Great Basin Gold Announces Exercise of Over-Allotment Option

VANCOUVER, April 5, 2012 /PRNewswire/ - Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that the underwriters have 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. 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.

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.

SOURCE Great Basin Gold Ltd.

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