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

anyone suggest a reason for the sp increase when only trade today so far a sell?

explosive, are you still a believer in this share? you dont seem to comment any more now the sp digging into yr profits.

Hi all, yes still in and sorry for no comments I got back into Gatwick at 1:30 this morning from holiday.... I see the current sp has fallen to 17.5, theres no real reason for this except the interims could have been a little better. Anyway am still up some 12% on this one and can only see the recent fall as a blip. Good price to buy into actuly and I'll have to see if I can get some more funds.

Beasties - agree with what you say about trusting people. Not so sure your illustration with MER on falling shares however is a good point. Sometimes a share falls for absolutely no reason at all, it doesn't mean it should be sold.

By the way you can also subscribe for newsletters free of charge on the below link.

http://www.ballarat-goldfields.com.au/newsletter/subscribe.cfm

hope you had a good holiday. always the sp's fall when portfolio full with no spare cash and other shares are a hold for the time being.

Very true, the sp's falling further too..... Mmmm now I wonder if a few '04 big players have decided to take their profits and move on....

Some interesting news articles....

http://www.bloomberg.com/apps/news?pid=10000081&sid=aE6XWFUz6R8I&refer=australia

Australia May Overtake S. Africa in Gold Output, Surbiton Says

http://www.theage.com.au/news/business/states-goldfields-on-comeback-trail/2006/03/05/1141493548995.html

http://www.theaustralian.news.com.au/common/story_page/0,5744,18567128%255E643,00.html

Good article below for anyone concerned about gold prices v's the strength of the ozzie $.......

http://www.heraldsun.news.com.au/common/story_page/0,5478,18638499%255E664,00.html

Well looks like were in a slump, I have no doubt this will recover along with the exchange. Current gain to date 9.4%

Some recovery it would seam, whos holding shares in BGF anyway??

i bailed out at a small loss to release funds for my next project. the day after the sp rose and i would have been in profit![my new project also went down after purchase too, typical] just waiting for more funds to get back in

Thats typical robert, how come you bailed out then? I am looking for another bounce in the sp and then will be out myself.

+20.66% up since starting this tread and buying this share.....

was looking for more chp[didnt bother in the end, for once a move that proved right]. chp didn't bring me the spoils i was expecting and i missed the 19p sp cos i was sleeping off nights, the following drop south encouraged me to top slice my holding but only after i had sold bgf[ a move i now regret but hindsight is a wonderful thing] in the end i went chasing blr and aimr again. i know more oil/gas, but hopefully i now have oil/gas pots around the globe and not just on one continent. does that mean i have a balanced portfolio?...LOL. i will buy back in as like you said gold always seems to keep its price and isnt nearly as volatile as gas/oil. just need to get this oil/gas philosphy out of my system[ and consign it to the tried & tested pile.. unless it works then i might stick with it]
Alex

Hi Alex, the oil & gas stampede was last years big earner, this year metals mining are doing well. Having said that I'm 47% up on Providence Resources bought on the 27/01/06 so still some good companies about. BGF at the moment isn't a bad buy under the 20p mark but you'll need to be prepared to stick with it until production commences..... Also try and keep an eye on currency, the ozzie $ falls against the US$ and this share tends to fall in price, however lets not dismiss when this happens production costs for BGF also fall making the company more proftable... Hence the fall in sp recovering now. I'm still trying to figure out high production could go on this site, @ 200,000 ozs per year. Now this production quota is very low and only an immediate milestone when production commences. BGFs mines are capable of far more so in 18 months production figures could be well upto 600,000 ozs a year!! I will no doubtly try my usual trick of getting in for the rises and selling, letting the sp fall and getting back in.

Profits have been taken for year end now and the rebuy continues....

Back to 20.25 and pleased to be in profit 30.31% since buying and starting this thread. Am expecting sp to follow NMX1770 (mining tracker) up staying above. Nice to see the entire sector has risen giving way to the sp rise of recent.

Anyone see Bloomberg this morning, looking at recent studies the price of gold is set to rise with no fall in demand!! So organic growth whilst commissioning just around the corner..

0 trades today, I'm still here though.

Ballarat Goldfields N.L.
25 April 2006


Ballarat Goldfields NL
ASX and Media release: 26 April 2006



Ballarat Goldfields discovers the control of higher grade

gold mineralisation, at depth, at Ballarat



Ballarat Goldfields NL (BGF) believes it has achieved a significant breakthrough
in its understanding of the higher grade gold mineralisation located at depth at
Ballarat East with the discovery of a large fault system, named the Blue Whale
fault.

