Ballarat Gold Project Progress Update

Ballarat Gold Project Progress Update

July 13, 2011
Jumbo, Mine Development, Mine Production, Whole of Mine

Castlemaine Goldfields re-development the Ballarat Gold Mine – progress report on underground mine development and gold processing plant re-commissioning for first gold bullion production scheduled for September.

Approximately 2,300 tonnes of low grade gold ore has already been mined and bought to surface to provide material for the processing plant re-start.

Castlemaine Goldfields completed a 15,000 metre diamond drill program last year and those results allowed the company to quickly move through the planning and decision making process. Mining contractor PYBAR was mobilised to site mid-March and to date has achieved approximately 590 metres of underground mine tunnel development (extending the existing Woah Hawp Decline, already some 500 metres vertically underground). This development is on schedule.

The first of the identified quartz reefs for mining in the near-by Llanberris compartment is now only 115 metres from this existing development and will be accessed in August.

It is anticipated that first mill feed will be treated during August, and gold bullion production thereafter in September. This is great timing given the current high gold prices and sentiment for this precious metal.

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