FIRST RESULTS FROM SOUTH VELVET AREA SHOW PROMISE VANCOUVER, Sept. 3 /PRNewswire-FirstCall/ -- Great Basin Gold Ltd. (TSX: GBG; AMEX: GBN; JSE: GBG) ("Great Basin" or the "Company"), announces additional results from their surface exploration drill program at the Hollister Project in Nevada. Additional high-grade intercepts are reported from their recently discovered Hatter Graben Vein System as well as the first two results from exploration undertaken in the South Velvet area. Drill results show the Hatter Graben veins occur in a robust and wide east-west trending structural zone containing several sub-parallel bonanza-grade veins similar to the Gwenivere and Clementine vein systems that the Company is currently developing underground. Drilling to date targeted the vein system down-dip and along a strike length of 400 ft (122 m) to the west and 1500 ft (457 m) to the east from the initial drill holes (see news release dated June 23 2008). With assays in from 7 of the 10 holes drilled on the Hatter Graben vein system, early results indicate that the system is approximately 1000 ft (300 m) deeper than the Gwenivere and Clementine vein systems located 5000 ft (1,524 m) west of the new discovery. It appears that these veins were intersected at the top of the mineralized horizon and generally improve in grade and width at depth and break up into breccias and stringers at higher elevations. Drilling will continue to focus on better definition of the mineralization down-dip and along strike. Hatter Graben Vein System Highlights: Hole H8-269 tested the vein system about 400 ft west of the original discovery holes H8-264 and H8-265. The hole was lost at 2155 ft (656.8 m); therefore, only tested the upper brecciated and sheet vein zone of the system. From 2123.5 - 2125.6 ft (647.2 - 647.9 m), a quartz vein was encountered with a true thickness of 1.4 ft (0.4 m) grading 1.77 oz/t (60.7 g/t) Au and Ag (greater than) 5.8 oz/t ((greater than) 200 oz/t) Ag (over-limit assays are still pending). An intercept of interest was encountered higher in the hole from 1413.5 -1418.2 (430.8 - 432.3 m) grading 3.3 ft (1.0 m) of 0.441 oz/t (15.11 g/t) Au and 1.35 oz/t (46.3 g/t) Ag. This intercept is hosted by the overlying Tertiary volcanic rocks, suggesting the presence of additional veins deeper in Hollister's Ordovician host rocks. Hole H8-274 tested the vein system about 300 ft (100 m) west of the original discovery holes H8-264 and H8-265. This hole intersected four high-grade naumannite banded veins which include: from 1739.0 -1743.0 ft (530.0 - 531.3 m) 2.6 ft (0.8 m) grading 1.12 oz/t (38.5 g/t) Au and 16.80 oz/t (576.0 g/t) Ag, from 2228.0 - 2228.9 ft (679.1 - 679.4 m) 0.6 ft (0.2 m) grading 0.23 oz/t Au (7.9 g/t) Au and 2.36 oz/t (81.0 g/t) Ag, and from 2289.8 - 2291.2 ft (697.9 - 698.4 m) 1.0 ft (0.3 m) grading 7.82 oz/t (268.0 g/t) Au and 18.11 oz/t (621.0 g/t) Ag, and from 2653.8 - 2655.8 ft (808.9 - 809.5 m) 1.41 ft (0.4 m) grading 0.52 oz/t (17.9 g/t) Au and 10.4 oz/t (357.0 g/t) Ag. South Velvet Highlights: This area, which is in close proximity to the Clementine Vein System and within the Hollister Development Block, was targeted for exploration earlier in the year. Results from the first two drill holes confirm the prospectivity of this area. Hole H8-270 targeted historic drill hole intercepts with anomalous gold in the overlying Tertiary volcanic rocks approximately 1200 ft (366 m) north of Hollister's underground development. Disseminated mineralization in the Tertiary volcanic rocks was encountered from 401.0 - 426.0 ft (122.2 - 129.8 m) with a 25.0 ft (7.62 m) composited grade of 0.29 oz/t (9.9 g/t) Au and 0.50 oz/t (17.032 g/t) Ag including 4.0 ft (1.2 m) of 0.777 oz/t (26.4 g/t) Au and 1.05 oz/t (36.0 g/t) Ag. This intercept indicates the presence of proximal high-grade epithermal veins in the underlying Ordovician host rocks. The current exploration program is being updated to target the underlying vein system. Hollister Surface Drill Results - September 2008 ------------------------------------------------------------------------- Vein Drill Vein Significant Intercepts System Hole Intersection ---------------------------------------- ID (ft) Sample Interval Drilled Est. True ------------ (ft) Thickness Width From To --------------- (ft) (ft) From To ------------------------------------------------------------------------- Hatter Graben H8-264 1570 1571 1 0.7 1580.2 1586.3 6.1 4.3 1580.2 1581.0 0.6 1581.0 1585.6 3.3 1585.6 1586.3 0.5 1595.6 1596.4 0.8 0.6 1610.0 1613.0 3 2.1 1610 1610.9 0.9 0.6 1610.9 1612 1.1 0.8 1612 1613 1 0.7 1645.7 1647.8 2.1 1.5 1686 1686.6 0.6 0.4 1709.5 1710.5 1 0.7 1741.9 1742.4 0.5 0.4 1748.6 1749.3 0.7 0.5 1780.5 1784.2 3.7 2.6 1780.5 1781.3 0.8 0.6 1781.3 1783.5 2.2 1.6 1783.5 1784.2 0.7 0.5 2059.7 2067.5 7.8 5.5 2059.7 2061 1.3 0.9 2061 2062.4 1.4 1.0 2062.4 2063.8 1.4 1.0 2063.8 2066.8 3 2.1 2066.8 2067.5 0.7 0.5 ------------------------------------------------------------------------- Hatter Graben H8-265 1019.0 1020.0 1.0 0.6 1021.7 1028.5 6.8 4.4 1077.7 1082.0 4.3 2.8 1102.1 1109.0 6.9 4.4 1110.7 1121.7 11.0 7.1 1139.0 1144.3 5.3 3.4 1459.0 1464.0 5.0 3.2 1472.6 1475.5 2.9 1.9 1484.2 1486.4 2.2 1.4 1537.8 1539.0 1.2 0.8 1563.9 1565.0 1.1 0.7 1663.5 1666.8 3.3 2.1 1687.0 1689.0 2.0 1.3 1769.4 1770.4 1.0 0.6 1771.5 1772.6 1.1 0.7 1907.1 1907.9 0.8 0.5 1948.2 1954.0 5.8 3.7 2094.0 2095.0 1.0 0.6 2160.2 2162.5 2.3 1.5 2224.5 2225.4 0.9 0.6 2334.5 2336.4 1.9 1.2 2583.0 2585.5 2.5 1.6 ------------------------------------------------------------------------- Hatter Graben H7-233 1400.5 1402.5 2.0 1.4 South 1755.8 1757.4 1.6 1.1 1815.0 1826.0 11.0 7.8 1815.0 1816.0 1.0 0.7 1816.0 1826.0 10.0 7.1 1888.3 1889.2 0.9 0.6 2041.3 2042.6 1.3 0.9 ------------------------------------------------------------------------- Hatter Graben H8-267 1803.5 1804.5 1.0 0.7 2083.2 2084.0 0.8 0.6 2154.7 2155.4 0.7 0.5 ------------------------------------------------------------------------- Hatter Graben H8-269 1413.5 1418.2 4.7 3.3 2123.5 2125.6 2.1 1.5 ------------------------------------------------------------------------- Hatter Graben H8-271B 1199.0 1204.0 5.0 3.5 ------------------------------------------------------------------------- Hatter Graben H8-274 1739.0 1743 4.0 2.6 2228.0 2228.9 0.9 0.6 2289.8 2291.2 1.4 1.0 2653.8 2655.8 2.0 1.4 ------------------------------------------------------------------------- Hatter Graben H8-275 Being Processed ------------------------------------------------------------------------- Hatter Graben H8-276 Being Processed ------------------------------------------------------------------------- Hatter Graben H8-277 Being Processed ------------------------------------------------------------------------- Hatter Stock H8-268 No Significant Intercepts ------------------------------------------------------------------------- Hatter Stock H8-272 No Significant Intercepts ------------------------------------------------------------------------- South Velvet H8-266 559.7 563.6 3.9 1.95 588.0 589.0 1.0 0.5 ------------------------------------------------------------------------- South Velvet H8-270 401.0 426.0 25.0 17.68 401.0 405.0 4.0 2.83 405.0 409.0 4.0 2.83 409.0 411.9 2.9 2.05 411.9 417.0 5.1 3.61 417.0 421.0 4.0 2.83 421.0 426.0 5.0 3.54 ------------------------------------------------------------------------- South