Great Basin Gold Announces the Granting of the Mining Right for its Burnstone Mine in South Africa



    VANCOUVER, Oct. 30 /CNW/ - Great Basin Gold Ltd. ("Great Basin or the
"Company") (TSX: GBG; AMEX:   GBN; JSE: GBG) today announced the granting of the
Mining Right for its Burnstone Mine in South Africa by the Department of
Minerals and Energy. The Mining Right was granted on 28 October 2008 to the
Company's wholly owned subsidiary, Southgold Exploration (Pty) Ltd
("Southgold") and authorizes Southgold to mine for gold, silver and aggregate
in the Burnstone Project area. The Burnstone property is located in the
Witwatersrand Goldfield of South Africa.
    In terms of the requirements of the Mineral and Petroleum Resources
Development Act, Tranter Gold (Proprietary) Limited ("Tranter Gold"), a Black
Economic Empowerment ("BEE") company, acquired 26% of the Burnstone Project
using the then Feasibility Study as a basis for valuation. To enable Tranter
Gold to gain full exposure to the international asset base of Great Basin
Gold, approval was given to convert the 26% see-through value of their holding
in the Burnstone Project to shares in the listed entity.
    Ferdi Dippenaar, President and CEO commented: "Great Basin Gold and
Tranter Gold, our BEE partner, view this as a significant milestone which
paves the way to deliver the project as planned. What is just as important is
that Tranter Gold, which is Great Basin Gold's largest shareholder with some
9.3% interest in the listed entity, is making good progress in becoming a
black-owned operating mining company in its own right.
    Development of the Company's Burnstone Project is progressing well. The
cross-cut to the mineralized reef is expected to be completed in the first
quarter of 2009, at which time trial stoping to extract a bulk sample of
approximately 26,000 tons will commence, and simultaneously development of the
vertical shaft and decline shaft will continue. The Company plans to mine
approximately 40,000 oz of gold at Burnstone in 2009."

    
    Ferdi Dippenaar
    President and CEO
    

    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 www.sedar.com.





For further information:

For further information: For additional details on Great Basin and its
gold properties, please visit the Company's website at www.grtbasin.com or
contact Investor Services at: Tsholo Serunye in South Africa, 27 (0) 11 301
1800; Michael Curlook, 1 888 633-9332; Barbara Cano at Breakstone Group in the
USA (646) 452-2334

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Great Basin Gold Ltd.

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