Underwriting of Options

RNS Number:4061O
Ballarat Goldfields N.L.
04 July 2005




BALLARAT GOLDFIELDS NL

ASX and Media release: 4 July 2005

                   BGF Secures Underwriting of Listed Options

Ballarat Goldfields NL (BGF) is pleased to announce that it has entered into an
Underwriting Agreement with RFC Corporate Finance Limited with respect to BGF's
30 September 2005 fifteen cent (A$0.15) listed options (ASX and AIM code: BGFO).

These options, which were issued to shareholders as part of BGF's rights issue
in July 2004, are underwritten to an amount of A$32.55 million.

An underwriting and management fee totalling 5% of the underwritten amount is
payable to the underwriter.

The underwriting of the exercise of the listed options together with the
recently announced bridging finance facility ensures these funds are available
for the Ballarat East project as outlined in the pre-feasibility study and in
line with the current development plan.

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For further information, please visit our website www.ballarat-goldfields.com.au
or contact Joel Forwood, Manager Corporate and Markets, on 03 5327 1111.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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