• MacKenzie Financial Corporation – 3,4% - as at June 2007

• Investec Asset Management (Pty) Ltd – 2,3% - as at June 2007

Related News

10/04/08 - Ferdi Dippenaar Has Transformed Great Basin Gold From A Plodder To A Racehorse In Short Order

Most Recent Statement

13/08/08 - Great Basin Gold Commences Trial Mining on Gwenivere and Clementine High Grade Veins at Hollister Project in Nevada
24/06/08 - A New Vein System Discovered on Great Basin Gold's Hollister Property
10/01/08 - Great Basin Announces Development of Second Outlet
13/11/07 - Great Basin Gold Makes Good Progress in Operationalizing its Projects
12/11/07 - Exploration Confirms Extensions to Mineralization at Great Basin Gold’s Hollister Property
01/10/07 - Great Basin Announces Closing of BEE Transaction Agreements for Burnstone Gold Project in South Africa