gold gold gold and 6 months early!!

ASX and Media release: 5 April 2005
Finance Facility Secured to Allow an Early Start
to Gold Production at Ballarat East


Ballarat Goldfields NL (BGF) is pleased to announce that it has secured a bridging
finance facility, with Investec Bank (Australia) Ltd (Investec). This facility will
allow BGF to commence production at Ballarat East some six months ahead of the
schedule previously envisaged under the pre-feasibility study.


BGF has been completing its project development plan, incorporating the results of its
recent drilling and optimisation studies.
BGF now plans to begin accessing ore in the third quarter and to commission the
process plant in the fourth quarter, this year. The plant construction contract will be
finalised shortly.

The earlier than anticipated production start has been made possible by the delineation
of a number of ore sources in close proximity to the existing decline that will allow early
mining access.

The capital required by the company to come into production under the project
development plan remains in line with the pre-feasibility study estimate. The company
raised $27 million in July 2004, with the balance expected to come out of the funds to be
raised from the exercise of the listed options in September 2005.

Production is planned to ramp-up to approximately 200,000 ounces per annum over a
three year period.

As a consequence of the early commencement of production at Ballarat East, BGF will
require funds to be committed earlier than anticipated in the pre-feasibility study.

Therefore, in order to bridge its short term funding requirements BGF has arranged a
finance facility with Investec. On completion of documentation, the facility will enable
BGF to draw up to $17 million. This facility is expected to be re-paid from the exercise of
the listed options.

The facility does not require BGF to enter into any hedging arrangements.
Further details will be made available over the coming months.
For further information, please visit our website www.ballarat-goldfields.com.au or
contact Joel Forwood, Manager Corporate and Markets, on 03 5327 1111.