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Company Information for Great Basin Gold Limited

TSX-GBG; JSE-GBG

www.grtbasin.com

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Company Statement

Great Basin Gold is a mining company engaged in the development and exploration of Gold properties. The company is currently in late stage development at two projects in the world’s two most well known gold producing regions, with a substantial resource base of 13 million ounces in the measured and indicated category. The Hollister project is located on the Carlin Trend in Nevada, USA and the Burnstone project, is located on the Witwatersrand Basin in South Africa. Great Basin Gold plans to become a mid-tier gold producer through a well-defined strategy of:

Developing our near term production projects into high margin mining units.
Continuing to increase our reserves and resources base through focused exploration programs.
Acquiring prospective companies and/or assets thereby expanding our project pipeline.

Great Basin is in the business of acquiring interests in, and exploring and developing precious metals deposits. For the past four years Great Basin has focused on two advanced stage gold projects, the Hollister Property on the Carlin Trend in Nevada, USA, where underground exploration and development has been underway on a portion of the property called the Hollister Development Block (“HDB”) and also at the Burnstone Project in the Witwatersrand goldfield in South Africa. Feasibility studies have been completed on both projects, and they are in the underground access and pre-production phase.

Current Operations

Great Basin Gold is developing mining assets in two of the world's richest gold environments - the Carlin Trend of Nevada, USA and the Witwatersrand Basin of South Africa.

Operations
Hollister Mine, Nevada USA
The Hollister Property is located in the northeastern part of the Carlin Trend, approximately 80 km (50mi) from Elko, Nevada. Great Basin’s exploration efforts at Hollister from 1997-2001 resulted in the discovery and delineation of several high-grade gold-silver vein systems on the Hollister Development Block (HDB). The main vein systems are called the Clementine, Gwenivere and South Gwenivere.

Recent goals achieved:

Received three first place safety awards from the Nevada Mining Association.
Good progress with trial stoping on the Main Gwenivere and Central Clementine veins with a total of 9,873 tons of ore extracted in the third quarter.
11,239 dry tons of ore were shipped to Newmont’s Midas mill for treatment that began on September 25, 2008.
The stock pile sent for milling returned grades of 1.5oz/t Au and 12 oz/t Ag. Recoveries of 88% gold and 93% silver were achieved.
Completing a further 5,711 ft (1,741 m) of development during the quarter, totaling 28,121 ft (8,571 m) for the HDB project to date.
Infrastructure establishment with the completion of the expanded LOM waste rock disposal (“WRD”) facility and commissioning of the water desilting facility.
Progress on permitting with the completion of the Completeness Review by the Bureau of Land Management on the full scale Plan of Operations.

Burnstone Mine
The Burnstone Project is located about 80 km southeast of Johannesburg and just east of Balfour, in the Mpumalanga Province of the Republic of South Africa. The project has received all of the required permits to complete the development of the mine and commence commercial production.

Recent goals achieved:

Granting of the New Order Mining Right by the Department of Minerals and Energy (“DME”) on October 28, 2008 to the Company’s wholly owned subsidiary, Southgold Exploration (Pty) Ltd (“Southgold”), authorizing Southgold to mine for gold, silver and aggregate in the Burnstone Project area.
Good progress continues to be made with the development of surface and underground infrastructure. As at September 30, 2009, 8,009 ft (2,441 m) of decline development had been completed. A total of 824 ft (251 m) of on-reef development has been completed during the quarter with good continuity in reef exposed. The first Long Hole Stope was also accessed, and a number of blasts taken. The Company plans to implement this higher level of mechanized mining on a trial basis over a period of 9 to 12 months before final evaluation. The establishment of more stopes is underway in Block B, with activities in Block C mainly focused on reef development. At October 31, 2009, a total of approximately 29,000 tons have been accumulated on the surface ore stockpile.
Sinking of the vertical shaft continued and at September 30 2009, the shaft had reached a depth of 1,339 ft (408 m) below surface with 261 ft (79 m) remaining to shaft bottom. The final depth of the shaft is planned at 1,598 ft (487 m). Development of 40 Level Station commenced with 131 ft (40 m) being completed and 771 ft (235 m) remaining before shaft sinking to 41 Level re-commences.
The refurbishment of the mills continues to be on schedule. Foundation excavations for the metallurgical facility were completed and construction of the mill infrastructure has commenced.

Exploration

Tsetsera Property – Mozambique
The Company concluded a Joint Venture Agreement to enter into an unincorporated joint venture with G S Minase Refnaria Limitade (“GSR”) in Mozambique on August 20, 2007 (“the JV”). The purpose of the JV is to establish a gold exploration and mining business in Mozambique, whereby the Company will have the exclusive right to explore all GSR’s properties.

The Company has an 80% interest in the JV, and has committed to exploration expenditures of approximately US$2 million over a three year period on the Tsetsera Property, which is located 80 km south of Manica in Mozambique, and other properties over which GSR holds mineral rights.

