Great Basin Reports Continued Exploration Success at Hollister Property

    VANCOUVER, Jan. 29 /CNW/ - Great Basin Gold Ltd ("Great Basin" or the
"Company"), (TSX: GBG; NYSE Alternext: GBG; JSE: GBG) announces further
high-grade exploration drilling results at its Hollister gold property on the
Carlin Trend in Nevada, USA.
    Exploration and evaluation diamond drilling has continued at the
Hollister Property. During the fourth quarter of 2008, underground evaluation
and exploration drilling for other mineralized structures totaled 13,455 feet
(4,101 metres) and surface diamond drilling totaled 16,084 feet (4,902
metres). The programs continue to deliver high-grade intersections on the
Clementine and Gwenivere vein systems (see below) in the main Hollister
Development Block (HDB) area. In addition, further encouraging intersections
have been returned from drilling the most recent discovery at the Hatter
Graben Veins to the east of the HDB. Geological modeling and mineral resource
estimation of these mineral systems is currently under review.
    The underground drilling is providing more information about the strike
(3000 ft/980 m) and vertical (1300 ft/396 m) continuity of the vein systems.
In the main Hollister area, the mineral system currently comprises 24 discrete
east-west striking subvertical veins, which constitute the Clementine and
Gwenivere groups. The system is still open along strike, at depth, and in
areas up to and above the Ordovician/Tertiary Unconformity. Sixteen (16)
boreholes were completed targeting the Gwenivere system, seven (7) targeted
Clementine, and five (5) focused on new exploration targets. Highlight
intersections are tabulated below:

    Vein               Intersection  Drilled Est.     Analytical Results
    System/   Drill        (ft)       Thick- True ---------------------------
    Area       Hole  ---------------- ness  Width  Au     Au      Ag     Ag
    Targeted    ID     From     To    (ft)  (ft)  (opt)  (g/t)   (opt)  (g/t)
    U/G      HDB-255    91.4    92.0   0.6   0.6  1.490   51.09    0.60    20
    Explor- -----------------------------------------------------------------
    ation    HDB-265   552.8   554.3   1.5   1.5  0.290   10.10    0.70    23
             HDB-265  1770.4  1774.0   3.6   3.6  0.560   19.10    0.20     6
             HDB-251   119.5   128.0   8.5   8.1  1.581   54.21    4.83   166
    Clemen-  HDB-251   856.0   857.3   1.3   1.1  2.320   79.54    3.10   107
     tine   -----------------------------------------------------------------
             HDB-258    31.5    32.7   1.2   0.7  2.240   76.80    1.00    36
             HDB-238   170.8   172.0   1.2   1.2  2.760   94.63   11.90   407
             HDB-240   170.0   183.0  13.0  12.6  1.575   54.00    0.80    27
             HDB-246    67.2    71.0   3.8   3.6  1.535   52.63   12.00   413
             HDB-246   158.0   160.6   2.6   2.4  1.115   38.23    7.00   241
             HDB-247    87.0    95.3   8.3   6.8  1.164   39.91    6.80   232
    Gweni-   HDB-247   190.4   191.7   1.3   1.1  1.160   39.77   17.40   598
     vere   -----------------------------------------------------------------
             HDB-249    94.2    99.0   4.8   4.1  8.215  281.66   36.00  1235
             HDB-249   206.0   210.1   3.9   3.4  4.130  141.60    9.70   331
             HDB-250   173.0   177.0   4.0   3.8  1.525   52.29    6.88   235
             HDB-275   142.0   144.9   2.9   1.7  3.510  120.34   17.20   591
             HDB-276   113.0   116.0   3.0   1.7  1.310   44.91   10.70   362
             HDB-276   122.0   127.0   5.0   3.5  1.470   50.40    7.40   254
             HDB-277    49.7    50.6   0.9   0.7  8.170  280.11   15.30   525
             HDB-277   105.7   113.0   7.3   6.0  2.240   76.80   15.60   535

    A complete tabulation of the recent drilling results is available
    on the Great Basin Gold website Of the holes
    completed at the main HDB: 23 holes had intersections of greater than
    0.1 opt Au over widths of 0.5-12.6 ft and 4 had no significant
    intersections. Of the holes completed at the Hatter Graben:
    13 holes had intersections of greater than 0.1 opt Au over widths
    of 0.5-17.7 ft, and 7 had no significant intersections.