Over the past 2 years, BGF has consistently observed, both visually and from
gold assays, that some of the deeper fault zones below the historical workings,
typically from 500m to 650m below the surface, contained higher concentrations
of gold than the shallower faults and, in many cases, the gold grades were much
higher than the historical mined grade.

Recent deeper drilling on the southern end of the Ballarat East field has
identified the large Blue Whale fault system which is interpreted to be an
important control on the location of this higher grade gold mineralisation.

The BGF geological model has successfully demonstrated that the gold
mineralisation at Ballarat East is associated with reverse faults, which
typically displace the layers of rock anywhere from 5 to 20 metres. Drilling of
these fault zones over the past 2 years has continually intersected gold
mineralisation on both the faults that were partially mined historically, and
additional faults below the historical mines.

The Blue Whale fault is interpreted to have greater movement than the faults
that were mined historically with a displacement of over 100 meters compared to
the 5 to 20 metres of movement on the upper level faults. The upper faults
appear to splay off the Blue Whale fault and have higher gold grades where they
are in closer proximity to it. The Blue Whale fault is considered to be the
source of the gold bearing fluids and hence controls the location of the higher
grade gold mineralisation.

The Blue Whale fault may also control the depth limit of gold mineralisation at
Ballarat East and is some 600 metres deep at the southern end of the Ballarat
East field and is interpreted to plunge to over 1500 metres at the northern end.
The depth extent of the current mine plan is 800 metres.

BGF is confident that this discovery will have a positive impact on the expected
gold grade to be recovered at depth from Ballarat East, however there is
currently insufficient data to quantify what the full impact may be. As a
consequence, BGF is reviewing the current mine plan and the focus of its
Ballarat East and Ballarat West exploration efforts.





Background Information

The drill hole grades (Table 1) from the faults targeted in the southern part of
the Ballarat East project area, are tabulated in descending depth order. The
cross section (Figure 2) has a geological interpretation identifying the
relative position of the faults based on the drilling information.


Grey Nurse Fault
Drill Hole From To Width(m)* Grade*g/t)**
50 Drill holes
Average Drill Hole Grade 3.9g/t


HammerHead Fault
Drill Hole From To Width(m)* Grade*g/t)**
DED153A 214.5 215 0.5 25.0
DED148B 193 197 4.0 5.14
DED156 200 206 6.0 7.7
DED156A 215 217 2.0 13.25
DED156B 205 206.5 1.5 7.9
DED158 203.3 207.3 4.0 9.12
Average 3.0 8.56


Gummy Fault
Drill Hole From To Width(m)* Grade*g/t)**
BDD021B 464.3 465.4 1.1 2.1
BED001A 428 430 2.0 2.0
BED001B 432 436 4.0 5.37
DED139 343 345 2.0 2.36
DED139A 344.7 349.9 5.2 10.9
Average 2.9 6.24


Mako Fault
Drill Hole From To Width(m)* Grade*g/t)**
BDD017 601 606.1 5.1 11.25
BDD021A 559.2 567.2 8.0 6.93
BDD025A 558.6 560.7 2.1 13.17
BDD025B 561.1 570.9 9.8 43.84
BED001B 526 529 2.8 7.58
BED003 544 546 2.0 0.32
BED003A 547 549 2.0 37.15
BED007 597 602 5.0 6.76
BED007A 586 589 3.0 0.5
Average 4.4 17.58


Mako Foot Wall Fault (immediately below the Mako Fault)
Drill Hole From To Width(m)* Grade*g/t)**
BDD017 627 630 3.0 24.92
BDD025A 580.4 585 4.6 1.01
BDD025B 578.5 590.7 12.2 23.5
BED008C 603 608 5.0 24.84
Average 6.2 19.77


Table 1 *All of the intersections reported have been adjusted for their
estimated true widths.

**Assay results are uncut.


NOTE: The diagrams relating to Figures 1 to 4 below can be viewed by following
this link;

http://www.ballarat-goldfields.com.au/investor_relations/documents/ASXreleaseBlueWhaleFaultRelease26April2006.pdf



Figure 1: Long section showing the location of the recently drilled faults
relative to the existing BGF inferred resource on the southern part of the
field.



