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Last updated on April 23, 2014 at 16:13 EDT

Great Basin announces management changes

December 3, 2012

VANCOUVER, Dec. 3, 2012 /PRNewswire/ – Great Basin Gold Ltd. (the “Company”) 
(NYSE:GBG); (JSE:GBG) announces that Alvarez & Marsal Canada ULC
(“A&M”), an affiliate of a leading international professional services
and restructuring firm, has been engaged by the Company and its Nevada
subsidiaries.  As part of this engagement Mr. Ray Dombrowski and Mr.
Peter Gibson have been appointed to serve as CEO and CFO of the Company
and its Nevada subsidiaries effective immediately. Both Messrs.
Dombrowski and Gibson have extensive experience in managing companies
which are in insolvency proceedings. In conjunction with the
appointments, Mr. Lou van Vuuren has resigned as interim-CEO and
director of the Company, effective immediately, but will continue to
make himself available to assist the transition on a consulting basis.

Cautionary and Forward Looking Statement Information

This document contains “forward-looking statements” that were based on
Great Basin’s expectations, estimates and projections as of the dates
as of which those statements were made. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as “outlook”, “anticipate”, “project”,
“target”, “believe”, “estimate”, “expect”, “intend”, “should” and
similar expressions. Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause the
Company’s actual results, level of activity, performance or
achievements to be materially different from those expressed or implied
by such forward-looking statements. These include but are not limited
to:

        --  uncertainties related to the Company's insolvency and related
            legal proceedings and need for near term financing
        --  uncertainties related to project realization values
        --  uncertainties and costs related to the Company's exploration
            and development activities, such as those associated with
            determining whether mineral resources or reserves exist on a
            property;
        --  uncertainties related to feasibility studies that provide
            estimates of expected or anticipated costs, expenditures and
            economic returns from a mining project; uncertainties related
            to expected production rates, timing of production and the cash
            and total costs of production and milling;
        --  uncertainties related to the ability to obtain necessary
            licenses, permits, electricity, surface rights and title for
            development projects;
        --  operating and technical difficulties in connection with mining
            development activities;
        --  uncertainties related to the accuracy of our mineral reserve
            and mineral resource estimates and our estimates of future
            production and future cash and total costs of production, and
            the geotechnical or hydrogeological nature of ore deposits, and
            diminishing quantities or grades of mineral reserves;
        --  uncertainties related to unexpected judicial or regulatory
            proceedings;
        --  changes in, and the effects of, the laws, regulations and
            government policies affecting our mining operations,
            particularly laws, regulations and policies relating to
      o mine expansions, environmental protection and associated compliance
        costs arising from exploration, mine development, mine operations
        and mine closures;
      o expected effective future tax rates in jurisdictions in which our
        operations are located;
      o the protection of the health and safety of mine workers; and
      o mineral rights ownership in countries where our mineral deposits
        are located, including the effect of the Mineral and Petroleum
        Resources Development Act (South Africa);
        --  changes in general economic conditions, the financial markets
            and in the demand and market price for gold, silver and other
            minerals and commodities, such as diesel fuel, coal, petroleum
            coke, steel, concrete, electricity and other forms of energy,
            mining equipment, and fluctuations in exchange rates,
            particularly with respect to the value of the U.S. dollar,
            Canadian dollar and South African rand;
        --  unusual or unexpected formation, cave-ins, flooding, pressures,
            and precious metals losses (and the risk of inadequate
            insurance or inability to obtain insurance to cover these
            risks);
        --  changes in accounting policies and methods we use to report our
            financial condition, including uncertainties associated with
            critical accounting assumptions and estimates;
        --  environmental issues and liabilities associated with mining
            including processing and stock piling ore;
        --  geopolitical uncertainty and political and economic instability
            in countries which we operate;  and
        --  labour strikes, work stoppages, or other interruptions to, or
            difficulties in, the employment of labour in markets in which
            we operate mines, or environmental hazards, industrial
            accidents or other events or occurrences, including third party
            interference that interrupt the production of minerals in our
            mines.
        --  There is currently no certainty that Southgold Exploration
            (Pty) Ltd will successfully emerge from business rescue
            proceedings or that Great Basin Gold Limited will emerge from
            CCAA and thereby prevent liquidation of these entities.

For further information on Great Basin Gold, investors should review the
Company’s annual Form 40-F filing with the United States Securities and
Exchange Commission www.sec.com and home jurisdiction filings that are available at www.sedar.com.

SOURCE Great Basin Gold Ltd.


Source: PR Newswire