Great Basin Gold Provides Hollister and Burnstone Updates; Soared 23%, Away From Near Yr Lows Tuesday

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Great Basin Gold Ltd. (GBG.TO), which rose more than 20% in climbing away from near a year low 18 cents yesterday, announced updated mineral resource and reserve estimates for the company's Hollister Gold Project on the Carlin Trend in Nevada, USA as at June 30, 2012.

The updated mineral resources and reserves reflect depletion in excess of 370,000 tons which yielded approximately 400,000 gold equivalent ounces since commencement of trial mining in 2008. The underground drilling program over the past 18 months has been focused on increasing confidence in the estimates of mineral resources and reserves to allow for improved mine planning and forecasting. In addition, the underground drilling focused on delineating material from the Tertiary volcanic-hosted disseminated gold mineralization and the basement meta-sediment hosted gold-silver low sulfidation epithermal veins. Future drilling will seek to increase the mineral resource and reserves to extend the life of the project.



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