Ballarat mine: first gold expected in September

WHEN Castlemaine Goldfields Limited took ownership of the Ballarat gold mine in May last year, there were questions as to whether it could do what its predecessors could not — find enough gold to stay afloat.But with a smaller operation scale and more realistic targets, managing director and chief executive officer Matthew Gill believes his company is well and truly on track.When the company first bought the gold mine for $4.5 million last year, it was hoped that gold would be produced by the end of this year.That target has now been brought forward to September this year. Employment also continues to grow, the handful of employees that remained from former owner LGL's reign has now increased to about 40 and is expected to reach 100 by the time production starts."We're not targeting the same mining rate (as the previous owners), Mr Gill said. "We're more measured and going to let the geology direct where we take it." There have been promising results at the mine, almost one year since Castlemaine Goldfields took over, and signs are good for Australia's ninth biggest mine.