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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 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5627K Ballarat Goldfields N.L. 17 October 2006 BALLARAT GOLDFIELDS NL ASX and Media release: 17 October 2006 Quarterly Activities and Cash flow Report For the 3 months ended 30 September 2006 SUMMARY New Development Plan Released * BGF released details of a revised development plan. The new plan: o Focuses on the deeper high grade Resources associated with the Blue Whale fault; o Accesses over 12 stopes prior to production to significantly reduce the grade and tonnage risk during ramp-up; o Allows earlier access to higher grade stopes; o Achieves a higher production rate of over 250,000 oz per annum from 600,000 tonnes of ore at a cash operating cost of under AUD$300 per ounce by 2010. New Development Plan Implementation * Implementation of the revised development plan commenced in September * Record underground decline development of 976 metres for the quarter was over 40% above the previous quarter and is considered sustainable due to continuous improvement in work practices and better ground conditions. * Detailed engineering for the new southern shaft commenced. Mine Geology and Exploration * High grade gold intersections from drilling at Ballarat East include: 2m @ 193.6g/t 2m @ 10.2g/t 2m @ 8.0g/t Corporate * Cash balance at 30 September 2006 was AUD$13.6 million. BALLARAT EAST PROJECT Development New Development Plan As previously released in early September 2006, BGF completed a comprehensive review of its development strategy for the Ballarat East project. The outcome was a new and substantially superior development plan, with early access to the deeper, higher grade Resources. High grade assay results continue to be discovered at deeper levels at Ballarat East. The most recent assay result of 2m @ 193.6g/t on the Mako fault adds to the already impressive collection of high grade gold assay results on this fault. The thickest and highest gold content discovered to date occur close to the intersection of the Mako and Blue Whale faults, with the Blue Whale fault interpreted to be a major control on the location of gold mineralisation at Ballarat. The high grade results identified on the Mako fault near the Blue Whale fault include the following; 9.8m @ 43.8g/t, 12.2m @ 23.5g/t, 5.0m @ 24.8g /t, 3.0m @ 24.92g/t, 2.0m @ 37.15g/t, 2.0m @ 31.2g/t and 2.1m @ 13.2g/t These results have formed part of a recently updated Indicated Resource which is estimated at 0.3Mt @ 20.6g/t for 0.2Mozs of gold. Factoring in this Resource to the current development plan has had the net effect of increasing the head grade from a previously estimated 8.5g/t to the current plan of 14g/t by 2010. Given the significance of these higher grade assay results and the uncertainty associated with mining close to old workings, a new development plan has been established to develop a large number of resources in preparation for mining at a production rate above 250,000ozs per annum. This plan removes significant project risk, which includes grade and tonnage variability, and resulting cash flow, by opening up a large number of stopes, including some deeper higher grade stopes, before commencing the production ramp-up at Ballarat East. The new development plan incorporates: *Relocating a proposed ventilation shaft to the southern end of the mine and equipping it for haulage to provide faster access to higher grade zones, whilst boosting haulage capacity and flexibility. *The substantially higher grade of the deeper Resources allows BGF to develop a production plan which delivers a production rate of 250,000 ounces per annum, at a lower mining rate of 600,000 tonnes per annum with expected cash operating costs to be under AUD$300/oz. *The new plan brings forward major shaft and decline development and by-passes upper level potential ore sources deferring 2007 production into 2008. This will allow BGF to deliver higher production rates with increased development flexibility in 2008. Enhanced understanding of the significance of the Blue Whale fault has substantially improved the confidence in delineating further high grade Resources. In particular, potential to the north is yet to be explored or incorporated into the production plan. To view figure 1 please refer to www.ballarat-goldfields.com.au Figure 1:Long section of the new mine design with the ventilation shaft moved south and second major decline now 200m below the Sulieman decline. Underground Development Sept Qtr 05 Dec Qtr 05 Mar Qtr 06 Jun Qtr 06 Sept Qtr 06 U/G Decline Development (m) 478 546 584 691 976 Ore Tonnes 2,357 6,737 6,519 3,993 4,100 Decline development rates improved dramatically over the quarter with a total of 975.5m mined. This is an improvement of over 40% on the previous quarter and is considered to be sustainable due to the growing experience with the ground conditions, changes to work practices and alternate reagents that have increased cycle times. This achievement is a culmination of a number of processes and is related to the adjustment of work practices as experience has been gained in understanding the mining conditions in order to reduce cycle times. This could have significant implications for future development and mining under