GBG - Great Basin Gold Limited - Great Basin Gold announces exercise of over-

GBG - Great Basin Gold Limited - Great Basin Gold announces exercise of over-   
allotment option                                                                
GREAT BASIN GOLD LIMITED                                                        
(Incorporated in Canada and registered as an External Company in South          
Africa)                                                                         
(Registration No. 2006/021304/10)                                               
Share Code: GBG      ISIN Number: CA3901241057                                  
("Great Basin Gold" or "the Company")                                           
April 5, 2012, Vancouver, BC - Great Basin Gold Ltd. ("Great Basin Gold" or     
the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that RBC         
Capital Markets, on behalf of the underwriters has exercised the                
underwriters` over-allotment option to purchase an additional 10,005,000        
common shares at $0.75 per common share and 5,002,500 warrants at a price of    
$0.90 per warrant, for gross proceeds to the Company of $7,503,750.  Each       
full warrant will entitle the holder to purchase one common share of the        
Company at a price of $0.90 per common share at any time before 5:00 p.m.       
(Vancouver time) on March 30, 2014.                                             
The over-allotment option was granted to the underwriters by the Company to     
cover over-allotments under the terms of the Company`s public financing         
completed on March 30, 2012 and the exercise of the over-allotment option       
brings the total gross proceeds raised from the offering to $57,528,750. A      
syndicate led by RBC Capital Markets acted as underwriters in connection with   
the offering. Closing of the over-allotment occurred today.                     
Net proceeds from the Offering will be used for working capital for the         
development and ramp up of the Burnstone Mine.                                  
The securities offered have not been and will not be registered under the       
U.S. Securities Act of 1933, as amended, and may not be offered or sold in      
the United States absent registration or an applicable exemption from the       
registrations requirements of such Act.  This press release shall not           
constitute an offer to sell or the solicitation of an offer to buy the          
securities in any jurisdiction in which such offer, sale or solicitation        
would be unlawful.                                                              
For additional details on Great Basin Gold and its gold properties, please      
visit the Company`s website at www.grtbasin.com or contact Investor Services:   
Tsholo Serunye in South Africa     +27 (0)11 301-1800                           
Michael Curlook in North America   +1 888 633-9332                              
Barbara Cano at Breakstone Group in the USA  +1 (646) 452-2334                  
No regulatory authority has approved or disapproved the information contained   
in this news release.                                                           
Cautionary and Forward Looking Statement Information                            
This release includes certain statements that may be deemed "forward-looking    
statements". All statements in this release, other than statements of           
historical facts, that address financing events or technical developments       
that Great Basin Gold expects to occur are forward-looking statements.          
Although the Company believes the expectations expressed in such forward-       
looking statements are based on reasonable assumptions, such statements are     
not guarantees of future performance and actual results or developments may     
differ materially from those in the forward-looking statements.  Factors that   
could cause actual results to differ materially from those in forward-looking   
statements include financial market conditions, metals prices, exploitation     
and exploration successes, continuity of mineralization, uncertainties          
related to the ability to obtain necessary permits, licenses and title and      
delays due to third party opposition, geopolitical uncertainty, changes in      
government policies regarding mining and natural resource exploration and       
exploitation, continued availability of capital and financing, and general      
economic, market or business conditions.  Investors are cautioned that any      
such statements are not guarantees of future performance and actual results     
or developments may differ materially from those projected in the forward-      
looking statements.  For more information on the Company, Investors should      
review the Company`s annual Form 40-F filing with the United States             
Securities and Exchange Commission and its home jurisdiction filings that are   
available at www.sedar.com.                                                     
10 April 2012                                                                   
Johannesburg                                                                    
Sponsor                                                                         
Sasfin Capital (a division of Sasfin Bank Limited)                              
Date: 10/04/2012 12:31:02 Supplied by www.sharenet.co.za                     
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