Figure 2: Cross section showing the depth and relative location of the faults
identified by BGF.



Historical data from Ballarat has identified boundaries where the very high
grade surface gold mineralisation was found in the 1850's (Figure 3 and 4). From
known drilling data, BGF geologists have now projected the Blue Whale fault to
the surface and have discovered that its interpreted surface position
corresponds to the high grade surface boundary. The Blue Whale fault appears to
control the eastern boundary of the high grade gold mineralisation and, in
particular, it is adjacent to the famous Eureka Lead, which reputedly had one of
the highest concentrations of gold in the world.

At this stage, BGF cannot predict the full impact of the discovery of the Blue
Whale fault, other than to reveal that it will have a positive influence on the
gold mineralisation at depth, which has a higher average grade than was
previously modelled by the company. The modelled grades were based on historical
production records from the old quartz mines, none of which were in close
proximity to the Blue Whale fault zone. The discovery offers an exciting
opportunity for the future of gold mining at Ballarat, and BGF is reviewing all
available options to take advantage of it.





Figure 3: Plan view of the larger alluvial gold deposits showing where the Blue
Whale is interpreted to come to the surface.



Figure 4: Interpreted cross section of the Blue Whale and associated faults
which host the gold mineralisation at Ballarat.

It should be noted that the drilling results, in a Ballarat style of ore
deposit, will typically underestimate the overall resource available for mining
due to the coarse gold that is present. For a further explanation of the coarse
gold at Ballarat see the information sheet called "Ballarats Fine Gold and
Coarse Gold Distribution" in the Gold Projects section 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.


Further information on Ballarat Goldfields, including this release containing
all figures is available on the BGF website www.ballarat-goldfields.com.au
or contact Joel Forwood, Manager Corporate & Markets, on 03 5327 1111.








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




Ballarat Goldfields N.L.
25 April 2006

Ballarat Goldfields NL

ASX and Media release: 26 April 2006

Quarterly Activities and Cash flow Report

For the 3 months ended 31 March 2006

SUMMARY

Construction

Gravity process plant successfully commissioned. Early performance is
exceeding design. Gravity sulphide concentrate is being stockpiled on site
for later processing.
The tailings storage facility, completed during the quarter, is being
commissioned.

Underground Development

Ballarat Goldfields recorded its highest development advance for a
quarter, 584 metres.
Development productivity is being affected by poor ground conditions in
areas of weak fault zones.
A third jumbo was introduced at the end of the quarter to accelerate
development.
Tenders were invited for the extension of the Southern "Woah Hawp"
decline ventilation system.

Mine Production

Production from the upper levels is being slowed due to unexpected old
workings. This will be rectified as deeper ore sources are accessed below
the old workings.
Development delays and old stope voids are expected to have an effect on
the early ramp up of production. However, the longer term target of
200,000oz per annum is still expected to be achieved by mid 2008.

Mine Geology and Exploration

Discovery of the Blue Whale fault is a significant breakthrough in the
understanding of the control of higher grade gold mineralisation at depth at
Ballarat East.
High grade gold intersections from drilling at Ballarat East include:

o 3.5m @ 11.6g/t

o 16.0m @ 7.3g/t

o 2.5m @ 7.3g/t

Corporate

Cash balance at 31 March 2006 was $42.6 million.
General Meeting successfully ratified the equity placement in November.
Mark Davies was appointed Manager - Metallurgy.


BALLARAT EAST PROJECT DEVELOPMENT

Construction

Ballarat Goldfields gravity process plant (Photo 1) was successfully
commissioned during the quarter. The unique plant design, primarily focused on
gravity concentration, was chosen to take advantage of the coarse gold
characteristics of the field. The plant has a planned initial throughput rate of
600,000 tpa.


The front end of the plant consists of a two stage crushing circuit which is
already achieving operating rates in excess of 1 million tonnes per annum. The
crushed product is stored in a 500 tonne bin, with provision for the
installation of a second bin in the future.

The crushing circuit feeds a closed circuit gravity recovery system comprising
tertiary crushing, via Vertical Shaft Impactor (VSI), and a series of Gekko
rougher and scavenger InLine Pressure Jigs. Additional chutes have been
installed for the expansion of the tertiary crushing circuit and trials will be
undertaken to determine if a further VSI or High Pressure Grinding Rolls (HPGR)
will be used for this expansion.

