Great Basin Gold Ltd.
TSX : GBG
AMEX : GBN

Great Basin Gold Ltd.

February 22, 2007 16:07 ET

Great Basin Gold Corrects Currency Translation in February 21, 2007 News Release

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 22, 2007) - Great Basin Gold Ltd. (TSX:GBG)(AMEX:GBN)(JSE:GBGOLD) corrects its news release of February 21, 2007 regarding the currency translations in respect to the Black Empowerment framework agreement described in the release. Pursuant to the framework agreement, Tranter intends to purchase just under 20 million Great Basin Gold shares for R260 million (US$37 million) and Great Basin Gold will purchase a net smelter royalty ("NSR") held by GFL on future gold production from the Burnstone Project for R80 million (approximately US$11 million), which will extinguish Great Basin Gold's obligation in respect of the NSR. The February 21 news release inadvertently translated the Rand figures as Canadian dollar equivalents whereas the translated figures should have been in US dollars, as per above.

For more information on the framework agreement as well as Great Basin and its projects, please visit the Company's website at www.greatbasingold.com or call Investor Services at 604-684-6365 or within North America at 1-800-667-2114.

Ferdi Dippenaar, President and CEO

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

Contact Information

  • Great Basin Gold Ltd.
    Shawn Wallace
    Investor Services
    (604) 684-6365 or Toll Free: 1-800-667-2114
    (604) 684-8092 (FAX)
    Website: www.greatbasingold.com