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Castlemaine Goldfields, Update for Ballarat Gold Project

Castlemaine Goldfields Limited refers to its June Quarterly Activities Report released to ASX on 25 July 2012, which noted that mining of the high grade Mako Lode in Llanberris to date had delivered successful results, and that the Company’s focus had now shifted to extending the mine life at Ballarat.

By way of update, the Company advises that the next phase of mine planning has now been completed incorporating the addition of the inaugural Inferred Mineral Resource1 for the Britannia compartment of 100,000 tonnes at 8.0g/t Au for 25,700 ounces of gold (ASX Release dated 27 July 2012). This mine plan considers the combined Britannia and previously stated Llanberris Inferred Resources, which now provide a consolidated Inferred Mineral Resource at Ballarat of 263,000 tonnes at 8.5 g/t Au for 71,700 ounces.

The existing Woah Hawp decline has been prepared allowing mine development to re-start, extending this decline north and also the Britannia decline which branches off this to access the Britannia Resource (Figure 1). The closest portion of the Britannia Inferred Resource is just 20 metres from existing development. A third truck has been sourced to allow this development to advance in parallel with current mining activities in the Llanberris compartment.

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