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LONDON (Dow Jones)--Ballarat Goldfields said Thursday that it has had nothing
but positive confirmation of the geological model. Definitional drilling of the
zones of first production is well advanced with encouraging outcomes. To date,
development has been difficult, hampered by varying ground conditions, but is
improving with depth and new procedures.
Along the way, BGF has developed and refined its Vision, to 'Become a Major
Australian Gold Producer'. It identified then, and continue to believe, that its
platform for growth is the progressive unlocking of the potential of the
Ballarat field.
In order to achieve this it has embarked on a number of parallel objectives:
The rapid and focused development of the Ballarat East project including
ongoing geological drilling and understanding; The geological modelling of
Berringa; The acquisition of Ballarat South; and the step out drilling of the
Yarowee Creek holes to define the boundary of, and begin the exploration of
Ballarat West.
The company believes the medium term outlook for the global economy is
uncertain and that gold and unhedged gold stocks will provide an attractive
investment option. BGF, with cash in hand and no hedging in place, is well
placed within this framework.
All resolutions at the AGM were passed.