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Ballarat Gold Project Update

Australian gold producer Castlemaine Goldfields Limited (ASX Code: CGT) provides an update on progress at its underground gold mine, for the three months ending March 2012. The company’s March Quarterly Activities Report
and Appendix 5B will follow towards the end of the month.
 
Implementation of the revised Ballarat mine plan is well underway, with high
grade ore now being sourced from the Mako Lode in Llanberris. Approximately
18,300 tonnes of ore were mined and processed during the quarter, at a mill
reconciled grade of 9.0 g/t Au. As more headings come on stream, the
tonnage of ore mined will increase, in line with the mine plan’s anticipated
ramp-up production profile.
 
The Mako Lode in Llanberris was first intersected by mine development in
February 2012. Three ore drives have now been established within the Mako
Lode. As anticipated, difficult ground conditions have been encountered to
date in the mining of the Mako Fault Lode mineralisation.

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