Company Information for Great Basin Gold Limited

TSX-GBG; JSE-GBG

www.grtbasin.com

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Company Statement

Great Basin Gold is developing mining assets in two of the world's richest gold environments -- the Witwatersrand Basin of South Africa and the Carlin Trend of Nevada, USA, positioning the Company to grow substantially in value as it progresses towards its goal of becoming a low-cost mid-tier gold producer.
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

Directors
Ronald W. Thiessen	Chairman of the Board and Director
Ferdinand Dippenaar	President, Chief Executive Officer and Director
Patrick R. Cooke	Director
T. Barry Coughlan	Director
David Elliott	Director
Wayne H. Kirk	Director
Sipho A. Nkosi	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
Louis Coetzeel	Vice President Corporate Development
Dawie Mostert	Vice President Human Capital
Boniface Ngarachu	Executive Organizational Effectiveness
Louis Scheepers	Executive Project Management

Company Address

138 West Street
Ground Floor
Sandown, V6E 4N7


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

Investor Services
Ph: +27 11 301 1800 (South Africa)
Fax: +27 11 301 1840(South Africa)
Email: tsholos@gbgold.co.za

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