The Company manages the JV and is responsible for the day to day management of the exploration and other activities to be conducted.

Exploration program
An initial soil sampling and ground geo-physics program has been completed on the property over the course of the last nine months. Results from the two programs proved positive to the extent that in the order of four follow up exploration targets that have been delineated.

Rusaf Gold – Africa, Russia
During the second quarter of 2008, the Company acquired the remaining 63% of Rusaf Gold Ltd (“Rusaf”) for a total consideration of $22.9 million, payable in approximately 6.6 million Great Basin common shares (plus 1.1 million shares issuable on exercise of warrants and options).

The acquisition terms also provide for additional Great Basin shares to be issued in the first 3 years from closing, contingent upon gold discoveries involving more than 500,000 ounces on certain mineral prospects currently held by Rusaf.

In the event of such discoveries, Great Basin will issue shares valued at the higher of the closing price on acquisition date or then-prevailing market price to the former Rusaf shareholders on the basis of valuing these gold ounces (including equivalent metals) at US$15/oz for inferred resources and US$40/oz for measured and indicated resources (subject to a minimum average cut-off grade of 1.5 g/t or 0.04 oz/ton). Great Basin has also agreed to spend between $7 million and $20 million in exploring the acquired properties during this period depending on independent advice as to the likelihood of exploration success.

Property information
Currently Rusaf is pursuing an extensive exploration program in Tanzania and the island of Kurils. In Tanzania the exploration program consists of three regional exploration programs in the following areas: Lake Victoria (North-West), Lupa (South-West), Kikugwe (Central South).

Exploration on the island of Kurils in 2008 was planned to include an intensive drill program aimed at establishing measured and indicated mineral resources in the main project area.

Kryso Resources – Central Asia
The Company, through various share purchase transactions, holds 15% in the equity of Kryso Resources Plc (“Kryso”), a mineral resources and exploration company exploring gold and precious metal deposits in Central Asia. Kryso is a publicly traded company on the AIM market of the London Stock Exchange.

Property information
The Pakrut deposit is located in the Tien Shan Belt, a highly prospective zone running from Uzbekistan through to China which hosts several world-class gold deposits, including the 70 million ounce Muruntau deposit. The property hosting the Pakrut deposit is located 107 km from the capital Dushanbe, and was acquired by Kryso in 2003. A mining license granted in April 2004.

Kryso also recently acquired the Hukas nickel/copper project in central Tajikistan. Surface trenching in late 2006 returned promising results, including highlights of 1.0%-1.6% nickel and 0.6%-1.2% copper over a widths of 2 m-7 m. Ground geophysical surveys and diamond drilling was undertaken in 2007.

Exploration program
The key advance over the third quarter was a revised JORC compliant Mineral Resource Statement at the Pakrut Gold Project. The Resource Statement, completed by Deon van der Heever of GeoLogix Mineral Resource Consultants (Pty) Ltd., incorporates recent new drill hole information from the deposit-area called Ore Zone 1. The resources are considered equivalent to those that would be estimated using CIM 2005 under National Instrument 43-101. The Resource Statement is summarized below.

Geographical Spread

Board of Directors and Key Management

Directors
Ronald W. Thiessen	Chairman of the Board and Director
Ferdinand Dippenaar	President, Chief Executive Officer and Director
Dana Roets	Vice President - Corporate Development
Patrick R. Cooke	Director
T. Barry Coughlan	Director
David Elliott	Director
Wayne H. Kirk	Director
Joshua Ngoma	Director
Walter T. Segsworth	Director

Management
Johan Oelofse	Chief Operating Officer
Lou Van Vuuren	Chief Financial Officer
Phil Bentley	Vice President: Geology and Exploration
Willie Beckmann	Vice President Business Services
Dawie Mostert	Vice President Human Capital
Louis Scheepers	Executive Project Management

Company Address

138 West Street Ground Floor
Sandton, South Africa 2146


Telephone:	+27 11 301 1800
Facsimile:	+27 11 301 1840
Email:	tsholos[at]gbgold.co.za
Website:	http://www.grtbasin.com

Additional Address/Key Contact

SOUTH AFRICAN CONTACT:
Contact: Tsholo Serunye - Investor Relations Officer
Ph:      +27 11 301 1800 or +27 11 301 1833
Email: tsholos@gbgold.co.za

NORTH AMERICAN CONTACT:
Contact: Michael Curlook - IRO and Corporate Development
TF:       888 633 9332
Ph:      +1 604 633 9113
Email: michaelc@gbgold.co.za

U.S. Investor & Media Relations
Breakstone Group
Barbara Cano
Tel: +1 (646) 452-2334
Email: bcano@breakstone-group.com

Capital

Common 333,687,511
Warrants 86,178,552
Options 17,617,307
Fully Diluted 437,483,370

Annual General Meeting

June, Vancouver

Year End

31 December

Nominated Brokers

BMO, Toronto

Nominated Advisors