the new development plan. The development focus remains on the Sulieman decline for drilling access and the Woah Hawp decline which is being developed as the long term haulage route. The second priority has been the Woah Hawp decline which is being developed as the major haulage decline and for access to stoping areas. At the end of the quarter the Woah Hawp decline was 301m below the surface. Revised Underground Development Plan Trial Mining Mining is currently underway within the 218 Woah Hawp ore block. This block is located in the upper level of the mine in a window within the historical workings. An ore drive is being mined along the base of the ore body following high grade vein sets under geological control. Processing Plant The main processing focus for the quarter was the test treatment of Ballarat South surface ore through a pilot scrubbing and screening plant. The aim of the exercise was to remove clay from the gold bearing quartz and generate a product suitable for treatment through the existing circuit. Outcomes from the trial are currently being evaluated. Approximately 4,100 tonnes of underground ore was processed over the September quarter with 107 tonnes of sulphide concentrate produced. This concentrate has been added to the previous stockpiled material in readiness for the stage 2 leach circuit. Tertiary crushing trials have commenced using a pilot size High Pressure Grinding Rolls (HPGR) machine. The aim of the trial is to establish whether an HPGR can increase the circuit throughput capacity in order to meet future expanded production rates. MINE GEOLOGY AND EXPLORATION Exploration drilling BGF commissioned its third diamond drill rig late in the September quarter, with the last of the contract drill rigs finishing up in early July. The BGF drill rigs were largely employed on geotechnical drilling and mine services drilling with a reduced level of activity on exploration drilling during the quarter. The transition to owner operator is now complete with greater efficiency and cost savings expected to be realised from now on. The drilling focus will return to exploration definition drilling in the next quarter. Significant assay results from the September quarter are summarised in Table 1. Hole number Down hole depth (m) Width (m)* Grade g/t Location BEP 107 80 to 82 2.0m 8.0 Hammerhead Fault ---------- ---------------- --------- -------- ------------- BEP 098 89 to 90 1.0m 8.6 Hammerhead Fault ---------- ---------------- --------- -------- ------------- BEU141A 329 to 333 4.0m 6.0 Tiger Fault ---------- ---------------- --------- -------- ------------- BEU 141 331 to 333 2.0m 10.2 Tiger Fault ---------- ---------------- --------- -------- ------------- BEU 141 368 to 370 2.0m 193.6 Mako Fault ---------- ---------------- --------- -------- ------------- Table 1: Significant assay results received in the September quarter 2006. *All of the intersections reported have been adjusted for their estimated true widths. Berringa A total of 2,763m have been drilled at Berringa this year in what was, essentially, the first diamond drilling program ever conducted within the historical Berringa goldfield. The drilling program was designed to confirm the location of the major faults, anticlines and lithology, which control the location of gold mineralisation at Berringa. Historical mining at Berringa had produced approximately 0.3Mozs of gold, and BGF announced in 2004 an exploration potential of 0.9Mozs for the Berringa project. The 2006 drilling program has identified 3 major faults, including an extension of the Williams Fancy fault, which was mined historically. It also confirmed the location of the major anticline. Historical gold deposits at Berringa have been identified to exist close to the intersection of the large faults and the major anticline. The presence of these features confirms that the potential at Berringa remains positive, with a second drilling program currently being designed to target the intersection of the faults and the major anticline. The best assay result from the drilling program was 1m @ 5g/t, at 93 metres below surface on the Williams Fancy fault. CORPORATE AND FINANCE Finance The cash balance at 30 September 2006 was $13.6 million. BGF signed a non binding term sheet for the provision of a A$100 million delayed draw financing facility as part of the funding to implement the new development plan for Ballarat East. The debt facility is being arranged by RFC Corporate Finance Ltd and is subject to a number of conditions typical of a facility of this nature including; provision at the sole discretion of the Lenders; third party due diligence; final credit approval and legal documentation. The term sheet does not contemplate BGF entering into any hedging arrangements. 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. Following a prefeasibility study, based on BGF's geological model, underground development at Ballarat East recommenced in December 2004. The plan, proposed an initial underground mine at Ballarat East, with twin access declines servicing the haulage and ventilation. In line with this plan, drilling has continued to increase confidence in the geological model. Development of the mine and associated process plant is continuing, with stage 1 of the process plant now commissioned. 