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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ballarat Gold | LSE:BGF | London | Ordinary Share | AU000000BGF7 | ORD SHS NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.50 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:8607S
Ballarat Goldfields N.L.
19 October 2005
ASX and Media release: 19 October 2005
Quarterly Activities and Cash flow Report
For the 3 months ended 30 September 2005
KEY POINTS
* The first mining block was accessed during the quarter.
* Plant construction is on schedule with commissioning planned for
December 2005.
* The ventilation shaft was at a depth of 124 metres at quarter end and
reached the final depth of 129 metres on 7 October 2005.
* High grade gold drill intersections at Ballarat East during the
quarter include:
2.0m @ 28.8g/t,
2.0m @ 10.6g/t,
3.0m @ 11.0g/t,
3.0m @ 7.8g/t.
* The 30 September listed options expired with 99.6% exercised with the
balance (0.4%) taken up by the underwriter RFC Corporate Finance Ltd.
* The underground development contract with Pybar was extended for a
further 3 years.
* Two senior executives were appointed with Wojciech ("Voytek") Ozga
appointed as General Manager of Ballarat Goldfields and Nick Colalencia
appointed as Project Manager for the construction of the process plant.
BALLARAT EAST PROJECT DEVELOPMENT
Underground decline development
At the end of the quarter, the underground development had advanced a total of
1529m, focused on three main headings, the vent access drive heading south, the
Sulieman decline heading north and Woah Hawp decline heading south.
The first mining block in the Woah Hawp decline system was accessed during the
quarter and is being developed on the 189 level. Definition drilling of this
resource continued and mining conditions evaluated and reviewed for mine
planning purposes.
Good progress was achieved in the Sulieman decline. This decline is being
developed to initially provide drilling platforms for resource definition,
before ultimately providing a return airway for the mine.
In the vent access drive, mining rates were lower than anticipated, with many
oxidised structures being intercepted. Within these zones, advance rates slowed
significantly. A program of pressure grouting ahead of the face is being
undertaken to address these conditions.
During the quarter, a 3 year extension to the underground mining contract was
negotiated with Pybar Mining Services Pty Ltd. By the end of the quarter, 2 new
Tamrock development jumbos and 2 new Tamrock loaders were onsite to replace
existing equipment and to enhance development rates.
Figure 1. Ballarat East underground development
Ventilation shaft construction
During the quarter the North Prince Extended ventilation shaft was developed to
a total depth of 124 metres and the concrete lining was established to a depth
of 120 metres. The final depth of 129 metres was reached on 7 October.
Stripping of the shaft, demobilisation, re-profiling of the waste dump and the
erection of a fence will now take place.
Photo 1. Shaft sinking headframe over North Prince Extended Vent Shaft
PROCESSING PLANT
During the quarter design and construction of the processing plant has proceeded
rapidly.
Photo 2. Overview of crushing and screening areas of the plant
Civil works
Approximately 200,000 cubic metres have been excavated for the run-of-mine ore
stockpile; crushing, screening and concentration areas; a gold room; and other
processing plant facilities. The area for the plant has been lowered by this
excavation, to improve sound attenuation. The site access road is being rerouted
as part of this work with landscaping and revegetation work still to be
completed.
Concreting of the foundations for processing plant equipment and retaining walls
commenced during the quarter and was 70% complete at quarter end.
Equipment procurement and fabrication
Equipment deliveries were 45% complete, with all critical items planned for
delivery by the end of October.
Structural / Mechanical installation
Steelwork erection and mechanical installation began, with the gravity
concentrator on-site and 65% complete. The tertiary crusher is in position and
erection of the crushed ore bin commenced. Overall structural / mechanical
installation was 13% complete with full completion scheduled for the end of
November.
Photo 3. Mechanical installation of the gravity concentration module
Water supply
Construction of the process water storage tank has commenced and is scheduled
for completion during November. Other pumping and pipework will also be
completed during November.
Commissioning
Commissioning of Stage 1 of the processing plant including primary, secondary
and tertiary crushing; gravity concentration; and smelting of gold from direct
smelt gravity concentrate is scheduled to be carried out during December. A
gold-bearing sulphide mineral concentrate will be stockpiled during this period
for treatment after the installation of the leach reactor in the March quarter
2006.
