VANCOUVER, Jan. 29 /PRNewswire-FirstCall/ -- Great Basin Gold Ltd ("Great Basin" or the "Company"), (TSX: GBG; NYSE Alternext: GBG; JSE: GBG) announces further high-grade exploration drilling results at its Hollister gold property on the Carlin Trend in Nevada, USA. Exploration and evaluation diamond drilling has continued at the Hollister Property. During the fourth quarter of 2008, underground evaluation and exploration drilling for other mineralized structures totaled 13,455 feet (4,101 metres) and surface diamond drilling totaled 16,084 feet (4,902 metres). The programs continue to deliver high-grade intersections on the Clementine and Gwenivere vein systems (see below) in the main Hollister Development Block (HDB) area. In addition, further encouraging intersections have been returned from drilling the most recent discovery at the Hatter Graben Veins to the east of the HDB. Geological modeling and mineral resource estimation of these mineral systems is currently under review. The underground drilling is providing more information about the strike (3000 ft/980 m) and vertical (1300 ft/396 m) continuity of the vein systems. In the main Hollister area, the mineral system currently comprises 24 discrete east-west striking subvertical veins, which constitute the Clementine and Gwenivere groups. The system is still open along strike, at depth, and in areas up to and above the Ordovician/Tertiary Unconformity. Sixteen (16) boreholes were completed targeting the Gwenivere system, seven (7) targeted Clementine, and five (5) focused on new exploration targets. Highlight intersections are tabulated below: ------------------------------------------------------------------------- Vein Vein Intersection Drilled Est. Analytical Results System/ Drill (ft) Thick- True --------------------------- Area Hole ---------------- ness Width Au Au Ag Ag Targeted ID From To (ft) (ft) (opt) (g/t) (opt) (g/t) ------------------------------------------------------------------------- U/G HDB-255 91.4 92.0 0.6 0.6 1.490 51.09 0.60 20 Explor- ----------------------------------------------------------------- ation HDB-265 552.8 554.3 1.5 1.5 0.290 10.10 0.70 23 HDB-265 1770.4 1774.0 3.6 3.6 0.560 19.10 0.20 6 ------------------------------------------------------------------------- HDB-251 119.5 128.0 8.5 8.1 1.581 54.21 4.83 166 Clemen- HDB-251 856.0 857.3 1.3 1.1 2.320 79.54 3.10 107 tine ----------------------------------------------------------------- HDB-258 31.5 32.7 1.2 0.7 2.240 76.80 1.00 36 ------------------------------------------------------------------------- HDB-238 170.8 172.0 1.2 1.2 2.760 94.63 11.90 407 ----------------------------------------------------------------- HDB-240 170.0 183.0 13.0 12.6 1.575 54.00 0.80 27 ----------------------------------------------------------------- HDB-246 67.2 71.0 3.8 3.6 1.535 52.63 12.00 413 HDB-246 158.0 160.6 2.6 2.4 1.115 38.23 7.00 241 ----------------------------------------------------------------- HDB-247 87.0 95.3 8.3 6.8 1.164 39.91 6.80 232 Gweni- HDB-247 190.4 191.7 1.3 1.1 1.160 39.77 17.40 598 vere ----------------------------------------------------------------- HDB-249 94.2 99.0 4.8 4.1 8.215 281.66 36.00 1235 HDB-249 206.0 210.1 3.9 3.4 4.130 141.60 9.70 331 ----------------------------------------------------------------- HDB-250 173.0 177.0 4.0 3.8 1.525 52.29 6.88 235 ----------------------------------------------------------------- HDB-275 142.0 144.9 2.9 1.7 3.510 120.34 17.20 591 ----------------------------------------------------------------- HDB-276 113.0 116.0 3.0 1.7 1.310 44.91 10.70 362 HDB-276 122.0 127.0 5.0 3.5 1.470 50.40 7.40 254 ----------------------------------------------------------------- HDB-277 49.7 50.6 0.9 0.7 8.170 280.11 15.30 525 HDB-277 105.7 113.0 7.3 6.0 2.240 76.80 15.60 535 ------------------------------------------------------------------------- A complete tabulation of the recent drilling results is available on the Great Basin Gold website http://www.grtbasin.com/. Of the holes completed at the main HDB: 23 holes had intersections of greater than 0.1 opt Au over widths of 0.5-12.6 ft and 4 had no significant intersections. Of the holes completed at the Hatter Graben: 13 holes had intersections of greater than 0.1 opt Au over widths of 0.5-17.7 ft, and 7 had no significant intersections. The wider intersections on the Gwenivere vein, e.g. HDB-240 and HDB-247, were drilled to test the big Gwen Zone, where the veins in the Gwenivere systems are interpreted to coalesce. The highlight of the underground exploration drilling has been HDB-265, drilled at a shallow angle eastwards from the end of the main lateral development and towards the Hatter Graben prospect. At 1485-1520 feet (448.5-459.0 metres), the borehole intersected a zone of tectonic brecciation and shearing that divides Ordovician metasedimentary rocks and downthrown Tertiary volcanic rocks. Follow up drilling in this area is underway, targeting below the Tertiary/Ordovician unconformity for epithermal veining. The present interpretation is that this structure is the East Clementine Fault which is a major north/northwest striking main shear zone similar to the Midas Fault which hosts about two-thirds of the resource at Newmont's Midas Mine 18 miles to the north of Hollister. The surface drilling program has focused on further exploration of