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 a Total resource of 1.4 million ounces, including 0.24 million ounces of indicated resource, 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. . The terms Exploration Results, Mineral Resources and Exploration Potential are used in accordance with their definitions in the 2004 JORC Code, which is available at www.jorc.org. CORPORATE DIRECTORY Registered and Principal Office Directors Chairman 10 Woolshed Gully Drive Alister Maitland Managing Director Mt Clear Victoria 3350 Richard Laufmann Non-executive Director Australia Mike Etheridge Director of Operations Wojciech Ozga 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, 19-31 Pitt St Investor Enquires Tel: 1300 850 505 Sydney, NSW, Australia 2000 Tel: 03 9415 5000 AIM Nominated Broker Fax: 03 9473 2500 Numis Securities www.computershare.com 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 September 2006 ------------------- ------------------ 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 (9,998) (9,998) evaluation (b) development - - (c) production - - (d) administration (1,136) (1,136) 1.3 Dividends received - - 1.4 Interest and other items of a similar 294 294 nature received 1.5 Interest and other costs of finance paid (200) (200) 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - ------------ ------------ Net Operating Cash Flows (11,040) (11,040) ------ -------------------------- ------------ ------------ Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets (1,990) (1,990) 1.9 Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets 15 15 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) ------------ ------------ Net investing cash flows (1,975) (1,975) ------------ ------------ 1.13 Total operating and investing cash flows (13,015) (13,015) ------ (carried forward) ------------ ------------ -------------------------- 1.13 Total operating and investing cash flows (13,015) (13,015) ------ (brought forward) ------------ ------------ ---------------------- Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, 691 691 etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) ------------ ------------ Net financing cash flows 691 691 ------ ---------------------- ------------ ------------ Net increase (decrease) in cash held (12,325) (12,325) 1.20 Cash at beginning of quarter/year to date 25,967 25,967 1.21 Exchange rate adjustments to item 1.20 ------------ ------------ 1.22 Cash at end of quarter 13,642 13,642 ------ ---------------------- ------------ ------------ 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 242 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 - - ------------- ------------- 3.2 Credit standby arrangements - - ----- ----------------------- ------------- ------------- Estimated cash outflows for next quarter $A'000 ------------------ 4.1 Exploration and evaluation 10,000 ------------------ 4.2 Development - ----- ----------------------------- ------------------ Total 10,000 ----- ----------------------------- ------------------ Reconciliation of cash ------------------------- ------------ ------------- Reconciliation of cash at the end of the quarter Current Previous (as shown in the consolidated statement of cash quarter quarter flows) to the related items in the accounts is as follows. $A'000 $A'000 ------------------------- ------------ ------------- 5.1 Cash on hand and at bank 13,642 25,967 ------------ ------------- 5.2 Deposits at call ------------ ------------- 5.3 Bank overdraft ------------ ------------- 5.4 Other (provide details) ----- ---------------------- ------------ ------------- Total: cash at end of quarter (item 1.22) 13,642 25,967 ----- ---------------------- ------------ ------------- 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 Number quoted Issue price Amount paid -------------- ---------- ---------- per security up per (see note 3) security (cents) (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 1,188,153,935 1,188,153,935 securities ---------- ---------- ----------- ----------- 7.4 Changes 5,000,000 5,000,000 3.45 cents 3.45 cents during quarter (a) Increases 2,500,000 2,500,000 4.72 cents 4.72 cents through issues (b) Decreases 3,000,000 3,000,000 One third One third ------ through ---------- ---------- each at: 12 each at: 12 returns of cents; 13 cents; 13 capital, cents; 15 cents; 15 buy-backs cents cents ---------- ----------- ----------- 7.5 +Convertible debt ---------- ---------- ----------- ----------- securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases ------ through ---------- ---------- ----------- ----------- securities matured, converted ---------- 7.7 Options Exercise Expiry date (description price and conversion factor) 8,000,000 One third 30/9/2007 each at: 12 cents; 13 cents; 15 cents respectively 1,500,000 17.25 cents 30/9/2007 3,750,000 15 cents 2/12/2007 1,500,000 25 cents 30/9/2008 2,300,000 20.5 cents 30/09/2011 ---------- ---------- ----------- ----------- 7.8 Issued during 2,300,000 20.5 cents 30/09/2011 quarter ---------- ---------- ----------- ----------- 7.9 Exercised during ---------- ---------- ----------- ----------- 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: 17 October 2006 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 QRFGUGWCUUPQUWM
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