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Castlemaine Goldfields Ltd, Activities Report for Quarter Ending 30 June 2012


HIGHLIGHTS

Ballarat Mine Performance:-

- Quarterly gold production was 9,336 ounces from the processing of 46,518 tonnes at a gold grade of 9.2 g/t Au.

- Underground mine development achieved 643 metres for the quarter, with 85% of this occurring in ore.

- The strong mine production ramp-up to its stated target rate of 220,000tpa was achieved from the establishment of eight working headings within the high-grade Mako and Tiger Lodes in the Llanberris compartment, complemented by the successful application of narrow vein up-hole mining techniques in two stopes.

- The Cash Operating Cost per Ounce1 was $569/oz and the Total Production Cost per Ounce was $1,002/oz for the quarter.

- $12.2M was received from the sale of 7,752 ounces of gold bullion, at an average spot price of A$1,575 per ounce. Cash on hand as at June 30 2012 was $18.5M, inclusive of the $3.9M capital raising in the quarter.

- The Llanberris Mako JORC Inferred Mineral Resource3 has been updated to 163,000 tonnes at 9.0 g/t Au for 46,000 ounces.

- Exploration success continued within the Britannia compartment with resource estimation in progress.


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