GBGM Inglewood Pty Ltd

The Maxwells Mine & Processing Plant

A Project Update Presentation

GBGM Inglewood Pty Ltd owns and operates the Maxwells Mine north of Inglewood.

The shaft is a conventional 3 compartment shaft and rail levels access a series of veins hosting

high grade gold within a major east dipping fault system.

Inglewood Project

Inglewood ProjectEL 4184

Inglewood ProjectMIN 4639

Inglewood ProjectMaxwell’s mine operations

Inglewood historically

• Difficult mining conditions for early miners(lack of water, dense vegetation)

Inglewood historically

• Difficult mining conditions for early miners(lack of water, dense vegetation)

• High grade outcropping reefs preferred

Inglewood historically

• Difficult mining conditions for early miners(lack of water, dense vegetation)

• High grade outcropping reefs preferred

• Only 4 mines ever developed below the water table

Inglewood historically

• Difficult mining conditions for early miners(lack of water, dense vegetation)

• High grade outcropping reefs preferred

• Only 4 mines ever developed below the water table

• Cut off grades in excess of 1 ounce during initial gold rush

Inglewood GoldfieldProduction summary

4 major minesTons

('000's)Oz

('000's)Kg

Gradeg/t

Maxwells 35.5 37,000 1,156 32.5

Jersey 16.1 21,000 656 40.6

Columbian 38.5 39,000 1,239 32.2

March Unity/ Morning Star 38.5 20,500 639 16.6

Total 128 118,400 3,691 28.7

Tons('000's)

Oz('000's)

KgGrade

g/t

4 major mines 128 118,394 3,691 28.7Composite of other shafts 37 30,207 200 5.3

165 148,601 3,891

* Preliminary research figures

Production

Total Inglewood production from all sources*

Inglewood Goldfield

• Past production of 130,000 ounces to ~200m depth

• 4 main areas produced 80% of the production

• Numerous Parallel Reef lines across the field

• Mining ceased in the 1920’s due to war and economics

• Goldquest N.L. re-evaluated the field in the 1980’s

• Goldquest reopened the Maxwell’s Mine and discovered a new shallow unworked ore shoot

• Production ceased due to poor economic conditions in 1994

Production summary

Inglewood’s potential

5 facts about Inglewood

• Goldfield extents similar to Bendigo

• Inglewood production: ~130,000 oz from predominantly shallow mining

• Approx. 100 known reef locations

• High grade reefs - 1 oz

• Remains largely unexplored by modern day capabilities

Exploration potential Linear extensions of Maxwell

Lower Maxwell

adjacent potential to Maxwell

extensions of the other known 40 reefs

New reefs (shallow)

Maxwell’s Mine

• Aerial view 2007

Operations

Maxwell’s MineOperations

Maxwell’s Mine

Max Shoot

Max North Shoot

Wolff Shoot

Maxwell’s Mine - ShaftLaidlaw's shaft

Underground 3D model

330 m BS

106 m BS

Maxwell’s MineUnderground

Composite Photo of Face at 7m North Sub level 1 Max shoot

Footwall faultHanging wall Fault

Maxwell’s MineUnderground

Max Shoot, north drive showingEast dipping quartz veining

Maxwell’s Mine

High Grade ore from the Max shoot

“The prize”

Maxwell’s Mine Processing Plant

Ore from underground is brought to surface and placed in a truck and dumped either in to the Feed Hopper or onto the Rom Pad

Maxwell’s Mine

Processing Plant feed conveyor and trommel arrangement

Operations

Maxwell’s MineOperations

Feed is scrubbed and screened at 19mmto remove all clays.

The Trommel undersizereports to the balance tankTo be pumped to the coarse gold trap.

Maxwell’s Mine

Trommel oversize (+19mm) is sent to a large granulator style jaw crusher to be crushed to approximately – 15mm which is returned to the balance tank to join the recovery circuit

Operations

Maxwell’s Mine

A grizzly atop the jaw crusher bypasses any oversize rocks to be stockpiled for later breaking

Operations

Maxwell’s Mine

An 8/6 Warman pump keeps the Ore circulating through the closed recovery circuit

Operations

Maxwell’s Mine

The -19 mm feed is Pumped across a Hydraulically active Sluice which removes the coarse gold

Operations

Maxwell’s Mine

Following coarse gold removal the feed material reports to a single deck shaking screen with a 1mm aperture size to prepare feed for the concentrators.

Operations

Maxwell’s MineOperations

Screen oversize is sent to an Impact Mill to reduce all the material to -1mm as well as “shape” the free gold to aid in gravity recovery

Maxwell’s Mine

The impact Mill in reducing all the material to -1mm has a considerable wear factor. GBM is trialling a series of different wear surfaces to reduce this factor.

An impact mill was chosen as it shapes the gold better for gravity recovery.

Operations

Maxwell’s Mine

All material in the main circuit is eventually reduced in size to -1mm and reports to the concentrator circuit via this pump

Operations

Maxwell’s Mine

The Concentrators are custom designed and heavily engineered to give highly balanced and controlled operation to optimize gravity recovery

Operations

Maxwell’s Mine

The Concentrator Feed is delivered to the concentrators via roses designed to present the feed at an optimal angle and rate

Operations

Maxwell’s Mine

The Concentrator tailings are sent to a hopper and then pumped to a cyclone to produce a sand product before delivery to the tailings storage facility

Operations

Maxwell’s Mine

Sluice concentrate (-2mm) removed by vacuum from the Sluice and shown here after screening.

This is tabled to produce a smeltable con.

The Impact Mill has shaped the gold to aid recovery

Operations

Maxwell’s Mine

Sluice con product +2mm after screening.Note this gold is effectively released after scrubbing and has not been through the crushing circuit.

It represents ~20% of recovered gold

Operations

Maxwell’s Mine

Concentrator Product.

Very fine gravity gold.

CIP leach circuit under design and construction program to boost recovery

Operations

Inglewood Goldfield

• Final product , Dore bar from a sample of ~50 tonnes.

• Final sample results awaited for reconciliation

Inglewood Goldfield

• 1000 Ha Mining Licence and 65 Sq Km E.L. covering the entire Inglewood Gold Field and including:

– Maxwell’s Mine in working order with access to ore resource areas

– Processing plant in commissioning / production

– GBGM Inglewood Pty Ltd owns outright all plant and equipment, including working head rig, Mine, Mill and 70ha freehold Land which is the site of the Evaporation Ponds and future tailings storage

– ~100,000 tonnes of tailings on the licence in immediate vicinity

– Extensive paper database of past historical workings and more recent exploration history

GBGM inventory

GBGM Inglewood Pty Ltd and its Maxwells Mine and Mill

are

All 100% owned by ASX listed Greater Bendigo Gold Mines Ltd

(Asx code GBM)

Thank you

www.gbgm.com.au

www.gbgm.com.au

COMPETENT PERSON STATEMENTThe information in this statement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by John Cahill, who is a Member the Australian Institute of Geoscientists.John Cahill is both Managing Director of Greater Bendigo Gold Mines Limited and a full time employee of GBGM Operations Ltd, the 100% owned operating subsidiary of Greater Bendigo Gold Mines Limited.John Cahill has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. John Cahill consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.