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ASX ANNOUNCEMENT 7 December 2009 ASX Code: BDR BEADELL DISCOVERY MAY HERALD NEW AUSTRALIAN GOLD PROVINCE 65 m @ 0.83 g/t GOLD FROM 10 m, INCLUDING 5 m @ 5.1 g/t GOLD FROM 35 m Beadell Resources Limited (“Beadell”) is delighted to announce that first pass Reverse Circulation (RC) drilling at the Handpump prospect in the West Musgrave Complex, Western Australia, has intersected significant gold mineralisation in rhyolitic breccia. Five-metre composite analyses from hole number HPC001 reported 65 m @ 0.83 g/t gold from 10 m, including a central high grade interval of 5 m @ 5.1 g/t gold from 35 m depth within a zone of 15 m @ 2.3 g/t gold from 30 m (Figures 1, 2 & 3). The significance of this discovery cannot be understated as it represents the first economic gold intersection in the Mesoproterozoic Musgrave block and may herald the beginning of a completely new and sparsely explored gold province in Australia. “This RC drill intersection is the most significant in Beadell’s short two year existence” Beadell’s Managing Director Peter Bowler said. “The West Musgrave area is largely unexplored and has the potential to host gold mineralisation of a significant size. We look forward to receiving the remainder of the drill results over the coming weeks and our team is already planning a followup drilling program early in the New Year” Gold mineralisation at the Handpump prospect is associated with a north-dipping hydrothermal rhyolitic breccia which is completely open in all directions. Results from a further 5 RC holes which intersected the breccia are currently awaited. Results have been received for 2 other RC holes: drill holes HPC002 and HPC003 were inclined to the north but interpreted geology now indicates a dip to the north. As a result, these holes did not intersect the breccia and have not tested the down dip position of the mineralisation. (Figure 1 & 2). The main breccia that hosts the mineralisation in HPC001 was also intersected in HPC004 and HPC005 with analyses still pending. Wide zones of brecciation, alteration and sulphidation were intersected in both of these holes. Previous surface costean rock chip sampling by Beadell indicates that the breccia and the mineralisation is northwest-striking and dipping to the north over a known strike length in excess of 300 m. The northwest and southeast strike extensions of the mineralised breccia are completely open.
