multi million ounce discovery, page-23

News just out!

ASX ANNOUNCEMENT – 2 June 2008
Initial JORC Code Compliant Resource of
686,000 oz at Castlemaine.
Highlights
�� Inferred Mineral Resource of 2.1 million tonnes at a grade of 8.3 g/t Au
amounting to 574,000 ounces at the Chewton Deposit.
�� The Chewton Deposit is unconstrained both to the north and south.
�� An additional 610,000 tonnes of Inferred Mineral Resource at a grade of 5.7
g/t Au for 112,000 ounces in remnant areas of the adjacent Wattle Gully
gold mine.
�� Potential for further discovery beneath Wattle Gully.
�� Chewton Discovery cost of just over $4/oz.
�� Evidence of the multi-million ounce potential of the Castlemaine goldfield.
Castlemaine Goldfields Limited (ASX Code: CGT) is pleased to announce results of the inaugural
estimation of Mineral Resources for gold mineralisation at the Chewton Deposit within the Castlemaine
goldfield in Central Victoria. The resource estimate was jointly undertaken by CGT and independent
consultants, Snowden Mining Industry Consultants Limited (“Snowden”), to be compliant with the 2004
JORC Code for reporting mineral resources.
CGT has taken a strong geological approach to estimation based on experience gained from the Wattle
Gully Mine and expertise of the Competent Persons. The process has also incorporated the knowledge of
other geological and mineral resource experts with substantial experience. The Competent Persons and
other experts have an 80 year plus track record within Victoria’s gold sector, including work in the
Bendigo, Tarnagulla, Wattle Gully and Ballarat goldfields. The Managing Director & CEO, Mr. Gary
Scanlan said “The release of this Chewton Deposit resource estimate places us firmly on track to meet
our first objective of discovering at least 2 million ounces of resource within the Castlemaine goldfield.
Drilling on the Chewton Deposit and at other prospects along the central corridor clearly evidences that
our geological modelling has brought a new understanding to this under-explored and under-developed,
yet historically prolific goldfield.
We will now move forward to drill define other prospects to ascertain our quickest route to an initial cash
flow. Particular focus with be on the northern part of the goldfield where gold has been discovered within
14m from surface in the Pine Plantation”.
The announcement of this initial resource, combined with the highly promising drilling results released to
the market on 22 April on other prospects along the central corridor, provides clear evidence to support
the strongly held conviction that Castlemaine will again be a multi-million ounce goldfield.