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Castlemaine Goldfields Limited
Investor Presentation
Not for release or distribution in the United States November 2011
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Castlemaine Goldfields Ltd
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DisclaimerThe presentation (in this projected form and as verbally presented) (“Presentation”) has been prepared by Castlemaine Goldfields Ltd in relation to the pro-rata non-renounceable offer and placement of
new Castlemaine ordinary shares. This presentation is provided on the basis that none of the Company nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees,
representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Presentation and nothing
contained in the Presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded
by law.
The Presentation contains prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties and may differ
materially from results ultimately achieved.
The Presentation contains ”forward-looking statements”. All statements other than those of historical facts included in the Presentation are forward-looking statements. Where the Company expresses
or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are
subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks
include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as
well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking
statement”.
The Presentation contains general background information about the Company and its activities current as at the date of this presentation. The information in this Presentation is in summary form only
and does not contain all the information necessary to fully evaluate any transaction or investment. It should be read in conjunction with the Company’s other periodic and continuous disclosure
announcements lodged with the ASX, which are available at www.asx.com.au and other publicly available information on the Company.
This Presentation is not a prospectus, disclosure document or other offering document. It is for information purposes only and does not constitute an offer, invitation or recommendation to subscribe for
or purchase any security and does not form the basis of any contract or commitment. All persons should consider seeking appropriate professional advice in reviewing the Presentation and the
Company.
The information in this presentation that relates to Exploration Results, Mineral Resources and Exploration Potential is based on information compiled by Mr Wessley Edgar. Mr Edgar is an employee of
Castlemaine Goldfields Ltd, is a member of the Australian Institute of Mining and Metallurgy and The Society of Economic Geologists and is a Competent Person as defined in the 2004 edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)’. The Exploration Potential described in this Presentation is conceptual in nature, and there
is insufficient information to establish whether further exploration will result in the determination of a Mineral Resource. Mr Edgar consents to the publication of this information in the form and
content in which it appears.
The project planning, mining schedule and any resources referred to in this presentation, other than those explicitly identified as Mineral Resources in accordance with the JORC Code, are not based on
estimations of Ore Reserves or Mineral Resources made in accordance with the JORC Code for the Ballarat East goldfield and caution should be exercised in any external technical or economic evaluation.
Considering the style of mineralisation, and particularly the uncertainty of gold grade continuity, Mineral Resource estimates of higher confidence than the Inferred Resource classification will only be
possible once mining has accessed the Lower Llanberris and Britannia gold mineralisation to gain further geological and grade information. The wide spaced drilling in the Britannia mineralisation is not
currently sufficient to produce a Mineral Resource estimation. CGT emphasises that no Ore Reserve currently exists and cannot be estimated until drilling results can be correlated with bulk tonnage
mining outcomes.
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1. Company Overview
2. Current Status
3. Ballarat Mine
4. Offer Details and Key Risks
5. Appendix
CONTENTSF
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Company Overview – its Assets
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AssetHistoric
production Strategy Next steps
1 Ballarat 12Mozs Targeted production of 50koz p.a.
Commence 6 to 9 month ramp-up from Q3, 2011
$400m plant and development in place at Ballarat
Near mine targeted exploration program
Regional exploration activities will be curtailed during 2012 to allow focus on the Ballarat operations.
Possible future production profile from regional targets:-
AssetHistoric
production Strategy Next steps
2 Castlemaine 5.6Mozs Feasibility study On hold for 2012
3 Berringa 1.0Mozs Advanced exploration drilling
Possible JV
4 Tarnagulla 0.7Mozs Advanced exploration drilling
On hold for 2012
5 Sebastian and Raydarra
0.2Mozs Geophysics and targeted drilling
Farm-in agreement with Navarre Minerals
1
2
3
4
5
80km
CGT’s five gold projects shown in blue
with past production from these prominent goldfields.
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• Castlemaine Goldfields Limited (“CGT”) is an ASX listed gold explorer and producer, havingcommenced a 9 month ramp-up in gold production in September this year.
• The company has a market capitalisation of $15 million. A$10 million cash as at end October2011.
• Projects located in Central Victoria (historic gold production of 64Moz).
• CGT’s five key assets:
1. Ballarat - historic production in excess of 12Moz, established infrastructure (total capex of>$400m), re-commenced gold production Q3 2011, significant exploration potential withdefined drilling program.
2. Castlemaine - historic production 5.6Moz, first JORC Inferred Resource estimate of686k ozs in 2008, 2 clear projects to be explored at Chewton – Wattle Gully.
3. Berringa - historic production 1Moz, just 25km from Ballarat – high grade potential.
4. Tarnagulla - historic production >700Koz – high grade potential.
5. Sebastian / Raydarra - historic production 187Koz – near surface potential.
• Board & Management team with depth and relevant experience to execute growth strategy.
Company OverviewF
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• The Ballarat underground gold mine commenced production in September 2011.
• Realistic production profile targeting 50,000 ounces per year from late 2012.
• Cash operating cost per ounce ~A$730 to $790/oz1.
• Business Plan has assumed A$1,550/oz Gold price for revenue purposes.
• 9 month ramp-up in gold production has commenced.
• Initial 2 year production profile delineated , contingent on ongoing exploration success, primarily in the Llanberris and Britannia compartments (gold bearing Mako Fault Zone identified there).
• Successful initial exploration drilling by CGT has validated the Ballarat acquisition.
• An Independent Technical Review has confirmed a JORC compliant Inferred Resource for the Makoin Llanberris, and has provided independent support for the Company’s Exploration Targets atBallarat, including the Britannia compartment.
