GREAT BASIN GOLD LIMITED - Update to changes to management

Release Date: 04/12/2012 08:16
Code(s): GBG
 
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Update to changes to management

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
("GBG" or "the Company”)


GREAT BASIN ANNOUNCES MANAGEMENT CHANGES


December 4,2012 - Great Basin Gold Ltd. (the “Company”)(NYSE
MKT:GBG;   JSE:GBG) announces that Alvarez & Marsal Canada ULC
(“A&M”), an affiliate of a leading international professional
services and restructuring firm, has been engaged by the Company
and its Nevada subsidiaries.     As part of this engagement Mr. Ray
Dombrowski and Mr. Peter Gibson have been appointed to serve as
CEO and CFO of the Company and its Nevada subsidiaries effective
immediately. Both Messrs. Dombrowski and Gibson have extensive
experience in managing companies which are in insolvency
proceedings.    In conjunction with the appointments, Mr. Lou van
Vuuren has resigned as interim-CEO and director of the Company,
effective immediately, but will continue to make himself available
to assist the transition on a consulting basis.

For additional details on Great Basin Gold Ltd. please visit the
Company’s website at www.grtbasin.com or South Africa at Tel: 27
(0) 11 301 1800.


CAUTIONARY AND FORWARD LOOKING STATEMENT INFORMATION
This document contains “forward-looking statements” that were
based on Great Basin’s expectations, estimates and projections as
of the dates as of which those statements were made. Generally,
these forward-looking statements can be identified by the use of
forward-looking terminology such as “outlook”, “anticipate”,
“project”, “target”, “believe”, “estimate”, “expect”, “intend”,
“should” and similar expressions. Forward-looking statements are
subject to known and unknown risks, uncertainties and other
factors that may cause the Company’s actual results, level of
activity, performance or achievements to be materially different
from those expressed or implied by such forward-looking
statements. These include but are not limited to:
-   uncertainties related to the Company’s insolvency and related
legal proceedings and need for near term financing
-   uncertainties related to project realization values
-   uncertainties and costs related to the Company’s exploration
and development activities, such as those associated with
determining whether mineral resources or reserves exist on a
property;
-   uncertainties related to feasibility studies that provide
estimates of expected or anticipated costs, expenditures and
economic returns from a mining project; uncertainties related to
expected production rates, timing of production and the cash and
total costs of production and milling;
-   uncertainties related to the ability to obtain necessary
licenses, permits, electricity, surface rights and title for
development projects;
-   operating and technical difficulties in connection with
mining development activities;
-   uncertainties related to the accuracy of our mineral reserve
and mineral resource estimates and our estimates of future
production and future cash and total costs of production, and the
geotechnical or hydrogeological nature of ore deposits, and
diminishing quantities or grades of mineral reserves;
-   uncertainties related to unexpected judicial or regulatory
proceedings;
-   changes in, and the effects of, the laws, regulations and
government policies affecting our mining operations, particularly
laws, regulations and policies relating to
-   mine expansions, environmental protection and associated
compliance costs arising from exploration, mine development, mine
operations and mine closures;
-   expected effective future tax rates in jurisdictions in which
our operations are located;
-   the protection of the health and safety of mine workers; and
-   mineral rights ownership in countries where our mineral
deposits are located, including the effect of the Mineral and
Petroleum Resources Development Act (South Africa);
-   changes in general economic conditions, the financial markets
and in the demand and market price for gold, silver and other
minerals and commodities, such as diesel fuel, coal, petroleum
coke, steel, concrete, electricity and other forms of energy,
mining equipment, and fluctuations in exchange rates, particularly
with respect to the value of the U.S. dollar, Canadian dollar and
South African rand;
-   unusual or unexpected formation, cave-ins, flooding,
pressures, and precious metals losses (and the risk of inadequate
insurance or inability to obtain insurance to cover these risks);
-   changes in accounting policies and methods we use to report
our financial condition, including uncertainties associated with
critical accounting assumptions and estimates;
-   environmental issues and liabilities associated with mining
including processing and stock piling ore;
-   geopolitical uncertainty and political and economic
instability in countries which we operate;   and
-   labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents or
other events or occurrences, including third party interference
that interrupt the production of minerals in our mines.
-   There is currently no certainty that Southgold Exploration
(Pty) Ltd will successfully emerge from business rescue
proceedings or that Great Basin Gold Limited will emerge from CCAA
and thereby prevent liquidation of these entities.


For further information on Great Basin Gold, investors should
review the Company’s annual Form 40-F filing with the United
States Securities and Exchange Commission www.sec.com and home
jurisdiction filings that are available at www.sedar.com.


Johannesburg
4 December 2012
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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