Great Basin Gold Ltd.
TSX : GBG
AMEX : GBN
JSE : GBGOLD

Great Basin Gold Ltd.

January 10, 2008 12:55 ET

Great Basin Announces Development of Second Outlet for Burnstone Gold Project in South Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2008) - Great Basin Gold Ltd. ("Great Basin" or the "Company") (TSX:GBG)(AMEX:GBN)(JSE:GBGOLD) announces that the sinking of the planned second outlet at its Burnstone Mine Project near Balfour, Mpumulanga Province, South Africa, will commence in accordance with the requirements of the Mine Health and Safety Act, 1996.

The second outlet will take the form of the sinking of a short vertical access shaft, some 495 metres deep, which will link up with the decline currently under development to mine a metallurgical bulk sample. The second outlet will enhance the health and safety program at Burnstone by providing an alternative outlet to employees and operators that are currently developing the prospecting decline that will eventually be approximately 3.2 kilometres in length. The second outlet will be constructed by Grinaker Construction at a cost of approximately ZAR 260 million (US$38 million) and will take 15 months to complete.

President and CEO Ferdi Dippenaar said:

"We have a policy of creating a working environment that will be "Always Safe" in respect to our employees and assets, and we are pleased to announce that after discussions with representatives of the Department of Minerals and Energy ("DME"), we will proceed with the sinking of the planned vertical shaft. Although the Burnstone Mine Mining Right Application was submitted to the DME in September 2007 and is currently being processed, the Company has undertaken not to use the vertical shaft and associated infrastructure for commercial production purposes until the application has been granted."

Great Basin has two advanced stage gold projects in two of the world's best gold environments. In addition to its Burnstone Gold Project in South Africa's Witwatersrand Goldfield, the Company holds a 100% interest in the Hollister Property on the Carlin Trend in Nevada, USA.

For additional details on Great Basin and its gold properties, please visit the Company's website at www.grtbasin.com.

Ferdi Dippenaar, President and CEO

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 possible future commercial production, reserve potential, exploration drilling results, development, feasibility or exploitation activities and events or developments that Great Basin ("the Company") 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 market prices, exploitation and exploration successes, and 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 those 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 20-F filing with the United States Securities Commission and its home jurisdiction filings that are available at www.sedar.com.

No regulatory authority has approved or disapproved the information contained in this news release.

Contact Information

  • Great Basin Gold Ltd. - South Africa
    Tsholo Serunye
    27 11 301 1800
    or
    Great Basin Gold Ltd. - North America
    Melanee Henderson
    Toll Free: 1-800-667-2114
    Website: www.grtbasin.com
    or
    Breakstone Group - USA
    Barbara Cano
    (646) 452-2334