• Current market levels represent an attractive investment entry point.
1 Cash operating cost includes costs associated with the mining and processing of material to produce gold bullion, including
the site support functions associated with administration, safety, security and environment. The cost does not includehead office costs, royalties, depreciation, amortisation or expenditure of a capital nature.
Company Overview (continued)F
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Capital Structure
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ASX Code: CGT
• Fully paid shares on issue 152.8M
– Options unlisted 315,000
• Share price range (12 months) 10c - 74c (equivalent post share consolidation)
• Market Cap (@ 10c/share) $15M
• Cash on hand $10M (as at October 31 2011)
• Enterprise Value $ 5M
• No debt ($1.1m in equipment financing)
Major shareholders (as at 6 October)
ICF 17.1%Baker Steel Capital Managers 15.2%JP Morgan Chase & Co. 8.1%
Top 20 shareholders 66.5%
Market reaction
to 7 November
announcement
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Directors
Mr Gary Scanlan Mr Matthew Gill Mr Drew Henry Mr Peter McCarthy Mr Peter Lester
(Non-Exec Chairman) (MD & CEO) (Non-Exec Director) (Non-Exec Director) (Non-Exec Director)Minerals Financier & Accountant Mining Engineer B.Eng (Hons) Geologist B.Sc. (Geol) Mining Engineer BSc, MSc Mining engineer B.Eng (Mining) (Hons)
FAusIMM, ACA M.Eng.Sc, MAusIMM, GAICD FAusIMM FAusIMM, CPEng, MAICD MAusIMM, MAICD
Non-Ex Director of Red 5 Limited Non-Ex Chairman of Unity Mining Ltd Non-Ex Director of Toro Energy
Chairman of AMC Consultants Non-ex Director of Nord Gold
Experienced Management team in place
• Toni Griffith - Chief Financial Officer Accountant. B.Com, FCPA
• Sue-Ann Higgins – Company Secretary Lawyer.BA LLB (Hons), ACIS, GAICD
• Lance Faulkner – Mine General Manager Mining Engineer. B.Eng (Mining) (Hons), MAusIMM
• Mark Davies – Processing Manager Metallurgist. B.Sc, MAusIMM
• Wessley Edgar – Exploration Manager Geologist. B.Sc (Hons), M.Sc (Mineral Economics), MSEG, MAusIMM
Castlemaine Goldfields Ltd – It’s peopleF
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CURRENT STATUS
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The Ballarat underground gold mine was re-commissioned on schedule inSeptember 2011 embarking on a 6-9 month ramp up in activities.
To date over 1,700 metres of underground development has been achievedsafely and within budget parameters.
Mining of the higher grade Mako target remains the primary objective.
This is notwithstanding the shortfall in tonnes and grade from upper and smallersatellite targets mined while development continues.
A forecast shortfall of some 8,000 ounces prompted a review and decision tonow focus purely on accessing the Mako Fault zone.
Underground development is just 400 metres from this primary objective.
Other areas of expenditure have been eliminated or cut back as appropriate.
Regional exploration activities will be curtailed during 2012 to allow focus on theBallarat operations.
Current StatusF
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Engagement of Snowden Mining Industry Consultants to assist in the review.
o They found no fatal flaws and commented favorably on the quality of the data base .
o They endorse the company strategy of drilling for structure and driving for grade.
o A JORC Inferred Resource was reported for the Llanberris Mako Fault zone.
o An Exploration Target range was also reported.
o The technical challenges at Ballarat were commented on.
o “Ballarat in common with many gold vein systems is challenging to evaluate
and is a “drill for structure and drive for grade” proposition. Snowden
therefore endorses CGT’s approach of drilling for preliminary evaluation and
development to determine economic viability.”
Current Status (continued)
Snowden Mining Industry Consultants“Ballarat Gold Project Independent Technical Review”18 November 2011
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The Independent Technical Review by Snowden made the following comments:-
An 1Inferred Mineral Resource totalling 100,000 t at 10.5 g/t Au for 33,100 oz Au is reported in
accordance with the 2004 JORC Code for the Llanberris Mako Fault Zone. Resource grade is reported
within a range of 5 g/t Au to 12 g/t Au to indicate likely variability. The resource estimate is global in nature
and reported at a 0 g/t Au cut-off. Based on a review of mining and cost parameters, Snowden considers
that the resource has reasonable prospects for economic extraction.
An 2Exploration Target in the range 400,000 t to 750,000 t at a grade of between 4 g/t Au and 8 g/t Au
for 70,000 oz Au to 165,000 oz Au has been determined for the Llanberris (Tiger) and Britannia (Mako)
Compartments of the First Chance Line, and the Llanberris and Britannia Compartments on the Sulieman
Line. The Victoria Compartment on both the First Chance and Sulieman Lines carries additional potential not
currently quantified as a Target.
1Mineral Resources which are not Ore Reserves do not have demonstrated economic viability. The estimate of Mineral
Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, operational
cost, metal price, mining control, dilution or other relevant issues. There has been insufficient exploration to define these
Inferred Mineral Resources as an Indicated or Measured Mineral Resource, as there are insufficient close-spaced drill hole
data to adequately define grade and geological continuity for this structurally complex deposit. It is uncertain if further
exploration will result in upgrading the Inferred Mineral Resource to an Indicated or Measured Mineral Resource category or to
Ore Reserves.
2An Exploration Target is a hypothetical view of mineralised reef which is not necessarily economic. It is not a Mineral
Resource or Ore Reserve. There is no guarantee that tonnages will be either realised or economic. Further study, including
underground development and diamond drilling is required.
