Ballarat Goldfields is an Australian gold explorer and developer, with a strong
portfolio of projects primarily focused on the highly prospective Ballarat gold
province in Victoria.

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, and would achieve an average production rate of approximately
200,000 ounces of gold per annum.

Website For Own Research
http://www.ballarat-goldfields.com.au

Top 20 Ordinary Shareholders Hold 69.66% of Issued Capital: 5th July 2006

Diggers & Dealers - Investor Presentation ASX and Media Release: 9th August 2006

Ballarat-Goldfields Annual Report2006

Ballarat East Revised Development Strategy ASX and Media Release: 7th September 2006

Back to 11% up, yet again!!

Still 11% and holding well, news due this month as company moves to gld producer and plant is commissioned... I am hoping for 24p within 6 months if production rates can be met... Site and plant will both be able to process more than the expected 200K ounces per year of gold so target likely to move on new of increased production.

Last director dealings, sorry no RiskGrade data at current.

Date Action Directors's name Price Amount
23/12/05 Sell Richard Laufmann 23.90p 800,000
10/10/05 Exercise of option Colin Smith A$0.06 2,805,717
10/10/05 Exercise of option Richard Laufmann A$0.06 1,000,000

Ballarat Goldfields N.L.
30 January 2006

Ballarat Goldfields NL (ACN 006245441)
ASX and Media release: 30 January 2006

Quarterly Activities and Cash flow Report

For the 3 months ended 31 December 2005

KEY POINTS
Construction of the crushing and gravity recovery circuits of the
processing plant was completed on schedule on 12 December 2005.

First gold was poured on 21 December 2005 during the commissioning of
the gravity recovery section of the plant.

Breakthrough of the ventilation drive into the North Prince Extended
Vent Shaft was finally achieved on 11 January 2006

Mining was undertaken in the first stope from the 189 Woah Hawp North
Ore Drive with the first lift of the cut and fill mining method successfully
completed.

High grade gold drill intersections at Ballarat East during the
quarter include:

3.0m @ 41.2g/t,
3.0m @ 17.1g/t,
4.0m @ 14.1g/t,
2.0m @ 16.8g/t,
3.0m @ 9.1g/t.

Construction of the tailings storage facility commenced during the
quarter.

Placement of ordinary shares to Australian and international
institutions raised A45 million.

Ballarat Goldfieds, in association with the City of Ballarat, donated
the gold to be used in the production of the gold medals for the Melbourne
2006 Commonwealth Games.

Nomination received for a Victorian Worksafe Award.

Laura Chibnall was appointed Manager - Community and Environment.


BALLARAT EAST PROJECT DEVELOPMENT

Underground decline development

Underground development at the end of the quarter had advanced a total of 2,183
metres.

The primary mine development objective remained the Sulieman decline to the
north and the Woah Hawp decline to the south.

The Sulieman decline, now at a depth of 223 metres below surface, continued to
experience good ground conditions allowing consistent progress. Development was
halted during the last part of the quarter to allow access for underground drill
rigs. This decline is being developed to the north to initially provide drill
platforms for resource definition before ultimately providing a return airway
for the mine.

The Woah Hawp decline, at a depth of 230 metres below surface, continued to the
south providing access to the first stopes from the 189 Woah Hawp Ore Drives,
North and South. Ground conditions were variable, however reasonable progress
continued to be achieved.

Break through into the North Prince Extended ventilation shaft occurred on 11
January, some 4 months later than originally planned. The primary vent fans were
installed during the quarter, and this phase of the ventilation circuit
construction is now complete. The shaft sinking infrastructure was removed and a
temporary cover put in place until a permanent air guide (evase) is established
over the shaft collar.

Breakthrough of the ventilation circuit and installation of the fans will allow
the introduction of additional development and mining equipment in order to
ramp-up development rates.


Underground mining

A total of around 6,000 tonnes was mined from the 189 Woah Hawp North access and
stockpiled on the surface. The first lift in the strike drive was completed and
the void successfully filled prior to commencing the second lift.


PROCESSING PLANT

Construction of the crushing and gravity recovery circuits of the processing
plant was completed on 12 December 2005 as planned at a cost of approximately
A$18 million. This circuit allows the largely coarse free gold to be liberated
and collected in the gravity concentration circuit. Several concentrated streams
are then collected for further separation and smelting. As planned, the first
stage of the process plant will be completed with the addition of a leaching
circuit, utilizing a high intensity leach reactor, later in this half year. Data
collected during commissioning will allow fine tuning of the design and
implementation of the leaching circuit.


Commissioning

Commissioning of the processing plant commenced in December 2005 and will
continue into the current quarter. During this time the plant will be run on a
batch basis as grade reconciliation, process tuning and mechanical performance
are monitored.

Prior to construction of the leaching circuit the gold bearing sulphide
concentrate will be stockpiled.


Tailings storage facility and water supply

The tailings (fine grain sand) will be deposited in a tailings storage facility
("TSF"). Construction began early in October following review and signoff of the
final engineering design. The new design, approved under a work plan variation,
incorporates current industry best practise and complies with international and
Australian guidelines and principles for world class environmental management
and sustainable development.

Ballarat Goldfields is a member of the Mineral Council of Australia, and is
committed to the implementation of the principles of "Enduring Value", the
industries benchmark for stewardship.

The TSF is expected to be completed during the current quarter. The process
water storage dam, associated supply pipework and pump were also completed in
the quarter. An area within the process water dam is being utilized for interim
tailings storage prior to the completion of the TSF.


MINE GEOLOGY AND EXPLORATION

Ballarat East resource 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
drilling.