During commissioning, 11,027 tonnes of low grade ore were treated through the
process plant.



This above circuit is designed to remove approximately 5% of the total feed, as
a gravity concentrate, made up of liberated heavier material comprising free
gold and gold bearing sulphides. Current indications are that gravity
concentrate recovery is operating better than design, with tail grades lower
than anticipated, to date.

The gravity concentrate is pumped to the gold room, where very coarse gold is
removed via Wilfley and Gemini tables and a gold bearing sulphide concentrate is
currently being stockpiled

Test work on the sulphide concentrate will allow us to finalise the
specifications for the treatment of this material, currently planned around the
installation of a Gekko Intensive Cyanidation Leach Reactor (ILR).

Tailings storage facility

The tailings (fine grain sand) will be deposited in a tailings storage facility
("TSF"). Construction of the TSF was completed in the quarter and is currently
being commissioned.


UNDERGROUND DEVELOPMENT
Sept Qtr 06 Dec Qtr 06 Mar Qtr 06 YTD FY06
Underground Decline
Development (m) 478 546 584 1,608


Underground mine development remains currently focussed on the Sulieman decline
to the north and the Woah Hawp decline to the south

Development rates have continued to improve despite both development headings
intersecting significant cross course faults which slowed their progress during
the quarter.

The Sulieman decline, currently 235m below the surface, continues to be mined
towards the north to establish drill platforms for resource definition and
access to the northern part of the field. .The 176 Sulieman Access was commenced
during the quarter, off the Sulieman Decline, to access mineralisation
identified from recent drilling.

Development advance in the Woah Hawp decline, 242m below the surface, was
impacted by mining the southern primary vent chamber along with 2 cross cuts to
future mining blocks and intersecting a cross course fault.

The development rate has improved for the third consecutive quarter,
nevertheless, due to regular encounters with cross course faults, the access to
the new ore sources is being delayed. BGF now expects the initial production
ramp up to be slower than expected.

To accelerate development a third jumbo commenced commissioning at the end of
the quarter.

Tenders were invited to upgrade the ventilation system at the southern end of
the mine. Initial plans include an internal extension of the New Prince Extended
ventilation shaft.

Two surface dewatering holes were successfully cased through old shafts to allow
for dewatering of the old workings. The first Underground dewatering station is
currently being commissioned at a depth of 250 metres and is expected to be
capable of extracting 2 Megalitres of water per day.


MINE PRODUCTION
Sept Qtr 06 Dec Qtr 06 Mar Qtr 06 YTD FY06
Ore Tonnes 2,357 6,737 6,519 15,607


Mining is currently only underway within the 189 Woah Hawp stope. This block
(photo 4) is located in the upper level of the mine in a window within the
historical workings.

A total of 6,519 tonnes of low grade ore was extracted from the 189 Woah Hawp
South access during the quarter. This block is showing mineralisation wider than
indicated from diamond drilling, requiring some redesign.

Late in the quarter, an intersection with old workings, which had not been
modelled or intersected in exploration drilling, delayed production and reduced
the tonnage available.

The discovery of mined out areas that were not mapped or detected in exploration
drilling will result in lower near term production during the ramp up phase.
However, the longer term target of 200,000 oz per annum by mid 2008 is not
expected to be effected because:

Ore shoots have been located to the north near the current level of
the Sulieman decline in an area where there had been a low probability placed on
economic mineralisation; and,

the breakthrough in the understanding of where high grade mineralisation
is located with the discovery of the Blue Whale fault and its future
implications for production scheduling.

BGF is currently reviewing its mine plan and expects to be able to provide
further guidance on the production schedule in the June Quarterly report.


MINE GEOLOGY AND EXPLORATION

Blue Whale fault.

As reported, BGF believes it has achieved a significant breakthrough in its
understanding of the higher grade gold mineralisation located at depth at
Ballarat East, with the discovery of a large fault system, named the Blue Whale
fault.

The Blue Whale fault is considered to be the source of the gold bearing fluids
and hence controls the location of the higher grade gold mineralisation.

The Blue Whale fault may also control the depth limit of gold mineralisation at
Ballarat East and is some 600 metres deep at the southern end of the Ballarat
East field and is interpreted to plunge to over 1500 metres at the northern end.
The depth extent of the current mine plan is 800 metres.