Inferred Resource and Exploration TargetsF
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THE BALLARAT UNDERGROUND GOLD MINE
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Lower LlanberrisBritannia
(in-fill drilling required)
VictoriaCompartment
Existing
development
• 2.5km of decline and 850 metres of access waste development
• Intersected first Lower Llanberris mineralisation in Q3 2011
• Have advanced >1,700 metres since re-commencement in March 2011
Proposed development
Future potential
Ballarat – Proposed Mine Development
We are now here
Started
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Ballarat
• Targeting a production rate of 50,000 oz p.a. by late 2012, with a 9 month ramp-up starting Q3, 2011
• Two potential Ore Sources identified:-
• Llanberris and Britannia mineralisation
• Volumes
• targeting 200,000tpa
• Assumptions
• 7.5g/t to 8.5g/t gold*
• Initial 2 year production period
• Anticipated cash operating cost $730 to $790/oz**
• Underground Mine and Processing Plant fully operational
• First gold poured
• September 2011
• Exploration commitment
• Near mine – Britannia, Victoria, Sulieman Line
* See next slide** See next slide Page 15
Modeled mineralisation. First
mining objective
Second mining objective (further drilling required)
Future potential for MFZ lodes in the
Victoria compartment.
Britannia6.4m @ 61.2 g/t2.5m @ 49.5 g/t
0.5m @ 126.3 g/t6m @ 13.4 g/t11m @ 8.1 g/t0.5m @ 87 g/t
1.9m @ 17.7 g/t
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Ballarat
* The key data supporting the basis for this range are the exploration results achieved from the company’s
diamond drill program since May 2010, and the fact that the historical goldfield recovered grade was 8.9g/t.
This grade range is conceptual in nature and there has been insufficient exploration to date to define a
mineral resource above the Inferred category, and it is uncertain if further exploration will result in the
upgrading of an Inferred Resource.
* An Independent Technical Review by Snowden made the following comments:-
An Inferred Mineral Resource totalling 100,000 t at 10.5 g/t Au for 33,100 oz Au is reported in accordance
with the 2004 JORC Code for the Llanberris Mako Fault Zone. Resource grade is reported within a range of
5 g/t Au to 12 g/t Au to indicate likely variability. The resource estimate is global in nature and reported at a
0 g/t Au cut-off. Based on a review of mining and cost parameters, Snowden considers that the resource
has reasonable prospects for economic extraction.
* An Exploration Target in the range 400,000 t to 750,000 t at a grade of between 4 g/t Au and 8 g/t Au
for 70,000 oz Au to 165,000 oz Au has been determined for the Llanberris (Tiger) and Britannia (Mako)
Compartments of the First Chance Line, and the Llanberris and Britannia Compartments on the Sulieman
Line. The Victoria Compartment on both the First Chance and Sulieman Lines carries additional potential.
** cash operating cost includes costs associated with the mining and processing of material to produce gold
bullion, including the site support functions associated with administration, safety, security and environment.
The cost does not include head office costs, royalties, depreciation, amortisation or expenditure of a capital
nature.
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Ballarat – Future Growth
• Near mine exploration targets
• Exploration Targets totalling approx. 400 to 750kt @ 4 to 8g/t Au for 70,000 to 165,000 oz Au identified*
• Focus on northern compartments (geological and mining conditions are favourable)
• Significant growth potential
• Sulieman Line Upholes. Open to the north. Intersections include:
• Sulieman Line – Basking Fault Zone –close proximity to existing development, intersections include:
• Victoria compartment
Sulieman Line
* The Exploration Targets described in this Presentation are conceptual in nature,
and there is insufficient information to establish whether further exploration will
result in the determination of a Mineral Resource. Refer Page 2 and 5 also.
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• 1.1m @ 119 g/t
• 0.5m @ 163 g/t
• 7.8m @ 13.8 g/t
• 5.5m @ 61 g/t
• 7.3m @ 7 g/t
• 12.7m @ 10 g/t
• 1.3m @ 54 g/t
• 8.0m @ 7.3 g/t
• 1.4m @ 26.6 g/t
• 1.2m @ 69 g/t
• 8.8m @ 9.2 g/t,
• 12.7m @ 7.1 g/t
• 1.3m @ 65 g/t
• 2.7m @ 118 g/t
29.1m @ 32.1g/t
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OFFER DETAILSAND
KEY RISKS
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Capital Raising
• 1:1 partially underwritten accelerated non-renounceable entitlement offer to raise up to approximately $15M
• Offer Price: $0.10 per share
• Discount to 5 day VWAP: 16%
Proposed Use of Funds (next six months)
Replace revenue shortfall and accelerate mine development to the Mako Lode mineralisation
• Mine development to the Mako Lode A$5.1M
• Diamond drilling of the Mako Lode A$1.9M
• Maintain regional exploration in good standing A$0.4M
• Continue gold production ramp-up A$ Nil (use current cash) Includes ore mining, processing, maintenance and admin support
• Working Capital* A$7.6M
TOTAL ~A$15M
* Note. Revenues from bullion produced (estimated to be between 1,000 and 3,000 ounces over the next 4 to 5 months)will go towards the gold production ramp-up and working capital. Working capital includes current creditors.