The regional drilling program targeted gold mineralisation on the Tiger and Mako
faults which are typically 500 to 600m below the surface.

Access to shallow targets on the northern sections was restricted until the end
of the quarter, due to the limited availability of the Sulieman decline. The
drilling from the northernmost section of the decline has successfully
identified gold mineralisation on the Hammerhead fault. This particular fault is
significant as it will allow for development and stoping later in 2006 in an
area previously targeted but not drilled.

The drilling continues to intersect gold mineralisation in the targeted zones
identified by the BGF geological model. Visible gold is also repeatedly observed
in these zones giving further confidence in the model.

Significant assay results from the December quarter drilling are summarised in
Table 1.

Hole number Down hole depth (m) Width (m)* Grade g/t Location

BEU080 85 to 89 4.0 14.1 Hammerhead Fault
--------------------------------------------------------------------------------
BEU088 277 to 279 1.9 12.1 Hammerhead Fault
--------------------------------------------------------------------------------
BEU093 262 to 265 3.0 9.1 Hammerhead Fault
--------------------------------------------------------------------------------
BED07A 548 to 551 3.0 17.1 Tiger Fault
--------------------------------------------------------------------------------
BEU050A 315 to 317 2.0 16.8 Tiger Fault
--------------------------------------------------------------------------------
BED008 536 to 538 2.0 13.1 Tiger Fault
--------------------------------------------------------------------------------
BEU087 310 to 315 5.0 3.7 Tiger Fault
--------------------------------------------------------------------------------
BED008C 603 to 606 3.0 41.2 Mako Fault
--------------------------------------------------------------------------------
BEU50B 380 to 382 2.0 10.7 Mako Fault
--------------------------------------------------------------------------------

Table 1: Significant assay results received in the December quarter 2005
*All of the intersections reported have been adjusted for their estimated true
widths.

Other Exploration

During the quarter work began on the exploration programs for Ballarat South,
Berringa and Ballarat West. This included the employment of staff and purchase
of drilling equipment.

In addition, the company has consolidated its exploration and mining licences
from 16 to 4, along with two new applications.

The total area under licence remains the same, with the two applications adding
to the portfolio. This change is aimed at simplifying future applications,
administration and expenditure management.


Safety Award Nomination

Ballarat Goldfields were nominated for a Worksafe Victoria award in the category
of "Best Strategies for Health and Safety Management". The nomination recognised
the design and operational ingenuity of the company's drill core processing
facilities.

This is an important recognition both, of the company's innovation and focus on
safety, and the commitment of key personnel in implementing an outstanding
facility.

Established industry practice in this area is inadequate. To address this, staff
established the drill core processing facility to address numerous health,
safety and operational inefficiencies that typically exist.

As a result, BGF has seen a dramatic improvement in the efficiency of recording
key information that can identify the location of gold mineralisation. This
places the company in a position where it can effectively expand its exploration
activities to the additional projects that it owns, without interfering with the
quality of information and attention required at its Ballarat East project.


CORPORATE AND FINANCE


Finance

The cash balance at 31 December 2005 was $53.9 million. During the quarter, $6
million of the principle outstanding was repaid to Investec Australia Ltd, with
$6 million debt remaining.


Ordinary share placement

In November 2005, BGF undertook an international placement of 150 million shares
at A$0.30 raising A$45 million, before costs, to clients of RBC Capital Markets,
Numis Securities (UK) and Haywood Securities (UK). The funds raised by the
placement will be applied to exploration and feasibility of the Ballarat South,
Berringa and Ballarat West projects and towards the Ballarat East gold
development.


Key management appointment

Laura Chibnall was appointed Manager Environment and Community. Laura is an
environmental scientist who began her career in land use planning with the State
Government of Victoria. Laura also brings a wealth of mining industry experience
having worked in Kalgoorlie with Goldfields Limited and, more recently, with MPI
and Leviathan Resources Ltd at the Stawell Gold Mine in Victoria.


COMMUNITY

Commonwealth Games - Melbourne 2006
Ballarat Goldfields was honoured to donate gold to the City of Ballarat, a
sponsor of the Melbourne 2006, Commonwealth Games.

Gold, from Ballarat Goldfields ore processed at the Sovereign Hill tourist mine
during the quarter, will be used in the production of the gold medals for the
Melbourne 2006 Commonwealth Games.


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, would have
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 December 2004 and BGF
accessed the first mining block in September 2005. The process plant began
commissioning 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.

Above news sees sp rise, 12.61% gain since starting this thread!!

5% gain today see my overall position rise to 17.44%.... Growth should continue too :-) Anyone else in or watching this thread?

Bloomberg this morning reported gold at all time high since 1989...

Yet another rise today, overall gain now since I stared this thread is 20.66%

Another 5% rise today, looking good thats 25.48% up since begining this thread. Anyone else yet onboard?

Bid rises to 19.75, 27.09% gain since starting this thread and buying the share on the 31/12/05..

No movement today folks....

End the week, overall gain 23.87% up.

I've been to Ballarat.............. I won't be buying any BGF shares.

Veludo - Buy or don't buy makes no difference to me....

Total gain since starting this thread is +25.48%

Up just under 10% today, shares still looking very good.

Total gain since starting this thread 35.14%, bought 31/12/2005.

And holding.......

Small fall today, gains however still above 30% which isn't bad for under a 2 month investment!!

Price holds up.... This thread is becoming my personal diary of events!!

am watching this one as money tied up in chp at this time. debating wether to sell my PEG at a small loss and buy something new as they haven't done much for me[last weeks risses just lessen my loss]