Great Basin Gold Files Preliminary Prospectus for $110 Million Convertible Debentures

VANCOUVER, Nov. 4  /PRNewswire-FirstCall/ -- Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that it has filed a preliminary prospectus dated November 3, 2009 in all Provinces of Canada effective November 4, 2009 to qualify the distribution of $110 million principal amount of senior unsecured convertible debentures sold pursuant to a bought deal announced on October 29, 2009. The securities are being sold pursuant to an underwriting agreement between the Company and a syndicate of underwriters. The preliminary prospectus is available for download at http://www.sedar.com/ and provides additional details about the debentures and updates various operational and financial matters respecting the Company.

The debentures will 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 http://www.sedar.com/. 

DATASOURCE: Great Basin Gold Ltd.



CONTACT:  on Great Basin Gold 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,

1-888-633-9332; Barbara Cano at Breakstone Group in the USA, [phone]

Copyright