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Timetable
Entitlement Offer
Institutional bookbuild: 5.00pm to 7.00pm Thursday ,24 November 2011
Record Date: 7.00pm Monday ,28 November 2011
Retail Entitlement Offer opens: Tuesday, 29 November
Settlement of Institutional Component: Thursday, 1 December 2011
Allotment of Institutional Component New Shares: Friday, 2 December 2011
Retail Entitlement Offer closes: 5.00pm Tuesday, 13 December 2011
Results of Retail Entitlement Offer announced on ASX: Before 10.00am Friday, 16 December 2011
Settlement of Retail Entitlement Offer: Wednesday, 21 December 2011
Allotment of New Shares under Retail Entitlement Offer: Thursday, 22 December 2011
Retail Trading Date: Friday, 23 December 2011
** Timetable is indicative only and subject to change
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The following contains a summary of some of the key risks associated with an investment in CGT. This summary of risks below should be considered in the context of previous disclosures made by CGT in accordance with its periodic and continuous disclosure obligations. The following is not intended to be an exhaustive list of the risk factors to which CGT is exposed.
Summary of Key Risks
Financing Risks CGT may not be able to raise sufficient funds from the capital raising. There is no guarantee that the entitlement offer willbe fully subscribed. There is no assurance that CGT will be able to secure additional funding for the mine development of the Ballarat Gold Project on acceptable terms, or at all. In addition, CGT may require further financing in due course in addition to amounts raised under this capital raising. Any additional equity financing will dilute shareholdings. If CGT is unable to obtain additional financing as needed, it may be required to reduce the scope of its operations.
Development Risks
There is no assurance the CGT will be able to complete the underground development of the Ballarat Gold Project to reach the Mako Fault Zone on time or to budget. Potential delays and/or cost increases in the development of the Ballarat Gold Project could have an adverse impact on CGT’s financial performance.
Operating Risks CGT’s financial performance will substantially depend on the operations of the Ballarat Gold Project. The production forecasts are estimates only, based on assumptions including those in relation to geology, gold grade, mining conditions and performance and operational issues and are subject to uncertainty. Capital/operating cost estimates for the Ballarat Gold Project are also based on assumptions and are subject to uncertainty. An increase in capital/operating costs and/or a decrease in production could have an adverse impact on CGT’s performance.
Mineral Resources and Exploration Targets
Mineral Resources which are not Ore Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, operational cost, metal price, mining control, dilution or other relevant issues. There has been insufficient exploration to define the Inferred Mineral Resources as an Indicated or Measured Mineral Resource, as there are insufficient close-spaced drill hole data to adequately define grade and geological continuity for this structurally complex deposit. It is uncertain if further exploration will result in upgrading the Inferred Mineral Resource to an Indicated or Measured Mineral Resource category or to Ore Reserves. Actual production less than currently estimated based on Mineral Resources could have an adverse impact on CGT’s financial performance. The expected tonnages and gold grades for satellite lodes are Exploration Targets only. An Exploration Target is a hypothetical view of a mineralised reef which is not necessarily economic. It is not a Mineral Resource or Ore Reserve. There is no guarantee that tonnages will be either realised or economic. Further study, including underground development and diamond drilling is required.
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Summary of Key Risks (continued)
Commodity Prices
Fluctuations in the market price for gold could have an adverse impact on CGT’s financial performance.
General economic climate
CGT’s funding position and financial performance is impacted by a variety of general global economic and business conditions. A deterioration in these conditions could have an adverse impact on CGT’s financial performance.
Reliance on Key Personnel
The responsibility of overseeing the day-to-day operations and the strategic management of CGT depends substantially on its directors and its key personnel. There can be no assurance given that there will be no detrimental impact on CGT if one or more of these employees cease their employment.
Trading Liquidity As a small entity there is likely to be only limited trading liquidity in CGT’s shares. CGT might not be covered by a broad base of research analysts which may make it harder for shares to be traded.
Market Conditions
The market price of the shares in CGT can fall as well as rise and may be subject to varied and unpredictable influences on the market for equities in general and resource exploration stocks in particular. Neither CGT nor the directors warrant the future performance of CGT or any return on an investment in CGT.
Environmental Risks
The operations and proposed activities of CGT are subject to Australian State and Federal laws and regulations concerning the environment. As with most exploration projects and mining operations, CGT’s activities are expected to have an impact on the environment, particularly if advanced exploration or mine development proceeds. It is CGT’s intention to conduct its activities to the highest standard of environmental obligation, including compliance with all environmental laws, in order tominimise damage to the environment and risk of liability. Nevertheless, there are certain risks inherent in CGT’s activitieswhich could subject CGT to extensive liability.
Occupational health and safety
The mining industry has become subject to increasing occupational health and safety responsibility and liability. The potential for liability is a constant risk. If CGT fails to comply with necessary OH&S legislative requirements, it could result in fines, penalties and compensation for damages as well as reputational damage.
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• ASX listed gold explorer and gold producer with a market capitalisation of $15 million.
• Low capital entry cost (<$10M). No debt (other than $1.1M equipment lease facility).
• Strong asset base:-
• Ballarat – Six to nine month production ramp-up commenced. First gold poured.
• Realistic production profile targeting 50,000 ounces per year from late 2012 from the Llanberris and Britannia compartments (contingent on exploration success).
• Regional growth profile from 4 significant goldfields with activities curtailed in 2012 to focus on Ballarat.
• Significant mining, ore processing and supporting infrastructure already in place (over $400M previously spent) , plant commissioned and all permitting in place (de-risked).
• Clear growth path to exploit assets:-
• Defined path to ramp-up production commencing Q3, 2011.
• In-fill and exploration drilling commitment at Ballarat to firm-up the Mako in Llanberrisand allow four months of drilling in the Britannia compartment before any decision ismade to re-commence mine development to access any identified mineralisation in thatcompartment.
