Beaconsfield Gold - 2008 Announcements

Beaconsfield Gold has appointed Richard Holder as interim General Manager following the resignation of Alasdair Martin to take up a position in Canada. Mr Holder is currently Deputy General Manager at Beaconsfield Mine and, as second-in-charge under both former mine managers Matthew Gill and Alasdair Martin, has been a key part of the management team overseeing the extensive work required to return the mine to full production.

Bill Colvin, Beaconsfield Gold's Chief Executive Officer, said today that Alasdair had contributed very significantly as General Manager.

"The condition of the Beaconsfield Mine has strengthened considerably since Al took over management, with the completion of the cases for safety, the successful introduction of new mining methods and resumption of mining in all areas."

Mr Martin will become Project Director with Rio Tinto Copper Projects. He will be seconded to the Diavik Diamond mine in the Northwest Territory of Canada to oversee the development of a new underground mine below existing open pits.

Mr Martin said today "I would like to thank everyone for their efforts over the last few months to bring the mine safely back into production. We are now seeing real rewards for our efforts as production increases from multiple sources based on a well-designed life-of-mine plan.

My reason for leaving is simply that I was offered an outstanding opportunity to work on developing a large mine and to experience a new country and a very different lifestyle. The decision was difficult, as I genuinely believe the Beaconsfield Mine has a bright future."

Beaconsfield Gold NL ("BCD") is pleased to announce that it has executed an agreement with Lefroy Resources Limited ("LEF") to acquire 100% of LEF's exploration tenement package covering much of the north-east Tasmanian gold province. The tenements cover over 800 square kilometres and contain at least three known goldfields which have supported total historic production in excess of 500,000 ounces of gold. LEF spent a total of $4.6 million exploring the tenements since 2004.

Under the agreement, BCD will issue 4.1 million shares to LEF, escrowed for 12 months, and pay a 2% gross metal royalty to LEF on all future gold production from the tenements.

The primary focus for LEF was the Lefroy Goldfield, some 18 kilometres east of Beaconsfield. A total of 15,660 metres of RC and 6,830 metres of diamond drilling was completed by LEF, targeting the largest of the 30 known historically mined reefs within the 5 kilometre mineralized corridor that makes up the Lefroy Goldfield.

A near surface inferred resource of 49,000 ounces of gold contained in a lower grade halo around the Pinafore Reef was estimated by LEF and this will be an immediate target for infill drilling by BCD. LEF also identified several similar prospects on adjacent historic reefs including the Native Youth, Land O' Cakes and Morning Star Reefs. BCD plans to systematically drill all the Lefroy targets with the aim of developing several open pits from which ore would be trucked to Beaconsfield for processing, utilising the spare capacity in BCD's existing ore treatment plant.

The Greater Denison area, south east of the Lefroy Goldfield, contains several under-explored anomalies where broad intersections of sandstone-hosted disseminated gold have been identified by previous explorers.

Exploration of all the LEF tenements will be aided by the recent release of aeromagnetic and radiometric data from an airborne survey over north-east Tasmania which was commissioned by the Tasmanian Government and completed in late 2007.

Chief Executive Officer, Mr. Bill Colvin said: "The existing resource and multiple near-surface targets at Lefroy provide an obvious opportunity to leverage off the spare capacity at the Beaconsfield plant and the tenement package is a good fit with our excellent exploration portfolio around Beaconsfield. The acquisition is consistent with Beaconsfield Gold's accelerated growth strategy."

For further information contact:
Bill Colvin - Chief Executive Officer

Beaconsfield Gold NL
t: 61-3-9909-7401
e: enquiries@beaconsfieldgold.com.au
w: www.beaconsfieldgold.com.au

Beaconsfield Gold Mines Pty Ltd, a wholly-owned subsidiary of Beaconsfield Gold NL, has been awarded a grant under the first round of the Victorian Government's Rediscover Victoria Drilling ("RVD") program. RVD is an initiative of the Department of Primary Industries to provide funding assistance to the mining industry and stimulate drill testing of new geologic concepts in greenfields areas.

The successful Beaconsfield Gold Mines proposal will test for a new nickel sulphide deposit at the Company's multi-commodity Stavely Project in western Victoria where nickel silicate bearing serpentinite is found close to a large hydrothermal and magmatic intrusive system and potential sulphur source. Previous near surface geochemical results in shallow drill holes have recorded highly anomalous nickel values of up to 1.0% nickel. The overall setting of a heat/fluid source next to nickel bearing ultramafic rocks associated with Cambrian Volcanics is considered to be similar to that of Allegiance Mining's Avebury Nickel Mine on the west coast of Tasmania.

Under the RVD initiative, grants are available for up to 50% of the drilling costs of programs with demonstrable economic and technical merit. The Government's assessment criteria included the requirement to test "an innovative, soundly-based, potentially economic deposit model."

