Spectacular drilling result at Ballarat EastBallarat Goldfields...

Spectacular drilling result at Ballarat East

Ballarat Goldfields NL (BGF) is pleased to announce that it has again intersected
significant mineralisation at the Ballarat East project. Diamond drill hole
BDD025B, returned a true width, weighted average assay grade of 30 metres @
24g/t gold, from a depth of 562 metres down-hole.
The intersection is interpreted to be the continuation ofan ore shoot, already intersected 100m
further north, which included previously reported gold intersections of 5.1 metres @ 11.3g/t, 6.0
metres @ 9.0g/t and 1.55 metres @ 42.4g/t.
This ore shoot is located approximately 350 metres below the current decline position at the
BGF Managing Director, Mr Richard Laufmann said, “The most pleasing and important outcome
is that our ongoing drilling success continues to demonstrate the robustness of BGF’s geological
model, which has already delivered over 1 million ounces of Inferred Resource at a very low
discovery cost.”
“It is encouraging and significant that these ore shoots at the southern end of Ballarat East are
similar in size to the large high grade ore shoots defined by drilling in the northern part of the field,
where most of the current Inferred Resource is located.”
“From the drilling to date, it also appears that the grades of the ore intersections, at depth, are
significantly higher than the historical average grades achieved from the shallower old mines,
which rarely went deeper than 300 metres on the East field.” Mr Laufmann said.
“BGF’s continuing ability to intersect high grade gold will allow it to better define its resource and
reserve base in advance of the development program as drilling continues,” he said.
Background Information
BGF is currently developing the Ballarat East project, an underground mine with an expected life
of 21 years, beneath the historic Ballarat Goldfields in Central Victoria. Production is currently
planned to commence at around 100,000 ounces per annum and ramp up over three years to an
average 200,000 ounces of gold per annum.
BGF has previously announced an Inferred Resource of 3 million tonnes at 11g/t for 1.1 million
ounces of gold at Ballarat East. In addition to this resource, BGF also announced southern end of
Ballarat East, and will be accessed within the first two years of production. An Exploration
Potential for the total Ballarat field of 8.3 million ounces of gold together with an Exploration
Potential of 0.9 million ounces of gold for its Berringa field.
The exploration results in this release were prepared by Mr Steve Olsen. Mr Olsen is a full time
employee of the Company and is a Competent Person under the definition of the 2004 JORC
Code. Mr Olsen consents to the publication of this information in the form and context in which it
appears. The drilling result widths reported are estimated to be the true width of the
mineralisation intersected.