ConclusionF
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APPENDIX
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• Recent market reaction to a mine plan review now creates an attractive investment opportunity.
• Ballarat Mine re-start de-risked – Portal and declines in, processing plant built & commissioned, workforce in place, fully permitted to operate, ore mining has commenced.
• Gold production commenced in September 2011.
• Realistic production profile targeting 50,000 ounces per year from Ballarat from late 2012 (contingent on exploration success).
• Cash operating cost per ounce ~A$730 - $790/oz.
• Successful exploration drilling by CGT has validated Ballarat acquisition.
• An Independent Technical Review has confirmed a JORC compliant Inferred Resource and has provided independent support for the Company’s Exploration Targets at Ballarat.
• A nine month ramp-up in production has commenced. Initial 2 year production profile delineated.
• Near-mine and regional exploration targets clearly defined.
Investment HighlightsF
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• Ballarat: Mine & commission• Mine Exploration: +$3m spend• Regional Exploration: +$4m at
Castlemaine / Chewton, Berringa and Tarnagulla
GOLD PRODUCTION (2011)• Produce: Steady State targeting
50,000 oz pa• Ballarat Targets: Britannia,
Victoria, Sulieman Line• Ballarat South • Regional Targets: Chewton,
Berringa and Tarnagulla
GROW – 2012 to 2014
• Produce: Targeting 75 to 100,000 oz pa• Multiple Ballarat sources• Multiple regional ore sources
EXPAND - BEYOND
Clear path to value creation
World class infrastructure Add new production sources at Ballarat Targeted regional exploration program
Our Vision – Three HorizonsF
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Ballarat - Overview
• History
• 12Moz gold mined from alluvial and quartz vein hosted deposits since 1850’s
• Lihir Gold Limited (LGL) acquired tenements in 2007 and completed construction of world class gold plant and related facilities
• Assets• ~18km of underground development
• World class plant and development including:
• 600ktpa processing plant
• Golden Point ventilation shaft
• Extensive surface infrastructure
• Mining licences and extensive exploration ground
• Profile• Two declines at the right location to mine
• Focus on 4 geological compartments
• Nuggetty quartz reefs avg. 8.9g/t (historical)
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Ballarat – Existing Mine Workings
Cross Section
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Current activities
Suliemanline of reef
Plan View
First Chanceline of reef
The Future
The graphic shows the present historical development with ounces per vertical metre (OVM) as presented by LGL
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Gravity + Leach Processing Plant
Maintenance Shed
600ktpa TSFWetland water QC
500 person car park & office building
Reverse osmosis water treatment plant
Mine Portal
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• Ballarat Gold Project surface infrastructure is of a high standard and has the ability to easily support the planned operation
• We have acquired
– The immediate potential of the northern area of Ballarat East.
– Drill platforms already existed to within ≈200m of initial targets from the 2 declines at depths of 400 & 500m.
– A gold plant together with mining and drilling equipment, stores stock and freehold property.
– Fully permitted operation currently reduced to care & maintenance state in proper order.
– Large exploration tenement package (123km2).
Ballarat Plant – modern, qualityF
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Indicative Timeline
2011 2012
J F M A M J J A S O N D J F M A
Feasibility study and award contract
Mobilise contractor and start mining
Develop to Lower Llanberris1st
ore
Develop Britannia
Gold Plant refurbishment
Workforce recruitment
Gold Production1st
gold
Infill resource drilling
Ballarat exploration drilling
Castlemaine exploration
Tarnagulla & Berringa
Technical Review
Sulieman Line
Chewton, Quartz Hill, Bicentennial
>1,700 metres done to date
100 people employed
18,000 metres drilled to date
7,800 metres drilled to date
From the Sovereign
compartment
6 to 9 month Production Ramp-Up
First ore from the Mako
On hold until Mako confirmed
Mako in-fill drilling Llanberris & Britannia
On hold
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Ballarat Gold Project
More than A$400m has been spent by others developing first class facilities
• Purchased for <$10M.
• No Debt.
• Project Approvals.
• Construction.
• Commissioning.
• Recruitment.
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Ballarat – the Town & its Goldfields
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Lake
Wendouree
University
TSF
Mine
Site
CBD
Lake
Wendouree
University
TSF
Mine
Site
CBD
Ballarat WestGoldfield
Ballarat EastGoldfield
BallaratSouth
Goldfield
Golden Point
Vent Shaft
Northern
Exploration
Targets
Northern
Exploration
Targets
Northern
Exploration
Targets
Ballarat Goldfield 100% controlled by CGT
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Ballarat Goldfield – East and West
Page 33
Ballarat East
WE
South Star
960m
West
East
1.5M Ounces produced
@ 8.9g/tBallarat West
1.5 kilometres
0.7M Ounces produced
@ 16.1g/t
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Ballarat East GoldfieldBlack Hill
open pit
mine
+18 km of UG mine development in place
1.5 km
Potential
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Ballarat East Goldfield
Sovereign Mining area
Llanberris Mining area.
Mako the primary target
Britannia Mining area (contingent
on successful diamond drilling)
Mako Fault Zone ore sources
Victoria -future mining
area?
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Page 36
First Chance Line of Mineralisation
Anticline
Modeled mineralisation. First
mining objective
Second mining objective
Future potential for MFZ lodes in the
Victoria compartment.
