GREAT BASIN GOLD SUBSIDIARY SEEKS CREDITOR PROTECTION PENDING LOAN NEGOTIATIONS

September 18, 2012, Johannesburg, SA - Great Basin Gold Ltd.

(“Great Basin Gold”), (TSX: GBG; NYSE MKT: GBG; JSE: GBG) announces that its principal South African subsidiary, Southgold Exploration (Pty) Ltd.

(“Southgold”) owner of the Burnstone mine, has filed for protection under the South African business rescue (“BR”) procedures.

Great Basin Gold itself expects to seek creditor protection this week.

The insolvency filings are intended to allow Southgold and the Company a period of time to seek buyers and partners for Great Basin Gold’s two gold mining projects and/or corporate level financiers in an effort to return to solvency.

The BR proceeding constitutes a default under the Company’s unsecured convertible debentures (TSX:GBG.DB) which have a principal amount of $126 million.

Trading in Great Basin Gold’s shares and debentures will remain suspended and the NYSE MKT, TSX and JSE are expected to initiate delisting procedures for these securities.

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