Great Basin Gold Limited

June 28, 2013 19:13 ET

Great Basin Gold Limited Announces Appointment of Receiver; Concurrent Resignation of All Directors and Officers

SANDTON, SOUTH AFRICA--(Marketwired - June 28, 2013) - Great Basin Gold Limited (the "Company") announces that FTI Consulting Canada Inc., of Suite 2010, 79 Wellington Street West, Toronto, Ontario, Canada, M5K 1G8 (www.fticonsulting.com) has been appointed receiver over the assets and undertaking of the Company effective today. The Receiver was appointed by order of the British Columbia Supreme Court issued today (Vancouver Registry No S-134749) which also terminated the Companies Creditor Arrangement Act (CCAA) proceedings involving the Company which have been ongoing since September, 2012. Consequent upon the appointment of the Receiver, all directors and officers of the Company and its subsidiaries have resigned effective immediately.

Great Basin Gold Limited has now disposed of its Nevada operations under US bankruptcy proceeding and its South African subsidiaries operate under creditor protection in South Africa where the Business Rescue Practitioner is in the process of seeking bids for the Burnstone mine.

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