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North Footwall
Fault Lode
South
FW
Lode
BEP1573
2m / 26 g/t
BDD008A
2m / 31.5 g/t
Tiger South
Exploration Target
Lower Llanberris Exploration Results
New assay result/drill hole
No Significant Result / new
hole
Existing Re-interpreted
Result
Assay result awaited
CBP0008 : Mako1.8m @ 135.1 g/t
CBP0009 : Flat Makes2.8m @ 4.1 g/t Au3.5m @ 7.0 g/t Au
CBP0009 : Mako2.5m @ 34.0 g/t Au1.3m @ 4.8 g/t Au
1.0m @ 4.3 g/t Au
0.5m @ 10.5 g/t Au0.8m @ 9.8 g/t Au
CBP0037 : Mako5.4m @ 16.3 g/t
CBP0037 : Flat Make9.2m @ 33.2 g/t
Tiger UpDip LodeCBP0002: 7.3m @ 30.9 g/t AuCBP0001: 2.7m @ 3.5 g/t Au
CBP0043: 14.6m @ 15.3 g/t AuCBP0005: NSR, above lode
CBP0006: 4.2m @ 2.7 g/t Au CBP0007: 15m @ 8.6 g/t AuCBP0042: NSR, above lode
1.6m @ 2.4 g/t Au
4m @ 5.1 g/t 2.5m @ 3.5
CBP0045 : Mako8.7m @ 31.0 g/t
Mako Flat Makes
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North
Footwall Fault
Lode
South
FW
Lode
Mako Flat Makes
Mako Fault Lodes – Block Model Results
Tiger South
Exploration Target
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Fault related Spur /
Tension Veining Page 39
Ballarat East
Fissure Lode
Mineralisation StylesBasking Fault Flat Make – Sulieman Line - northern wall
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Regional Assets and Exploration
Page 40
Wattle Gully Mine (1934 – 1989)
415,000 ozs @ 12g/t
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Victorian gold productionSince 1851 = 2,500 tonnes(2% of the world’s gold!)
80% of Victoria’s gold has come from the Bendigo-Ballarat Zone
51% of all Victorian Gold has come from the Bendigo-Castlemaine-
Ballarat fields
41% of all Victorian Gold is from quartz reef primary mining
The Victorian government estimates between 15Mozs to over 70Mozs of gold is to be
discovered
Castlemaine Goldfields Ltd – Gold Projects
Bendigo-Ballarat
Zone
+ 64 M ozsRest of Victoria
~ 15 M ozs
Page 41
Ballarat
Castlemaine
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Assets In an Australian context
Page 42
0
500
1000
1500
2000
2500
To
nn
es
G
old
P
rod
uce
d
DISTRIBUTION OF GOLDFIELDS IN AUSTRALIA
100% ownership of two of Australia’s biggest historical goldfields
CGT
Combining the Ballarat, Castlemaine and the Berringa goldfields makes CGT owner of Australia’s fourth largesthistorical gold only producing tenements (excludes multi commodity fields like Olympic Dam and Telfer (Cu credits)).
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CGT Projects outside Ballarat
Other ore-supply potential at
Castlemaine and Tarnagulla
80kmCastlemaine to Ballarat
Page 43
Existing JORC
Resources
High grade mines
1oz/t – 3 oz/t
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Increased production profile - Castlemaine
• History
• Produced 5.6Moz gold (substantially from alluvial sources)
• Wattle Gully gold mine within CGT licence area (produced over 400koz @ 12g/t head grade)
• Chewton Resource estimate June 2008
• Independent scoping of Chewton completed June 2009
• Assets
• Chewton Deposit (JORC Inferred Resource of 574koz of gold)
• Wattle Gully (JORC Inferred Resource of 112koz of gold)
• Strategy (currently on hold to focus on Ballarat)
• Resource confirmation drilling
• Advance feasibility study
• Convert Resource to mill feed for Ballarat
2
80 kms
Page 44
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Castlemaine Project
•JORC Inferred Resource of 574,000oz at the Chewton Deposit.
•JORC Inferred Resource of 112,000oz at the Wattle Gully Mine.
• Infill drill program conducted in 2011 to increase Resource
confidence and assess underground mining potential.
Page 45
• Outcomes suggest further work could be to
the immediate north of the Wattle Gully /
Chewton deposits, at depth.
Our tenements cover the entire goldfield (past historical production of 5.6 million ozs)
Chewton
Deposit
Drill program
Bicentennial
Drill program
Nth Quartz Hill
Drill programCappers
Drill program
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Regional : Berringa Project – 25kms to Ballarat Mill
• Victoria’s ninth largest historical goldfield
960,000 ozs
• Alluvial gold discovered in Kangaroo Gully in 1856
• Small scale quartz mining between 1865 to 1898
• Large scale quartz mining beginning in 1898 and lasting until 1917 (WW1)
• Historical production (1898 to 1917) – 292,000oz from 1,080,000 tonnes (8.4g/t)*
• Underground exploration at the Berringa Mine in the 1970’s and 1980’s with limited work done
Birthday Tunnel
Kangaroo
William Fancy
South BirthdayFreehold
* = Recovered
Deep drilling for repeat gold?
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Regional: - Tarnagulla
Page 47
RC drilling conducted in 2011
Historical
production
Offers a high grade source 80kms from Ballarat with proven modern mining history (1994-2000)
82 named gold-bearing veins at surface.
Numerous un-named, unknown for gold.
How many under the surface?
