Improved Mining Grade At The Hollister Operation

JOHANNESBURG - Great Basin Gold Ltd. reported that 24,766 tonnes were trial mined at the Company's Hollister operation in Nevada, in Q3 2012 yielding 21,072 gold equivalent contained ounces. An improved mining grade of 0.85 Au eqv oz/t resulted in an improvement in recovered metal of 16,319 Au eqv oz for the quarter. The action plan to counter decreasing grade trends focussed on decreasing stope width and controlling dilution has resulted in an improvement in Q3 and more work remains to be done in this area.

The Esmeralda Mill processed 22,789 dry tonnes during the quarter and during Q3 2012 achieved recoveries of 92% and 51% for gold and silver respectively. Work on the acid wash and carbon regeneration circuit was completed during June, 2012 and all dor is now being poured on site.

19,392 Au eqv oz were sold during the quarter at cash costs per Au eqv oz for the quarter of $1,096.

results for the quarter ended September 30, 2012 and updates the previously

Progress was made in Q3 2012 including completion of the permanent infrastructure and improvements to the temporary infrastructure which allowed for a marked improvement in production results until the suspension of development and production activities occurred in early September 2012.

A care and maintenance program was implemented at Burnstone in Africa following the suspension of production and development in order to preserve value of the asset and ensure minimal costs associated with production re-commencement. The care and maintenance team ensures the continuation of water reticulation and safeguarding of mine assets along with compliance with operational permits.