Velvet H8-273 No Significant Intercepts ------------------------------------------------------------------------- ------------------------------------------------------------------------- Vein Drill Significant Intercepts System Hole -------------------------------------------------------- ID Analytical Results -------------------------------------------------------- Au Au Ag Ag (opt) (g/t) (opt) (g/t) ------------------------------------------------------------------------- Hatter Graben H8-264 0.179 6.1 1.00 34.0 0.247 8.4 0.84 28.7 0.088 3.0 1.90 66.0 0.013 0.4 less than 0.1 less than 5 1.980 67.8 8.20 282.0 2.220 76.0 6.50 223.0 0.236 8.1 1.30 45.7 0.391 13.4 2.30 78.0 0.012 0.4 less than 0.1 less than 5 0.343 11.8 1.70 59.0 0.594 20.4 4.20 145.0 0.017 0.6 less than 0.1 less than 5 0.333 11.4 3.00 102.0 0.006 0.2 less than 0.1 less than 5 0.128 4.4 0.70 23.0 0.214 7.3 1.70 78.1 0.120 4.1 0.60 21.0 0.032 1.1 0.20 7.0 0.895 30.7 7.60 261.0 0.540 18.6 3.90 115.8 0.073 2.5 10.70 366.0 0.095 3.3 2.10 71.0 1.470 50.5 5.40 184.0 0.008 0.3 less than 0.1 less than 5 2.720 93.3 8.20 282.0 ------------------------------------------------------------------------- Hatter Graben H8-265 0.313 10.7 0.01 0.2 0.116 4.0 0.00 0.1 0.104 3.6 0.00 less than 0.1 0.116 4.0 0.00 0.1 0.155 5.3 0.00 0.1 0.128 4.4 0.01 0.4 0.112 3.9 0.15 5.0 0.540 18.5 3.59 123.0 0.657 22.5 3.68 126.0 0.111 3.8 0.30 10.2 0.101 3.5 0.12 4.0 1.280 44.0 6.20 211.0 1.125 38.5 7.00 241.0 0.352 12.1 3.30 113.0 0.105 3.6 1.50 50.0 0.155 5.3 less than 0.1 less than 5 0.118 4.0 less than 0.1 less than 5 0.155 5.3 1.30 46.0 1.110 38.0 7.50 259.0 0.291 10.0 1.70 57.0 0.333 11.4 0.20 8.0 1.355 46.4 5.50 188.0 ------------------------------------------------------------------------- Hatter Graben H7-233 0.111 3.8 0.34 11.5 South 0.136 4.7 0.09 3.1 0.154 5.3 0.70 24.1 0.216 7.4 5.48 188.0 0.148 5.1 0.22 7.7 0.113 3.9 1.18 40.6 0.132 4.5 0.60 20.6 ------------------------------------------------------------------------- Hatter Graben H8-267 0.208 7.1 greater greater than 5.8 than 200 0.165 5.7 2.80 96.0 0.418 14.3 1.58 54.0 ------------------------------------------------------------------------- Hatter Graben H8-269 0.441 15.1 1.35 46.3 1.770 60.7 greater greater than 5.8 than 200 ------------------------------------------------------------------------- Hatter Graben H8-271B 0.234 8.0 0.30 10.4 ------------------------------------------------------------------------- Hatter Graben H8-274 1.120 38.5 16.80 576.0 0.232 7.9 2.36 81.0 7.820 268.0 18.11 621.0 0.520 17.9 10.40 357.0 ------------------------------------------------------------------------- Hatter Graben H8-275 Being Processed ------------------------------------------------------------------------- Hatter Graben H8-276 Being Processed ------------------------------------------------------------------------- Hatter Graben H8-277 Being Processed ------------------------------------------------------------------------- Hatter Stock H8-268 No Significant Intercepts ------------------------------------------------------------------------- Hatter Stock H8-272 No Significant Intercepts ------------------------------------------------------------------------- South Velvet H8-266 0.103 3.54 0.018 0.6 0.106 3.63 0.09 3.1 ------------------------------------------------------------------------- South Velvet H8-270 0.291 9.919 0.497 17.032 0.508 17.4 1.079 37 0.777 26.4 1.05 36 0.069 2.35 0.496 17 0.121 4.14 less than .146 less than 5 0.113 3.86 0.175 6 0.172 5.88 0.204 7 ------------------------------------------------------------------------- South Velvet H8-273 No Significant