Beaconsfield Gold Mines has been awarded a grant of $80,000 to support a four-hole diamond drilling program at Thursdays Gossan East. Drilling is planned to commence in the June 2008 quarter.

The Company will also continue to progress its nearby Stavely gold and copper prospects at Fairview and Thursdays Gossan.

For further information contact:
Bill Colvin - Chief Executive Officer

Beaconsfield Gold NL
t: 61-3-9909-7401
e: enquiries@beaconsfieldgold.com.au
w: www.beaconsfieldgold.com.au

BEACONSFIELD GOLD POSITIONS ITSELF FOR GROWTH WITH MALAYSIA SMELTING CORPORATION TO BECOME A CORNERSTONE INVESTOR

Beaconsfield Gold NL (ASX Code: BCD) is pleased to announce the formation of a strategic relationship between the Company and Malaysia Smelting Corporation Berhad ("MSC") with the intention of accelerating the growth of Beaconsfield Gold through exploration and acquisition.

The two companies today signed a Subscription Agreement for a placement of 70 million BCD shares to MSC at a price of A$0.28 per share, representing a premium to the recent trading price for BCD shares. The placement will raise a total of A$19.6 million with the shares to be issued to MSC following the receipt of consent to remit the funds from the Malaysian central bank, Bank Negara. Upon completion of this placement, MSC will hold 18.9% of Beaconsfield's issued capital.

Malaysian-based MSC Group is one of the world's largest integrated producers of tin metal and tin-based products with interests in mining, smelting and downstream manufacturing. It has mining and smelting operations in Malaysia and Indonesia and recently acquired a strategic interest in Asian Mineral Resources Ltd which is developing a nickel project in Vietnam. MSC is listed on the main board of Bursa Malaysia Securities (Kuala Lumpur Stock Exchange) and is a 73.16% subsidiary of The Straits Trading Company Limited ("STC"), a Singapore Stock Exchange listed company. STC is focused on hotel development and management, financial investments, property development and investments, and metals and mineral resources. It is currently capitalised at around US$1.6 billion.

MSC was an associate of both Malaysia Mining Corporation Berhad ("MMC") and STC until September 2006 when MMC sold its stake in MSC to STC. MMC previously was a large (30% plus), long term cornerstone investor of Plutonic Resources Limited, a major Australian gold producer that merged with Homestake Mining Company in 1998 in a transaction valuing Plutonic at about A$1 billion. MMC's investment in Plutonic proved very rewarding. Beaconsfield Gold's Chairman, Dr Denis Clarke, who was formerly General Manager at Plutonic, commented: "Plutonic achieved remarkable growth during the period when MMC was its major shareholder. I am confident, based on my experience with MMC, that Beaconsfield Gold and MSC will work well together to also achieve significant growth. I very much welcome the association with MSC."

On subscription, the Board of Beaconsfield Gold will be strengthened with the addition of Dato' Dr Mohd Ajib Anuar, the Group Chief Executive Officer and Executive Director of MSC, and Choo Mun Keong who heads strategic planning and investments for the Group.

Dato' Dr Mohd Ajib Anuar holds the professional qualification of the Association of Chartered Certified Accountants, United Kingdom and has strong connections with the Singaporean and Malaysian financial communities. Choo Mun Keong is an experienced geologist with considerable expertise in international exploration and resources investment.
Dato' Dr Mohd Ajib Anuar commented: "This investment is part of MSC Group's strategic expansion into the mineral and metal resource sectors. The Group is confident that gold is an attractive long term growth business and Beaconsfield Gold represents an excellent entry point for us."

MSC and Beaconsfield Gold have agreed to work together to build on the production and exploration activities currently conducted by the Beaconsfield Gold Group. With the successful recommissioning of the Beaconsfield Mine and the support of MSC, the Company is now well positioned for growth. Funding is immediately available for accelerated, sustained exploration and funding capability for new projects and synergistic acquisitions is significantly enhanced.

Beaconsfield Gold and its subsidiaries primarily used debt facilities of A$15 million provided by the Commonwealth Bank of Australia ("CBA") in November 2007 to close out all remaining Group gold hedging commitments. As the gold price has continued to rise strongly since November, the closeout of the hedging has proven to be well justified.

The Beaconsfield Mine is now restored as a significant gold producer with enhanced reserves as at 30 November 2007 and a drill program commencing during 2008 to extend Tasmania Reef reserves at depth. An aggressive regional exploration program has already commenced at Beaconsfield targeting reefs north and south of the Tasmania Reef and other exploration opportunities to exploit spare capacity available in the Beaconsfield ore treatment plant are also being considered.