BGF is confident that this discovery will have a positive impact on the expected
gold grade to be recovered at depth from Ballarat East, however there is
currently insufficient data to quantify what the full impact may be. As a
consequence, BGF is reviewing the current mine plan and the focus of its
Ballarat East and Ballarat West exploration efforts.

Underground 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.

The regional drilling program was restricted by drill site availability, with
the bulk of the drilling on shallower targets close to the decline. The best
drilling results came from the Hammerhead fault within close proximity to the
existing decline.

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

Hole number Down hole depth (m) Width (m)* Grade g/t Location
BEU109 263 to 267 3.5 11.58 Hammerhead Fault
---------- ---------------- --------- -------- -------------
BEU110 259 to 278 16.0 7.27 Hammerhead Fault
---------- ---------------- --------- -------- -------------
BED009B 309 to 312 2.5 7.3 Fold related
---------- ---------------- --------- -------- -------------


Table 1: Significant assay results received in the March quarter 2006.

*All of the intersections reported have been adjusted for their estimated true
widths.


Other Exploration

Ballarat West

BGF commenced a detailed reconstruction of the historical Ballarat West mines.
This program is similar to the reconstruction program completed several years
ago for Ballarat East.

Berringa

Site preparation was undertaken prior to a drilling program, which commenced
during April.

Ballarat South

Initial preparations are being made in order to conduct metallurgical testing of
stockpiled material from Ballarat South.


COPORATE AND FINANCE

Finance

The cash balance at 31 March 2006 was $42.6 million.

General Meeting

Ballarat Goldfields NL (BGF) held a General Meeting on Monday 27 March 2006. The
purpose of the meeting related to BGF's obligation, under its loan facility with
Investec Bank (Australia) Limited, to maintain sufficient capacity to enable
Investec to convert part or all of its existing loan to BGF into fully paid
ordinary shares, should it wish to do so.

On 21 February 2006, BGF issued 1,855,999 shares to Investec following a loan
conversion request. This effectively used up the balance of BGF's issuance
capacity, under ASX Listing Rules, following the placement of 150,000,000 fully
paid ordinary shares on 28 November 2005.

The resolution to ratify the placement in November 2005 was passed and therefore
effectively, "refreshed" BGF's issuance capacity enabling it to comply with any
future conversion requests for part, or all, of the balance of the loan
facility.

Key management appointment

Mark Davies was appointed Manager - Metallurgy. Mark has over 20 years
experience in mineral processing and extractive metallurgy of gold and base
metals. He joins us from BHP Billiton's Olympic Dam operation where he held the
position of Refinery Manager responsible for copper cathode and gold production.
Mark also worked in a number of operational and technical roles in the
concentrator and hydrometallurgical plants at Olympic Dam. Prior to this he
worked with WMC Resources in Western Australia at their nickel and gold
operations in Kalgoorlie, Kambalda, and Leinster.

Mark is a graduate from the University of Ballarat. His interest in the mining
history of the area was the driving force behind his decision to practice
metallurgy and he now welcomes the opportunity to contribute to the success of
the modern mining era of Ballarat.


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 pre-feasibility 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. The mine, would have a life of 21 years, ramping
to an average production rate of approximately 200,000 ounces per annum.

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 as planned, 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 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. . 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.



Ballarat Goldfields N.L.
26 April 2006


Ballarat Goldfields NL

ASX and Media release: 26 April 2006


Appendix 3B - Loan Conversion



Ballarat Goldfields NL (BGF) has today issued 22,174,612 shares to Investec Bank
(Australia) Limited in order to repay all outstanding principal and interest of
its loan facility with BGF. Attached is the fully completed Appendix 3B in this
regard. In accordance with the loan agreement, the shares issued on conversion
of the loan facility are being issued at 25 cents each.


BGF is issuing ordinary shares without disclosure to Investec under the
fundraising provisions of Part 6D.2 of the Corporations Act, and this notice is
given pursuant to section 708A (5) (e) of the Corporations Act. As at the date
of this notice, BGF has complied with its financial reporting and auditing
obligations under Chapter 2M of the Corporations Act and its continuous
disclosure obligations under section 674 of the Corporations Act. In particular,
there is no information which BGF has withheld from Listing Rule 3.1 disclosure
under the confidentiality carve-out from disclosure.

I'll be here all night if I read the above.

Can anybody comment?

KD.