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Production Growth in 2012
Castlemaine Goldfields Limited (ASX: CGT) is a successful gold producer and explorer operating in Victoria's premier gold belt. The Company listed on the Australian Securities Exchange in 2005 and is headquartered at its Ballarat Gold Mine, located one hour from the capital city Melbourne.
Castlemaine Goldfields has access to two of Victoria's three largest historical gold producing areas (17m oz total) and holds a 100% interest in the Ballarat, Castlemaine, Tarnagulla and Berringa Goldfields with the Sebastian and Raydarra projects subject to a farm out agreement being established.
The Company made the transition from explorer to producer in 2011 with the first gold bullion poured in September from its Ballarat Gold Project. The mine has commenced a 6 - 9 month ramp-up in activities aiming to reach 50,000 ounces of annualised gold production, by the end of 2012.
The Company's current priority is to develop the decline into the high grade Mako lode in the Llanberris section of the mine.
A JORC compliant Inferred Resource was recently announced for the Mako Lode. An independent technical review of this and the Ballarat Mine plans, by Snowden Mining Industry Consultants, has endorsed the Company's approach to drilling and mining in order to determine commercial viability.
WHY INVEST IN CASTLEMAINE GOLDFIELDS?
- Five projects with a strong growth profile and strategies for value creation
- World-class gold production facilities at Ballarat
- Gold production from Ballarat set to increase to an annualised rate of 50,000oz, supported by a strong asset base and lease position
- Conducted 15,000m of underground diamond drilling in 2010 and ongoing mine exploration continues to identify other nearby gold targets
- High grade Mako Lode has recently been confirmed with a JORC Inferred Resource and is the primary mining target in 2012
- Low capital entry cost (<$10m). No debt. No hedging delivers solid leverage to the strong prevailing gold price
- Anticipated high gold grades of 7.5 to 8.5 g/t gold from the Ballarat project, with healthy margins per ounce estimated
Company Facts
ASX Code: CGT
Focus: Mine development
Operating Area:
Bendigo - Ballarat zone, Victoria
Key Projects:
- Ballarat Mine
- Castlemaine
- Tarnagulla
- Berringa
- Sebastian / Raydarra (farmed out)
Shares on Issue: 152.8m
Market Capitalisation: ~ A$15m
52 week high = A$0.74
52 week low = A$0.09
Cash: A$ 10m end October 2011
Debt free
CGT Tenements and Past Historical Production
Clear Path to Value Creation
Gold Production (2011)
- Ballarat: Mine & commission
- Mine Exploration: +$3m spend
- Regional Exploration: +$4m at Castlemaine / Chewton, Berringa
and Tarnagulla
GROW - 2012 to 2014
- Produce: Steady state targeting
50,000 oz pa from late 2012
- Ballarat Targets: Victoria, Sulieman Line
- Ballarat South
- Regional Targets: Chewton, Berringa
and Tarnagulla
EXPAND - BEYOND
- Produce: Steady state targeting
50,000 oz pa from late 2012
- Multiple Ballarat sources
- Multiple regional ore sources
Board of Directors
Gary F.P. Scanlan
Non-executive Chairman
With a strong mining and finance background,
Gary is an associate chartered accountant with
over 20 years experience working with mining
projects in Australia and overseas.
Matthew D. Gill
Managing Director and
Chief Executive Officer
An experienced mining engineer with over
28 years' experience in the mining industry,
Matthew has a strong technical and operational
background. He has developed, constructed and
commissioned two underground gold mines.
Peter L. McCarthy
Non-executive Director
Drew D. Henry
Non-executive Director
Peter R. Lester
Non-executive Director
Gold Production (2011)
- Ballarat: Mine & commission
- Mine Exploration: +$3m spend
- Regional Exploration: +$4m at Castlemaine / Chewton, Berringa and Tarnagulla
GROW - 2012 to 2014
- Produce: Steady state targeting 50,000 oz pa from late 2012
- Ballarat Targets: Victoria, Sulieman Line
- Ballarat South
- Regional Targets: Chewton, Berringa and Tarnagulla
EXPAND - BEYOND
- Produce: Steady state targeting 50,000 oz pa from late 2012
- Multiple Ballarat sources
- Multiple regional ore sources
Board of Directors
Gary F.P. Scanlan
Non-executive Chairman
With a strong mining and finance background, Gary is an associate chartered accountant with over 20 years experience working with mining projects in Australia and overseas.
Matthew D. Gill
Managing Director and
Chief Executive Officer
An experienced mining engineer with over 28 years' experience in the mining industry, Matthew has a strong technical and operational background. He has developed, constructed and commissioned two underground gold mines.
Peter L. McCarthy
Non-executive Director
Drew D. Henry
Non-executive Director
Peter R. Lester
Non-executive Director