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Gold/Mining/Energy : Great Basin Gold GBG.VSE (merger of Pacific Sentinel Gold)
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From: Savant3/14/2012 7:56:32 PM
   of 317
 
Great Basin Gold Provides Tranter Update

VANCOUVER, March 14, 2012 /PRNewswire via COMTEX/ -- Great Basin Gold Ltd.
("Great Basin Gold" or the "Company"), (CA:GBG)(GBG)(jse:GBG) in order provide
additional clarification with regards to its Black Economic Empowerment partner,
Tranter Burnstone (Pty) Ltd. ("Tranter"), which is owned by historically
disadvantaged South Africans ("HDSA"), has been notified that Tranter is
currently in default of the requirements of their loan agreement with Investec
Bank Ltd ("Investec") under which it borrowed ZAR 200 million ($27 million) to
partly fund the purchase of 19,938,650 treasury common shares in Great Basin Gold
in 2007.

The default is due to an approximate ZAR 45 million ($6 million) unfunded cash
margin call as a consequence of the decline in the value of the Great Basin Gold
shares serving as collateral for the loan. Of the Company's existing guarantee of
R140 million ($19 million), ZAR 14 million ($1.82 million) remains available to
meet the unfunded cash margin.

The Company is seeking, through ongoing discussions with Investec and Tranter, to
assist Tranter to remedy their default position and meet their future loan
obligations. Whilst the outcome of the discussions is uncertain, the Company does
not expect the outcome of these discussions to affect its current compliance with
the Mining Charter or near term cash flow.

No regulatory authority has approved or disapproved the information contained in
this news release.
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