    The wider intersections on the Gwenivere vein, e.g. HDB-240 and HDB-247,
were drilled to test the big Gwen Zone, where the veins in the Gwenivere
systems are interpreted to coalesce.
    The highlight of the underground exploration drilling has been HDB-265,
drilled at a shallow angle eastwards from the end of the main lateral
development and towards the Hatter Graben prospect. At 1485-1520 feet
(448.5-459.0 metres), the borehole intersected a zone of tectonic brecciation
and shearing that divides Ordovician metasedimentary rocks and downthrown
Tertiary volcanic rocks. Follow up drilling in this area is underway,
targeting below the Tertiary/Ordovician unconformity for epithermal veining.
The present interpretation is that this structure is the East Clementine Fault
which is a major north/northwest striking main shear zone similar to the Midas
Fault which hosts about two-thirds of the resource at Newmont's Midas Mine 18
miles to the north of Hollister.
    The surface drilling program has focused on further exploration of the
Hatter Graben target, around 5,000 feet (1,667 metres) east of the Clementine
- Gwenivere vein cluster. The area hosts a number of
north/northwest-south/southeast and east-west structures, as well as Eocene to
Tertiary aged intermediate to felsic intrusive rocks. However, a number of
narrow and discrete vein intersections support an east-west trending vein
swarm not unlike the Clementine - Gwenivere vein system. The Hatter Graben
target area tested now has a strike extent of approximately 3,000 feet (915
metres) and a width of up to 1,320 feet (400 metres).

    The table below highlights significant new intersections:

                                   Vein          Sample
                               Intersection     Interval     Drilled   Est.
                      Drill        (ft)           (ft)        Thick-   True
    Vein               Hole  --------------------------------  ness   Width
    System              ID     From     To     From     To     (ft)    (ft)
                      H8-281  1758.0  1759.8  1758.0  1759.8     1.8     1.2
                      H8-281  1766.2  1768.6  1766.2  1768.6     2.4     0.8
                      H8-281  1800.0  1802.3  1800.0  1802.3     2.3     1.3
    Hatter Graben     H8-281  1809.3  1811.6  1809.3  1811.6     2.3     1.3
                      H8-276  2546.0  2551.0                     5.0     3.5
                      H8-277  2370.7  2371.2                     0.5     0.4

                                   Analytical Results
                      Drill  --------------------------------
    Vein               Hole    Au      Au      Ag      Ag
    System              ID    (opt)   (g/t)   (opt)   (g/t)
                      H8-281   0.302   10.35    6.40     218
                      H8-281   0.615   21.09    0.60      19
                      H8-281   0.650   22.29   14.20     487
    Hatter Graben     H8-281   1.400   48.00   25.00     857
                      H8-276   1.075   36.86    0.70      24
                      H8-277   0.173    5.93  431.00  14,777

    The Hatter Graben area geology is currently being reviewed to enhance the
planned 2009 work program.
    Significant exploration potential remains to be tested on the surrounding
claim areas of the Hollister property. A total of sixteen (16) targets have
been identified for future exploration.

    TARGET CLASSIFICATION       No                  TARGET
    Reserve delineation          1        Hollister Development Block
    Resource delineation         2                 Gwenivere
                                                East Clementine
                                                 Hatter Graben
                                             East Clementine Fault
    Advanced follow-up targets   5               South Velvet
                                                 Blanket zone
                                                   Big Gwen
                                                  Butte Fault
    Follow-up targets            4                Heap Leach
                                                Western Sinters
                                                  North Hatter
    Identified targets           2            Bounding structures
    Regional targets             2          Other Hollister permits
    TOTAL                       16

    All the geospatial data for the property from historic and current
exploration is being collated, reviewed and structural targets reassessed and
ranked in order of priority.
    Ferdi Dippenaar, President and CEO, commented: "The results from both the
underground drilling in the Hollister Development Block and the Hatter Graben
area continue to prove the prospectivity of the two mineralizing systems. The
number of wider intercepts accompanied by higher grades in the Gwenivere Vein
system has been encouraging. More drilling is planned to assist in improving
our understanding of the Hollister Development Block mineralization. An
updated mineral resource estimate is being prepared for the HDB which will
incorporate drilling results for 2008, and early stage work in the Hatter
Graben area is underway in preparation for a resource estimation."
    Johan Oelofse, PrEng, FSAIMM, Chief Operating Officer for the Company and
a qualified person, has reviewed this news release on behalf of Great Basin.
For information on analytical procedures, see the Great Basin News Release of
June 23, 2008 available on the Company's website.

    Ferdi Dippenaar
    President and CEO

    For additional details on Great Basin and its gold properties, please
visit the Company's website at or contact Investor Services:

    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

For further information:

For further information: Tsholo Serunye in South Africa, 27 (0)11 301
1800; Michael Curlook in North America, 1-888-633-9332; Barbara Cano at
Breakstone Group in the USA, (646) 452-2334

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