April 6, 2010, Vancouver, BC – Great Basin Gold Ltd, (“Great Basin” or the “Company”), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) today announced that it has obtained final Credit approval for a US$47 million export finance facility (“the facility”), with the option to increase the facility through further syndication.
The facility will be provided by Credit Suisse Ag and will have a maximum term of 4 years from date of draw down, with interest and capital repayment commencing 9 months after draw down. The facility will bear interest at a margin of 4% over the USD LIBOR rate (currently 0.3%). The Company will have the option to retire the loan 12 months after draw down at no additional costs. The Burnstone project will be the guarantor for the facility.
The facility is only subject to the execution of customary loan and security documentation and includes conditions precedent usual for facilities of this nature. Execution of binding documentation and funding is targeted for on or before April 30, 2010
