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Castlemaine Goldfields Ltd, Interim Financial Report for Half-Year Ended 30 June 2012

Review of operations

The 2012 year commenced with the intention of completing the development to the Mako Lode in the Llanberris compartment by March 2012. A total of 108.4 metres of capital development was achieved in the first quarter enabling early access to the Mako Lode in late February 2012. 93.6 metres of operating development and 205.9 metres of ore development were completed during the quarter. 18,347 tonnes of ore were mined at an average grade of 9.3g/t from the remainder of the Bobby Dazzler satellite ore source and the commencement of mining in the Llanberris Mako Lode. A total of 4,602 ounces were produced during this period and 3,701 ounces were sold for an average sale price of A$1,614. Gold production for the quarter was a 127% increase on the December quarter, reflecting the combination of higher head grade and a higher total gold recovery through the processing plant.

The second quarter focussed on establishing multiple working headings within the Mako Lode in Llanberris. At the close of June mine production was being achieved from 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. 52,453 tonnes of ore were mined during the second quarter, a 186% improvement on the March quarter production and reflecting the planned ramp-up in production. 46,518 tonnes of ore were processed at an average grade of 9.2 g/t during the June quarter producing 9,336 ounces of gold. Total gold produced for the half year was 13,938 ounces.

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