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Great Basin Gold Secures $47 Million Credit Line

April 7, 2010 (FinancialWire) — Great Basin Gold Ltd (AMEX: GBG) said that it has obtained final Credit approval for a $47 million export finance facility, with the option to increase the facility through further syndication.

According to Great Basin, the facility will be provided by Credit Suisse Ag and will have a maximum term of four years from date of draw down, with interest and capital repayment beginning nine months after draw down.

The facility will bear interest at a margin of 4% over the  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.

Great Basin added that 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.

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Canada-based Great Basin Gold is a mining company engaged in the development and exploration of Gold properties.

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