GREAT BASIN GOLD TERMINATES BOUGHT DEAL AND ANNOUNCES NEW BOUGHT DEAL

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March 15, 2012, Vancouver, BC – Great Basin Gold Ltd.

(“Great Basin Gold” or the “Company”), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that the Company and the syndicate of underwriters led by RBC Capital Markets (the “Underwriters”) have agreed to terminate the previously announced public offering.  The Company and the Underwriters have entered into a new agreement with respect to a public offering, pursuant to which the Underwriters have agreed, on a bought deal basis, to buy 66,700,000 units of the Company (the “Units”), at a price of $0.75 per Unit, for aggregate gross proceeds of approximately $50 million (the "Offering"), by way of a short form prospectus.  Each unit will consist of one common share of Great Basin Gold (a “Common Share”) and one half of a purchase warrant (each whole warrant, a “Warrant”).  Each Warrant will be exercisable for a period of 2 years following the closing of the Offering at an exercise price of $0.90 per Warrant.  The Company has granted the underwriters an over-allotment option to purchase additional Units up to 15% of the Offering, for a period of 30 days following the closing.

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Investor Relations Team