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Page 48
Navarre AC result
10m @ 34 g/t Au from 37m
Depth of cover = 19m
Figure c/- Catalyst Metals – May 2011
CGT Projects
Frederick the Great minesPast production 187,000 ozs at
~10g/t Au
North of Bendigo
Sebastian / Raydarra
Bendigo goldfieldPast production 22 million ounces
Farm-in agreement
with Navarre Minerals
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This document does not constitute an offer of new ordinary shares ("New Shares") of the Company in any jurisdiction in which it would
be unlawful. New Shares may not be offered or sold in any country outside Australia except to the extent permitted below.
Canada (British Columbia, Ontario and Quebec provinces)
This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the "Provinces") and to those persons to whom
they may be lawfully distributed in the Provinces, and only by persons permitted to sell such New Shares. This document is not, and under no circumstances is to be
construed as, an advertisement or a public offering of securities in the Provinces. This document may only be distributed in the Provinces to persons that are
"accredited investors" within the meaning of NI 45-106 – Prospectus and Registration Exemptions, of the Canadian Securities Administrators.
No securities commission or similar authority in the Provinces has reviewed or in any way passed upon this document, the merits of the New Shares or the offering
of New Shares and any representation to the contrary is an offence.
No prospectus has been, or will be, filed in the Provinces with respect to the offering of New Shares or the resale of such securities. Any person in the Provinces
lawfully participating in the offer will not receive the information, legal rights or protections that would be afforded had a prospectus been filed and receipted by the
securities regulator in the applicable Province. Furthermore, any resale of the New Shares in the Provinces must be made in accordance with applicable Canadian
securities laws which may require resales to be made in accordance with exemptions from dealer registration and prospectus requirements.
The Company, and the directors and officers of the Company, may be located outside Canada, and as a result, it may not be possible for Canadian purchasers to
effect service of process within Canada upon the Company or its directors or officers. All or a substantial portion of the assets of the Company and such persons
may be located outside Canada, and as a result, it may not be possible to satisfy a judgment against the Company or such persons in Canada or to enforce a
judgment obtained in Canadian courts against the Company or such persons outside Canada.
Any financial information contained in this document has been prepared in accordance with Australian Accounting Standards and also comply with International
Financial Reporting Standards and interpretations issued by the International Accounting Standards Board. Unless stated otherwise, all dollar amounts contained in
this document are in Australian dollars.
Statutory rights of action for damages or rescission
Securities legislation in certain of the Provinces may provide purchasers with, in addition to any other rights they may have at law, rights of rescission or to damages,
or both, when an offering memorandum that is delivered to purchasers contains a misrepresentation. These rights and remedies must be exercised within
prescribed time limits and are subject to the defenses contained in applicable securities legislation. Prospective purchasers should refer to the applicable provisions
of the securities legislation of their respective Province for the particulars of these rights or consult with a legal adviser.
The following is a summary of the statutory rights of rescission or to damages, or both, available to purchasers in Ontario. In Ontario, every purchaser of the New
Shares purchased pursuant to this document (other than (a) a "Canadian financial institution" or a "Schedule III bank" (each as defined in NI 45-106), (b) the
Business Development Bank of Canada or (c) a subsidiary of any person referred to in (a) or (b) above, if the person owns all the voting securities of the subsidiary,
except the voting securities required by law to be owned by the directors of that subsidiary) shall have a statutory right of action for damages and/or rescission
against the Company if this document or any amendment thereto contains a misrepresentation. If a purchaser elects to exercise the right of action for rescission,
the purchaser will have no right of action for damages against the Company. This right of action for rescission or damages is in addition to and without derogation
from any other right the purchaser may have at law.
International Offer RestrictionsF
or p
erso
nal u
se o
nly
In particular, Section 130.1 of the Securities Act (Ontario) provides that, if this document contains a misrepresentation, a purchaser who purchases the New Shares during
the period of distribution shall be deemed to have relied on the misrepresentation if it was a misrepresentation at the time of purchase and has a right of action for
damages or, alternatively, may elect to exercise a right of rescission against the Company, provided that (a) the Company wil l not be liable if it proves that the purchaser
purchased the New Shares with knowledge of the misrepresentation; (b) in an action for damages, the Company is not liable for all or any portion of the damages that the
Company proves does not represent the depreciation in value of the New Shares as a result of the misrepresentation relied upon; and (c) in no case shall the amount
recoverable exceed the price at which the New Shares were offered.
Section 138 of the Securities Act (Ontario) provides that no action shall be commenced to enforce these rights more than (a) in the case of any action for rescission, 180
days after the date of the transaction that gave rise to the cause of action or (b) in the case of any action, other than an action for rescission, the earlier of (i) 180 days
after the purchaser first had knowledge of the fact giving rise to the cause of action or (ii) three years after the date of the transaction that gave rise to the cause of action.
These rights are in addition to and not in derogation from any other right the purchaser may have.
Certain Canadian income tax considerations. Prospective purchasers of the New Shares should consult their own tax adviser with respect to any taxes payable in
connection with the acquisition, holding, or disposition of the New Shares as any discussion of taxation related maters in this document is not a comprehensive description
and there are a number of substantive Canadian tax compliance requirements for investors in the Provinces.
Language of documents in Canada. Upon receipt of this document, each investor in Canada hereby confirms that it has expressly requested that all documents
evidencing or relating in any way to the sale of the New Shares (including for greater certainty any purchase confirmation or any notice) be drawn up in the English
language only. Par la réception de ce document, chaque investisseur canadien confirme par les présentes qu’il a expressément exigé que tous les documents faisant foi
ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d’achat ou
tout avis) soient rédigés en anglais seulement.