Tailings storage facility
The tailings storage facility is located in a commercial softwood plantation
which is being cleared of vegetation in preparation for construction.
DRILLING RESULTS
Underground definition drilling
Diamond drilling continued at Ballarat East, with two drill rigs focussed on
regional resource definition and a third drill rig focussed on stope definition.
During the September quarter, the regional drilling program targeted gold
mineralisation on the Gummy, Tiger and Mako faults while the stope definition
drilling targeted the Grey Nurse fault, which has been accessed during mine
development.
The drilling continues to intersect gold mineralisation in the targeted ore
zones identified by the geological model. Visible gold is also repeatedly
observed in the targeted ore zones giving further confidence in the
interpretations postulated by BGF.
Significant assay results from the September quarter drilling are summarised in
Table 1.
Table 1: Assay results within defined target zones received in the September
quarter 2005
*All of the intersections reported have been adjusted for their estimated true
widths.
CORPORATE AND FINANCE
Finance
The cash balance at 30 September 2005 was $37 million, which includes all
cleared funds received upon the exercise of listed options.
The listed options expired on 30 September 2005 with 99.6% of the 224,897,776
options exercised. The shortfall of 830,368 options (0.4%) has been exercised
pursuant to an underwriting agreement with RFC Corporate Finance Ltd.
The attached Appendix 5B, as at 30 September 2005, does not include some option
exercise monies not cleared by quarter end, shares relating to those exercised
options and the underwritten shortfall.
Application for official quotation on ASX and AIM for all shares issued upon
exercise of the listed options (BGFO) was made on 10 October 2005.
During the quarter, $12 million cash was drawn down from the loan facility held
with Investec Bank (Australia) Limited. Fifty per cent of the monies drawn down
were repaid on 15 October 2005.
Key Appointments
Two senior executive appointments have been made:
Wojciech (pronounced "Voytek") Ozga was appointed General Manager of operations
for BGF. Most recently, Wojciech spent 2 years in Kazakhstan as Director of the
Kazakhstan Operations for AIM listed Celtic Resources Holdings plc, where he was
responsible for development of the Suzdal underground mine and the processing
facilities. Prior to this, Wojciech was employed by WMC Limited as General
Manager Central Norseman and Group Manager Mining Projects. In his capacity as
Group Manager Mining Projects, Wojciech managed the Olympic Dam mine expansion.
Wojciech brings a wealth of operating and development experience to the Company.
Nick Colalancia has taken up the role of Project Manager, responsible for the
process plant construction. Nick, the principal of Rosetta Stone Pty Ltd, has a
long career in all aspects of project construction and development, including 6
years in the oil and gas industry and the last 16 years in the mining industry.
During this time Nick has undertaken a number of large engineering construction
projects, including work at Olympic Dam for WMC.
BACKGROUND INFORMATION
Ballarat East Project Summary
Situated in one of the most famous historical gold mining regions of Australia,
Ballarat produced over 12 million ounces before it's premature closure, around
the time of the first world war.
In 2004, for the first time following discovery in the 1850's, the leases over
the entire Ballarat field were consolidated under the sole ownership of BGF.
This has resulted in the company constructing a comprehensive geological model
of the entire field, demonstrating what many had suspected, that Ballarat had
massive unexplored prospectivity.
BGF completed a pre-feasibility study in 2004 which proposed an initial
underground mine at Ballarat East, with twin access declines servicing the
haulage and ventilation. The mine, based on BGF's geological model, has a life
of 21 years with an average production rate of approximately 200,000 ounces of
gold per annum.
Underground development at Ballarat East recommenced in November 2004 and BGF
accessed the first mining block in September 2005 and plans to commission its
process plant in December 2005 .
BGF's geological model robust
BGF's geological model remains robust as the drilling continues to intersect
gold mineralisation in the target zones identified by the geological model.
