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Great Basin Gold Provides Operational Update

Stocks in this article: GBG

BURNSTONE CONTINUES TO IMPROVE

VANCOUVER, Oct. 24, 2011 /PRNewswire/ - Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) reports an operational update for the three months ended September 30, 2011. The Company will file its Management Discussion and Analysis and interim financial statements for the third quarter ("Q3 2011") on November 15, 2011 and will hold an earnings call on November 16, 2011 at 9 am (EST).

Hollister

The Nevada operations produced 26,045 Au eqv ounces 1 from trial mining activities during the quarter (Q2 2011: 26,757 Au eqv ounces). During the quarter, ore tonnes mined from the Hollister project increased 5% to 26,474 (Q2 2011: 25,297 tonnes) and tonnes processed at the Esmeralda mill increased by 34% from 22,237 to 29,869. The contained grade of 0.9 Au eqv oz/t was lower than the 1.35 Au eqv oz/t reported for the previous quarter, but is in-line with the reserve grade of the Hollister ore body. Notwithstanding the significant increase in tonnes processed during the quarter, gold and silver recoveries at the Esmeralda mill remained within the targeted levels at 92% Au and 74% Ag, respectively. The installation of the acid wash and carbon regeneration system at the Esmeralda Mill was completed during the first week in October 2011 and doré is planned to be poured on site starting at the end of October 2011. Only 22,790 Au eqv ounces were sold during the quarter (Q2 2011: 34,522 Au eqv ounces) with 6,850 Au eqv ounces remaining at the refiner that will be sold and the revenue recognized in Q4 2011.

Primary waste development was again focused on the Blanket Zone ("BZ") spiral ramp, the BZ Alimak raise, and the 5400 BZ I-Drift. During the quarter, the BZ Ramp achieved 1,136 feet (344 meters) of advance; 204 feet (62 meters) of development remained at quarter end to complete the ramp. The 5400 I-drift, which originates from the BZ Alimak raise, was advanced 169 feet (51 meters) to the east during the quarter, with 161 feet (49 meters) remaining to reach the +1 opt Au grade shells modelled from surface and underground drilling for the 3000N 1W area.

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