European Economic Area – Germany
The information in this document has been prepared on the basis that all offers of New Shares will be made pursuant to an exemption under the Directive 2003/71/EC
("Prospectus Directive"), as implemented in Member States of the European Economic Area (each, a "Relevant Member State"), from the requirement to produce a
prospectus for offers of securities.
An offer to the public of New Shares has not been made, and may not be made, in a Relevant Member State except pursuant to one of the following exemptions under
the Prospectus Directive as implemented in that Relevant Member State:
(a) to legal entities that are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in
securities;
(b) to any legal entity that has two or more of (i) an average of at least 250 employees during its last fiscal year; (ii) a total balance sheet of more than €43,000,000 (as
shown on its last annual unconsolidated or consolidated financial statements) and (iii) an annual net turnover of more than €50,000,000 (as shown on its last annual
unconsolidated or consolidated financial statements);
(c) to fewer than 100 natural or legal persons (other than qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive) subject to obtaining the prior
consent of the Company or any underwriter for any such offer; or
(d) in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of New Shares shall result in a requirement for the
publication by the Company of a prospectus pursuant to Article 3 of the Prospectus Directive.
International Offer RestrictionsF
or p
erso
nal u
se o
nly
International Offer Restrictions
France
This document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of
Article L.411-1 of the French Monetary and Financial Code (Code monétaire et financier) and Articles 211-1 et seq. of the General Regulation of the French Autorité
des marchés financiers ("AMF"). The New Shares have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.
This document and any other offering material relating to the New Shares have not been, and will not be, submitted to the AMF for approval in France and,
accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.
Such offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifiés) acting for their own account, as
defined in and in accordance with Articles L.411-2-II-2° and D.411-1 to D.411-3, D. 744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any
implementing regulation and/or (ii) a restricted number of non-qualified investors (cercle restreint d’investisseurs) acting for their own account, as defined in and in
accordance with Articles L.411-2-II-2° and D.411-4, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation.
Pursuant to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the New Shares cannot be distributed (directly or indirectly) to
the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code.
Switzerland
The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated
trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of
the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock
exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the New Shares may be publicly
distributed or otherwise made publicly available in Switzerland.
Neither this document nor any other offering or marketing material relating to the New Shares have been or will be filed with or approved by any Swiss regulatory
authority. In particular, this document will not be filed with, and the offer of New Shares will not be supervised by, the Swiss Financial Market Supervisory Authority
(FINMA).
This document is personal to the recipient only and not for general circulation in Switzerland.
China
The information in this document does not constitute a public offer of the New Shares, whether by way of sale or subscription, in the People's Republic of China
(excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan). The New Shares may not
be offered or sold directly or indirectly in the PRC to legal or natural persons other than directly to "qualified domestic institutional investors”.
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International Offer Restrictions
Malaysia
This document may not be distributed or made available in Malaysia. No approval from the Securities Commission of Malaysia has been or will be obtained in relation
to any offer of New Shares. The New Shares may not be offered or made available for purchase in Malaysia except in an exemption from the prospectus and
approval requirements of Securities Commission of Malaysia.
Singapore
This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the
Monetary Authority of Singapore. Accordingly, this document and any other document or materials in connection with the offer or sale, or invitation for subscription or
purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for
subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1,
Part XIII of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), or as otherwise pursuant to, and in accordance with the conditions of any other
applicable provisions of the SFA.
Hong Kong
WARNING: This document has not been, and will not be, registered as a prospectus under the Companies Ordinance (Cap. 32) of Hong Kong (the "Companies
Ordinance"), nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the
Laws of Hong Kong (the "SFO"). No action has been taken in Hong Kong to authorise or register this document or to permit the distribution of this document or any
documents issued in connection with it. Accordingly, the New Shares have not been and will not be offered or sold in Hong Kong by means of any document, other
than (i) to "professional investors" (as defined in the SFO) or (ii) in other circumstances that do not result in this document being a "prospectus" (as defined in the
Companies Ordinance) or that do not constitute an offer to the public within the meaning of that ordinance.
No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the
purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if
permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside
Hong Kong or only to professional investors (as defined in the SFO and any rules made under that ordinance). No person allotted New Shares may sell, or offer to
sell, such shares in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such shares.
The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are
in doubt about any contents of this document, you should obtain independent professional advice.
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International Offer RestrictionsNew Zealand
This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Securities Act 1978 (New Zealand).
The New Shares in the entitlement offer are not being offered to the public in New Zealand other than to existing shareholders of the Company with registered
addresses in New Zealand to whom the offer of New Shares is being made in reliance on the Securities Act (Overseas Companies) Exemption Notice 2002 (New
Zealand).
Other than in the entitlement offer, New Shares may be offered and sold in New Zealand only to:
• persons whose principal business is the investment of money or who, in the course of and for the purposes of their business , habitually invest money; or
• persons who are each required to (i) pay a minimum subscription price of at least NZ$500,000 for the securities before allo tment or (ii) have previously paid a
minimum subscription price of at least NZ$500,000 for securities of the Company ("initial securities") in a single transaction before the allotment of such initial
securities and such allotment was not more than 18 months prior to the date of this document.
United Kingdom
Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Services Authority in the United
Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is
intended to be published in respect of the New Shares. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of
FSMA) in the United Kingdom, and the New Shares may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any
other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document should not be
distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom.
Any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the issue or sale of the New
Shares has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in
circumstances in which section 21(1) of FSMA does not apply to the Company.
In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments
falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) who fall within
the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may
otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or
agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its
contents.
United States
This document may not be released or distributed in the United States. This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities
in the United States. Any securities described in this document have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered
or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.
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