GREAT BASIN GOLD ANNOUNCES CLOSING OF C$50 MILLION BOUGHT DEAL PUBLIC OFFERING OF UNITS

March 30, 2012, Vancouver, BC – Great Basin Gold Ltd.

(“Great Basin Gold” or the “Company”), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that it has closed its previously announced bought deal offering (the “Offering”) of units (the “Units”), at a price of $0.75 per Unit, with a syndicate of underwriters (the “Underwriters”).  Each Unit consists of one common share of Great Basin Gold (a “Common Share”) and one half of one purchase warrant (each whole warrant, a “Warrant”).  Each Warrant will be exercisable for a period of 2 years following the closing of the Offering at an exercise price of $0.90 per Warrant.

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Investor Relations Team