Castlemaine Goldfields (CGT)

Shares / Stock Code

CGT

Stock Exchange / Sharemarket

Australian Securities Exchange

Castlemaine Goldfields (CGT) is an exploration company primarily searching for gold. Key exploration projects are located in the Central Victorian Goldfields region, near Bendigo. Consolidation of tenement holdings has allowed CGT to carry out work on entire goldfields rather than fragmented portions of land, which hindered the work of previous explorers. The company is a former subsidiary of Austindo Resources. The company was listed on the ASX on 3 March 2005.

The Company’s principal activity is to explore gold in central Victoria. The Company holds exploration licenses encompassing three goldfields in Central Victoria, which include Castlemaine Project, Sebastian Project and Tarnagulla Project. In August 2008, the Company through its wholly owned subsidiary company, Ironbark Mining Pty Ltd, entered into an unincorporated joint venture with Reef Gold Mines Limited, to explore, develop and mine mineral occurrences over mining and exploration licenses, known as the Tarnagulla Project.

The Central Victorian Goldfields have not previously been systematically explored and thus, offer great potential for gold discovery. Gold discoveries from CGT's projects can be treated at the company's own processing plant, which minimises the time to production and the capital cost of future mine development, maximising the level of profits. Major competitors of Castlemaine Goldfields (CGT) include other mining companies within Australia. Customers include wholesalers, the retail sector and international markets.

Castlemaine Goldfields Limited (CGT) holds substantial exploration and mining licences over three prominent and complete goldfield provinces in Central Victoria. The three project areas are Castlemaine, Tarnagulla and Sebastian. Historically, the Castlemaine goldfield produced some 5.6 million ounces of gold. Less than 1.1 million of the ounces won came from underground mining and nearly half of those ounces came from the Wattle Gully mine.

The Wattle Gully Mine was not discovered until the 1930's. Inadequate differentiation of the Castlemaine geology from that of Bendigo and Ballarat limited successful underground mining in the first gold rush and there has been little exploration of the depth potential ever since. CGT is the first company to control virtually all the historical Castlemaine goldfield and undertake an extensive exploration program.

Castlemaine Goldfields (CGT) Products and Services

  • Gold mining exploration and development

Castlemaine Goldfields (CGT) Locations and Subsidiaries

Castlemaine Goldfields Head Office
113 Adelaide Street,
CHEWTON, VIC 3451

Phone: (03) 5472 3411
Fax: (03) 5472 3002

Castlemaine Goldfields (CGT) Share Price

Submitted by ASX Listed Company on 6 March, 2010 - 08:17

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