Great Basin Gold Executes US$47 million credit facility

May 21, 2010, Vancouver, BC – Great Basin Gold Ltd, (“Great Basin” or the “Company”), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) today announced that it had executed all formal documents for a US$47 million export finance facility (“the facility”), with Credit Suisse AG as the primary lender. Following the fulfillment of customary conditions precedent, the funds are available and can be drawn upon as required.

The facility has a maximum term of 4 years from date of draw down, with interest and capital repayment commencing 12 months after draw down. The facility bears interest at a margin of 4% over the USD LIBOR rate (currently 0.3%). The Company will have the option to retire the loan 12 months after draw down at no additional cost. The Burnstone project is the primary security for the facility.

A deferred hedging program typical for these facilities will be finalized and implemented in the following weeks. It is anticipated that a zero-cost-collar structure for up to 25% of the first 24 months of gold production will form the basis for the program with certain agreed metal prices and production costs being the triggering events to activate the deferred program.

Ferdi Dippenaar, CEO and President commented; “We are delighted with the speed with which this low-cost and flexible facility was put in place with Credit Suisse. It provides the last needed piece to our capital structure and it will facilitate funding the final costs related to delivering the Burnstone gold mine starting up in the upcoming weeks.”