Dr Denis Clarke, Chairman of Beaconsfield Gold, commented: "Beaconsfield Gold has never been in better shape. The transformation from being the holder of a minority, non-operating interest in the Beaconsfield Mine into being a very attractive mid-tier gold producer in its own right is now complete. The Company has achieved ownership of an effective 100% interest in the Beaconsfield Mine and has successfully completed recommissioning of all mining operations, including production from the high grade Western Zone of the mine. I believe also that the MSC investment is a sign of confidence not only in the Company's operations but also in its exploration opportunities. Importantly, the introduction of MSC as a cornerstone investor means the Company now has no net debt as well as no gold hedging commitments. My experience as an executive at Plutonic Resources during its growth phase gives me confidence that the future will be rewarding for both our existing shareholders and our new cornerstone Malaysian investor. With a clean balance sheet, Beaconsfield Gold is now well placed to consider both organic and acquisitive growth opportunities. I thank our existing shareholders and our new investor for the substantial financial support they have provided to achieve this major transformation of the Company. "

For further information contact:
Bill Colvin - Chief Executive Officer

Beaconsfield Gold NL
t: 61-3-9909-7401
e: enquiries@beaconsfieldgold.com.au
w: www.beaconsfieldgold.com.au

A number of Beaconsfield Gold group companies are pursuing a claim under their business interruption insurance policy following the 25 April 2006 incident and the temporary closure of the Beaconsfield Mine. The policy has a one month excess and is capped at $50 million.

To date, the insurer has refused to provide an indemnity in respect of loss resulting from the mine closure. As a result, on 14 May 2007, the Beaconsfield Gold group filed a claim in the Supreme Court of Victoria claiming damages of $45.5 million arising from the insurer's refusal to provide indemnity in breach of the terms of the policy.

A preliminary trial to determine the true construction of a clause in the policy that is considered key to the claim was heard on 6 September 2007. Following an adverse judgement, the group companies lodged an appeal on 24 October 2007.

At a directions hearing held yesterday in the Court of Appeal of the Supreme Court of Victoria, Master Lansdowne made orders listing the appeal for August 2008.

For further information contact:
Bill Colvin - Chief Executive Officer

Beaconsfield Gold NL
t: 61-3-9909-7401
e: enquiries@beaconsfieldgold.com.au
w: www.beaconsfieldgold.com.au

Beaconsfield Gold NL (ASX: BCD) has finalised the placement of 19.5 million new shares to sophisticated and professional investors at a price of 23 cents per share to raise a total of $4.5 million.

The capital raised will primarily be used to make debt repayments to the Commonwealth Bank of Australia who provided a total of $15 million in debt facilities to Beaconsfield Gold in November 2007. The facilities were used by the Company to close out all of the remaining Group gold hedging commitments, totalling approximately 45,000 ounces, in November 2007.

This placement falls under the shareholder approval obtained on 4 December 2007.

For further information contact:
Bill Colvin - Chief Executive Officer

Beaconsfield Gold NL
t: 61-3-9909-7401
e: enquiries@beaconsfieldgold.com.au
w: www.beaconsfieldgold.com.au

The Ore Reserve for the Tasmania Reef at the Beaconsfield Mine as at 30 November 2007 is estimated in the attached statement as:

Contained gold has increased by 113,000 ounces (48%). Allowing for reserve depletion from mine production (estimated to be 44,000 ounces) the increase is 157,000 ounces (67%).

The upgrade results from the inclusion of the reserve estimate for the F21 Zone, improvements to the resource modelling methodology and the effect of grade control data obtained from sill driving (strike driving on the reef) in the eastern zone of the mine since 31 December 2005.

Given the significantly increased tonnes of reserves and the spare capacity available in the ore treatment plant, planning will now focus on increasing mining rates to lift annual gold production.

The total Mineral Resource for the Tasmania Reef as at 30 November 2007 is estimated as:

The new Mineral Resource is almost identical to the previously announced Mineral Resource as at 31 March 2006 (881,000 tonnes at 15.6g/t Au for 443,000 ounces) despite production since that time. Improvements to the resource modelling methodology and the upgrade resulting from the inclusion of grade control data from sill driving in the eastern zone of the mine since 31 March 2006 has effectively matched the resource depletion through production. Based on experience to date, it is expected that ongoing sill driving in the eastern and F21 zones will result in additional increases to Tasmania Reef resources and reserves over time.

A diamond drilling program has been planned to further increase gold resources by testing the Tasmania Reef below the F21 Zone over 300 vertical metres between 1200 and 1500 metres depth from surface. A drill drive is currently under development to provide access for two diamond drill rigs and drilling is planned to commence as soon as the drive is completed, expected to be during the June 2008 quarter.

For further information contact:
Bill Colvin - Chief Executive Officer
t: 61-3-9909-7401
e: enquiries@beaconsfieldgold.com.au
w: www.beaconsfieldgold.com.au

Beaconsfield Gold - Australia's Richest Gold Resource.

High Grade, Low Cost Gold Producer

2008 Announcements, Press Articles

Beaconsfield Gold - Australia's Richest Gold Resource. High Grade, Low Cost Gold Producer

2008 Announcements, Press Articles

Beaconsfield Gold - Australia's Richest Gold Resource.

High Grade, Low Cost Gold Producer