Intercepts ------------------------------------------------------------------------- * Previously Reported Results President and CEO, Ferdi Dippenaar commented, "We have made good progress with the exploration program at the Hatter Graben Vein System and now extended to include the South Velvet area. The results from the South Velvet area are significant in that this area is in close proximity to the currently developed underground infrastructure within the Hollister Development Block. This area has historically had many high-grade intercepts in the overlying Tertiary volcanic rocks, so the two current holes are encouraging. The plan is to target the source of the fluids that generated these veins, which typically originate from vein structures in the deeper host rocks. Further exploration will be undertaken in both areas to determine the size and extent of the mineralization following a review of the program and once all the results have been received." Johan Oelofse, PrEng, FSAIMM, Chief Operating Officer for the Company and a qualified person, has reviewed this news release on behalf of Great Basin Gold. The Company will be presenting its progress with exploration at the Hollister Property in more detail at the Denver Gold Conference on the September 8, 2008. The presentation will be available on the website. ------------------------------------------------------------------------- Samples collected from the Hollister Development Block Project are stored in a secure facility until picked up by Inspectorate America Corporation (Inspectorate) of Sparks, Nevada. Vein samples are analyzed by either metallic screen or standard fire assay procedures. For metallic screen analyses, vein sample preparation consists of drying and jaw-crushing the entire sample to 90% passing 10-mesh, taking a 500 g sub-sample using a rotary splitter, and then pulverizing the 500 g sub-sample to 90% passing 150-mesh using a large capacity ring and puck pulverizer. Gold and silver determinations are by metallic screen analysis, with two 1 assay-ton (30 g) fire assays completed on the fine fraction; the coarse fraction is fire assayed in its entirety. For standard fire assay, vein sample preparation consists of drying and jaw-crushing the entire sample to 90% passing 10-mesh, taking a 300 g sub-sample using a Jones splitter, and then pulverizing the 300 g sub-sample to 90% passing 150-mesh using a large capacity ring and puck pulverizer. A 30 g charge is fire assayed. All metal determinations are by gravimetric finish. Vein samples analyzed by standard fire assay will be re-assayed using metallic screen procedures. Laboratory Quality Assurance/Quality Control (QA/QC) is monitored using coarse reject blanks and assay standards, duplicate fire assays, and Inspectorate's internal standards and blanks. Coarse blanks (barren rhyolite or landscape marble) and assay standards are inserted into the sample sequence as blind samples prior to submitting the samples to the laboratory. Inspectorate also inserts assay standards and blanks into the sample stream. QA/QC results are within acceptable limits. ------------------------------------------------------------------------- No regulatory authority has approved or disapproved the information contained in this news release. Cautionary and Forward Looking Statement Information 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, 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: 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: Tsholo Serunye in South Africa, 27 (0) 11 301 1800; Michael Curlook in North America, (604) 633-9113; Barbara Cano at Breakstone Group in the USA, (646) 452-2334

Copyright