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

Great Basin Gold Ltd.

September 27, 2007 08:00 ET

Great Basin Gold Independent of Hunter Dickinson Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 27, 2007) - Great Basin Gold Ltd. ("Great Basin" or the "Company") (TSX:GBG)(AMEX:GBN)(JSE:GBG) announced that it had reached an agreement with Hunter Dickinson Inc. ("HDI") in terms of which the management contract that existed between the parties since December 31, 1996 has been terminated. Great Basin Gold agreed to a termination fee of C$350,000, which will be funded through the issue of 135,659 Great Basin Gold common shares to HDI. The shares will be issued at C$2.58, the 30 day volume weighted average price trading on the TSX preceding August 31, 2007, which is the effective date of the cancellation of the agreement.

President and CEO, Ferdi Dippenaar said: "We have had an excellent relationship with the team from HDI, and will continue to make use of some of their services, albeit on an ad hoc basis. As Great Basin Gold has grown and built its own capacity and skills, its dependence on the range of services supplied by HDI has decreased over the past year. Great Basin Gold is at an interesting phase of its development and is making good progress with its two development projects, thereby transforming the company from an advanced explorer to an emerging gold producer."

Great Basin Gold has two advanced stage gold projects in two of the world's best known 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.

Ferdi Dippenaar, President and CEO

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

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. No guarantees can be given that the required permitting and/or licensing will be approved. 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
    Investor Services
    27 (0) 11 884 1610
    or
    Great Basin Gold Ltd. - North America
    Melanee Henderson
    Investor Services
    Toll Free: 1-800-667-2114
    or
    Breakstone Group - USA
    Barbara Cano
    Investor Services
    (646) 452-2334
    Website: www.grtbasin.com