September 11, 2012, Vancouver, BC - Great Basin Gold Ltd. (“Great Basin Gold” or the “Company”), (TSX: GBG; NYSE MKT: GBG; JSE: GBG) announces that it has suspended operations at the Company’s Burnstone mine located in the Witwatersrand Basin of South Africa as at September 11, 2012. The suspension of all development and production activities follows a recommendation from the Company’s strategic review special committee, the formation of which was announced on August 15, 2012. The recommendation is based on the Company’s inability to continue funding the working capital required by Burnstone to achieve cash flow breakeven, which would have taken until May 2013 at current ramp-up rates. The Company is seeking financing for the immediate costs associated with the shut-down which are estimated in the range of $30 - $40 million dollars (inclusive of currently overdue accounts payable) together with ongoing monthly costs in the $1.2 million range for a care and maintenance program once it is developed and implemented. There is currently no certainty that such financing will be made available to the Company.