After probability adjustment for risk and uncertainty the company derived an
Exploration Potential of 8.3 million ounces, with 90% confidence limits ranging
from 2.8 million ounces to 14.4 million ounces in addition to an inferred
resource of 1.1 million ounces for Ballarat East. (Further information is
available on the BGF website www.ballarat-goldfields.com.au )
Note:
The information in this report that relates to Exploration Results, Mineral
Resources and Exploration Potential is based on information compiled by Mr
Steven Olsen. Mr Olsen is an employee of Ballarat Goldfields NL, is a member of
the Australian Institute of Mining and Metallurgy and is a Competent Person
under the definition of the 2004 JORC Code. The Exploration Potential described
above is conceptual in nature, and there is insufficient information to
establish whether further exploration will result in the determination of a
Mineral Resource. Mr Olsen consents to the publication of this information in
the form and context in which it appears.
CORPORATE DIRECTORY
Registered and Principal Office Directors Chairman
10 Woolshed Gully Drive Colin Smith Managing Director
Mt Clear Victoria 3350 Richard Non-executive
Australia Laufmann Director
Mike Etheridge Non-executive
Director
Alister
Maitland
Web Site Company Secretary
www.ballarat-goldfields.com.au Amber Rivamonte
Shareholder Services Stock Exchange Listing
Computershare Investor Services Pty Australian Stock Exchange Code BGF
Limited
GPO Box 2975EE Alternative Investment Market (AIM)
BGF
Melbourne AIM Nominated Advisor
Victoria 3000 RFC Corporate Finance Ltd
Australia Level 14
Investor Enquires Tel: 1300 850 505 19-31 Pitt St
Tel: 03 9415 5000 Sydney, NSW
Fax: 03 9473 2500 Australia 2000
www.computershare.com AIM Nominated Broker
Numis Securities
Cheapside House
138 Cheapside
London EC2V 6LH
United Kingdom
For further information: please visit the company website
(www.ballarat-goldfields.com.au)
Or contact Joel Forwood, Manager Corporate and Markets, on (03) 5327 1111.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
BALLARAT GOLDFIELDS NL
ABN Quarter ended ("current quarter")
------------------- ------------------
50 006 245 441 30 September 2005
------------------- ------------------
Consolidated statement of cash flows
------------ ------------
Cash flows related to operating activities Current quarter Year to date
$A'000 (12 months)
$A'000
------------ ------------
------------
1.1 Receipts from product sales and related - -
debtors
1.2 Payments for (a) exploration and (8,156) (8,156)
evaluation
(b) development - -
(c) production - -
(d) administration (837) (837)
1.3 Dividends received - -
1.4 Interest and other items of a similar 35 35
nature received
1.5 Interest and other costs of finance (565) (565)
paid
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
------------ ------------
Net Operating Cash Flows (9,523) (9,523)
------ -------------------------- ------------ ------------
Cash flows related to investing
activities
1.8 Payment for purchases of: (a)prospects (5,019) (5,019)
(b)equity investments
(c) other fixed assets
1.9 Proceeds from sale of: (a)prospects
(b)equity investments
(c)other fixed assets
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other (provide details if material)
------------ ------------
Net investing cash flows (5,019) (5,019)
------------ ------------
1.13 Total operating and investing cash flows (14,542) (14,542)
------ (carried forward) ------------ ------------
--------------------------
1.13 Total operating and investing cash flows (14,542) (14,542)
------ (brought forward) ------------ ------------
----------------------
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 30,611 30,611
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings 12,000 12,000
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (provide details if material)
------------ ------------
Net financing cash flows 42,611 42,611
------ ---------------------- ------------ ------------
Net increase (decrease) in cash held 28,069 28,069
1.20 Cash at beginning of quarter/year to date 8,937 8,937
1.21 Exchange rate adjustments to item 1.20
------------ ------------
1.22 Cash at end of quarter 37,006 37,006
------ ---------------------- ------------ ------------
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
-------------
Current quarter
$A'000
-------------
-------------
1.23 Aggregate amount of payments to the parties included in 111
item 1.2 -------------
1.24 Aggregate amount of loans to the parties included in -
------ item 1.10 -------------
--------------------------------
1.25 Explanation necessary for an understanding of the transactions
-------------------------------------------
Item 1.23 includes salaries, director fees and superannuation paid to
directors during the quarter.
