Great Basin Gold Ltd. (fka GBGLF)

[Coho20]

That said, the sale process is now underway and there are several interested parties. I remain of the view
that the prospects of a successful rescue are good. Once a final binding offer has been secured, I will be
able to prepare and publish a business rescue plan for consideration by all affected parties. I think it is
likely that such an offer will be secured by end March and therefore seek an extension from you, in terms of
section 150(5) of the Act, of the time in which I have to publish a business rescue plan from 15 January
2013 until 31 May 2013. If the offer and acquisition conditions that will influence the business rescue plan
are achieved sooner than this, I will notify all affected parties of an earlier publication date.