Great Basin Files Final Prospectus

VANCOUVER, Nov. 13 /CNW/ - Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that it has filed a final prospectus in all Provinces of Canada relating to the offering of $110 million of convertible debentures ($126.5 million with over-allotment option) on Nov 12, 2009. The prospectus updates financial and operational information and incorporates an amended executive compensation form for the year ended December 31, 2008. Completion of the offering and commencement of trading of the Debentures are subject to meeting TSX listing requirements and completion of customary closing documents.

The Debentures will only be offered in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"). The Debentures have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from the registrations requirements of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, sale or solicitation would be unlawful.

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 financing events or technical 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 financial market conditions, metals 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, 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 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.

SOURCE Great Basin Gold Ltd.

For further information: For further information: on Great Basin Gold and its gold properties, please visit the Company's website at www.grtbasin.com or contact Investor Services: Tsholo Serunye, in South Africa, 27 (0) 11 301 1800; Michael Curlook, in North America, (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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