-------------------------------------------
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material
effect on consolidated assets and liabilities but did not involve cash
flows
--------------------------------------------
N/A
--------------------------------------------
2.2 Details of outlays made by other entities to establish or increase their
share in projects in which the reporting entity has an interest
--------------------------------------------
N/A
--------------------------------------------
Financing facilities available
Add notes as necessary for an understanding of the position.
------------- -------------
Amount available Amount used
$A'000 $A'000
------------- -------------
3.1 Loan facilities 17,000 12,000
------------- -------------
3.2 Credit standby arrangements - -
----- ----------------------- ------------- -------------
Estimated cash outflows for next quarter
$A'000
------------------
4.1 Exploration and evaluation 8,500
------------------
4.2 Development -
----- ----------------------------- ------------------
Total 8,500
----- ----------------------------- ------------------
Reconciliation of cash
------------------------- ------------ -------------
Reconciliation of cash at the end of the quarter (as Current Previous
shown in the consolidated statement of cash flows) to quarter quarter
the related items in the accounts is as follows.
$A'000 $A'000
------------------------- ------------ -------------
-------------
5.1 Cash on hand and at bank 37,006 8,937
------------ -------------
5.2 Deposits at call
------------ -------------
5.3 Bank overdraft
------------ -------------
5.4 Other (provide details)
----- ---------------------- ------------ -------------
Total: cash at end of quarter (item 1.22) 37,006 8,937
----- ---------------------- ------------ -------------
Changes in interests in mining tenements
-------- --------------- -------- --------
Tenement Nature of Interest at Interest
reference interest beginning of at end of
quarter quarter
(note (2))
-------- --------------- -------- --------
6.1 Interests in mining
tenements -------- --------------- -------- --------
relinquished, reduced
or lapsed
6.2 Interests in mining
tenements acquired or -------- --------------- -------- --------
increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
---------- ---------- ----------- -----------
Total Number Issue price per Amount paid
-------------- number quoted security (see up per
---------- ---------- note 3) (cents) security
(see note 3)
----------- (cents)
-----------
-----------
7.1 Preference
------ +securities ---------- ---------- ----------- -----------
(description)
----------
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
------ through returns ---------- ---------- ----------- -----------
of capital,
buy-backs,
redemptions
----------
7.3 +Ordinary 850,756,889 850,756,889
securities ---------- ---------- ----------- -----------
7.4 Changes during 56,849,867 56,849,867 15 cents 15 cents
quarter
(a) Increases
through issues
(b) Decreases
------ through returns ---------- ---------- ----------- -----------
of capital,
buy-backs
----------
7.5 +Convertible
debt securities ---------- ---------- ----------- -----------
(description)
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
------ through ---------- ---------- ----------- -----------
securities
matured,
converted
----------
7.7 Options 161,616,435 161,616,435 Exercise Expiry
(description and price date
conversion
factor)
5,000,000 15 cents 30/9/2005
2,666,668 3.45 cents 30/9/2006
11,000,000 4.72 cents 30/9/2006
2,000,000 One third each 30/9/2007
at: 12 cents;
13 cents; 15
cents
respectively
5,000,000 17.25 cents 30/9/2007
1,500,000 15 cents 2/12/2007
25 cents 30/9/2008
---------- ---------- ----------- -----------
7.8 Issued during 1,500,000 25 cents 30/9/2008
quarter ---------- ---------- ----------- -----------
7.9 Exercised during 56,849,867 56,849,867 15 cents 30/9/2005
quarter ---------- ---------- ----------- -----------
7.10 Expired during - - - -
------ quarter ---------- ---------- ----------- -----------
----------
7.11 Debentures
(totals only)
------ ---------- ---------- ----------
7.12 Unsecured notes
(totals only) ---------- ----------
Compliance statement
1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here:
Managing Director
Richard Laufmann
Date: 19 October 2005
Notes
1 The quarterly report provides a basis for informing the market how the
entity's activities have been financed for the past quarter and the effect on
its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the reporting
period. If the entity is involved in a joint venture agreement and there are
conditions precedent which will change its percentage interest in a mining
tenement, it should disclose the change of percentage interest and conditions
precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities. If the standards used do not address
a topic, the Australian standard on that topic (if any) must be complied with.
== == == == ==
This information is provided by RNS
The company news service from the London Stock Exchange
END
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