the Hatter Graben target, around 5,000 feet (1,667 metres) east of the Clementine - Gwenivere vein cluster. The area hosts a number of north/northwest-south/southeast and east-west structures, as well as Eocene to Tertiary aged intermediate to felsic intrusive rocks. However, a number of narrow and discrete vein intersections support an east-west trending vein swarm not unlike the Clementine - Gwenivere vein system. The Hatter Graben target area tested now has a strike extent of approximately 3,000 feet (915 metres) and a width of up to 1,320 feet (400 metres). The table below highlights significant new intersections: ------------------------------------------------------------------------- Vein Sample Intersection Interval Drilled Est. Drill (ft) (ft) Thick- True Vein Hole -------------------------------- ness Width System ID From To From To (ft) (ft) ------------------------------------------------------------------------- H8-281 1758.0 1759.8 1758.0 1759.8 1.8 1.2 H8-281 1766.2 1768.6 1766.2 1768.6 2.4 0.8 H8-281 1800.0 1802.3 1800.0 1802.3 2.3 1.3 Hatter Graben H8-281 1809.3 1811.6 1809.3 1811.6 2.3 1.3 -------------------------------------------------------- H8-276 2546.0 2551.0 5.0 3.5 -------------------------------------------------------- H8-277 2370.7 2371.2 0.5 0.4 ------------------------------------------------------------------------- --------------------------------------------------------- Analytical Results Drill -------------------------------- Vein Hole Au Au Ag Ag System ID (opt) (g/t) (opt) (g/t) --------------------------------------------------------- H8-281 0.302 10.35 6.40 218 H8-281 0.615 21.09 0.60 19 H8-281 0.650 22.29 14.20 487 Hatter Graben H8-281 1.400 48.00 25.00 857 ---------------------------------------- H8-276 1.075 36.86 0.70 24 ---------------------------------------- H8-277 0.173 5.93 431.00 14,777 --------------------------------------------------------- The Hatter Graben area geology is currently being reviewed to enhance the planned 2009 work program. Significant exploration potential remains to be tested on the surrounding claim areas of the Hollister property. A total of sixteen (16) targets have been identified for future exploration. ------------------------------------------------------------------------- TARGET CLASSIFICATION No TARGET ------------------------------------------------------------------------- Reserve delineation 1 Hollister Development Block ------------------------------------------------------------------------- Resource delineation 2 Gwenivere East Clementine ------------------------------------------------------------------------- Hatter Graben East Clementine Fault Advanced follow-up targets 5 South Velvet Blanket zone Big Gwen ------------------------------------------------------------------------- Butte Fault Follow-up targets 4 Heap Leach Western Sinters North Hatter ------------------------------------------------------------------------- Identified targets 2 Bounding structures ------------------------------------------------------------------------- Regional targets 2 Other Hollister permits ------------------------------------------------------------------------- TOTAL 16 ------------------------------------------------------------------------- All the geospatial data for the property from historic and current exploration is being collated, reviewed and structural targets reassessed and ranked in order of priority. Ferdi Dippenaar, President and CEO, commented: "The results from both the underground drilling in the Hollister Development Block and the Hatter Graben area continue to prove the prospectivity of the two mineralizing systems. The number of wider intercepts accompanied by higher grades in the Gwenivere Vein system has been encouraging. More drilling is planned to assist in improving our understanding of the Hollister Development Block mineralization. An updated mineral resource estimate is being prepared for the HDB which will incorporate drilling results for 2008, and early stage work in the Hatter Graben area is underway in preparation for a resource estimation." Johan Oelofse, PrEng, FSAIMM, Chief Operating Officer for the Company and a qualified person, has reviewed this news release on behalf of Great Basin. For information on analytical procedures, see the Great Basin News Release of June 23, 2008 available on the Company's website. Ferdi Dippenaar President and CEO For additional details on Great Basin and its gold properties, please visit the Company's website at http://www.grtbasin.com/ or contact Investor Services: No regulatory authority has approved or disapproved the information contained in this news release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address possible future commercial production, reserve potential, exploration drilling results, development, feasibility or exploitation activities and events or developments that Great Basin Gold expects to occur are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, geopolitical uncertainty, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at http://www.sedar.com/. DATASOURCE: Great Basin Gold Ltd. CONTACT: Tsholo Serunye in South Africa, 27 (0)11 301 1800; Michael Curlook in North America, 1-888-633-9332; Barbara Cano at Breakstone Group in the USA, (646) 452-2334

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