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Castlemaine Goldfields Ltd, Update for Ballarat Gold Project

Australian gold explorer and producer Castlemaine Goldfields Limited (ASX Code:CGT) provides an update for the two months ending May 2012.

Highlights:-

- Mine production ramp-up continues with 26,021 tonnes processed in April and May, at a gold grade of 7.1 g/t Au. This is a doubling of the monthly throughput rate when compared to the March Quarter performance (the 3 months ending March 2012 achieved 18,279 tonnes processed at a gold grade of 9.0 g/t Au).

- 5,054 ounces of gold were recovered in April and May (the 3 months ending March recovered 4,610 ounces of gold).

- The first pass diamond infill drill program focussing on the Mako-in-Britannia Exploration Target1 has been completed. 56 holes were drilled for 4,740 metres. Core logging, assaying and geological interpretation is continuing.

- An all scrip take-over offer by LionGold Corp of Singapore was received in April and has been unanimously recommended by the Castlemaine directors in the absence of a superior proposal.

- LionGold’s Bidder’s Statement was lodged with ASIC on 13 June. Castlemaine’s response – its Target’s Statement – will be lodged by the end of June and posted to shareholders shortly thereafter.

- A share placement of 33.9M shares was made to LionGold in April, raising $3.9M for Ballarat and regional exploration activities, and

- $15.6M cash on hand as at 31 May 2012 (was $12.8M end March 2012).


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