Great Basin Gold Completes Bought Deal Offering with Proceeds of $86.26 Million

On February 23, 2011, Great Basin Gold Ltd. closed its previously announced bought deal offering of common shares with a syndicate of underwriters led by RBC Capital Markets and including, BMO Capital Markets and Raymond James Ltd. The underwriters have exercised their over-allotment option resulting in aggregate gross proceeds of $86.26 million.

Net proceeds from the offering will be used predominantly for working capital to support the ramp up at Burnstone and to advance exploration activities at identified exploration targets at Hollister.

Great Basin Gold was represented by McMillan LLP with a team consisting of Bernhard Zinkhofer and Barbara Collins (capital markets/securities) and Herb Ono (capital markets/US securities).