GREAT BASIN GOLD EXECUTES US$150 MILLION CREDIT FACILITY

December 7, 2011, Vancouver, BC - Great Basin Gold Ltd, (“Great Basin” or the “Company”), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) today announced that all parties have executed the Term Facility Agreement for the previously announced US$150 million finance facility (the “facility”) provided by Credit Suisse AG and Standard Chartered Bank on a co-arranger basis.

Following the fulfillment of customary conditions precedent which include finalization of ancillary agreements, counsel opinions and execution of the restructured Zero Cost Collar (“ZCC”) hedge agreement, the transaction is expected to close, with funds expected to be available for draw down, on or before December 15, 2011.

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Investor Relations Team