113th Sydney Mining Club Luncheon - Bendigo Mining - A Shift in Strategy

Jul 5^{th

2007}12.30pm
Tattersalls Club

113th Sydney Mining Club Luncheon

Bendigo Mining - A Shift in Strategy - with Managing Director Rod Hanson

Bendigo Mining Limited (ASX: BDG) announced earlier this year that, following the reconciliation of its December quarter 2006 production results, it had become apparent that a general overestimate of the potential of the Sheepshead and Deborah Lines had been made.

The Board and executive agreed that the significantly lower than expected production results warranted a major shift in strategy. This change resulted in the deferral of production a focus on building reserves in more productive areas in the south of the goldfield.

The new CEO Rod Hanson and his Board remain confident in the rich endowment of the Bendigo Goldfield and its ability to support high rates of production. However, the shift in strategy was required to build reserves in more productive areas in the south of the goldfield, with the goal of delivering reliable production of 150-200,000 ounces a year from the Kangaroo Flat Mine.

The revised strategy will involve a hiatus in production, the duration of which will depend on exploration success but could range from several months to beyond one year. The new exploration programme will target Inferred Resources down to a depth of around 1,200 m on the Garden Gully, New Chum and North Sheepshead Lines.

All operating approvals are in place along with significant installed infrastructure, including mine access to a depth of about 900 m and a fully commissioned 600,000 t/y gold plant. These assets can be utilised to restart commercial production when supported by sufficient reserves.

July's Sydney Mining Club will hear from Rod Hanson how Bendigo Mining is committed to developing the business and to re-establishing Bendigo's status as one of the world's largest and highest-grade new gold projects.

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2007 National Mining Awards

People and companies make Australia's mining industry great. Through recognition of the most brilliant performances we draw attention to the quality and effort of an entire industry and the many Australians who year-in-year-out make it happen.

The degree of effort and discernment given to the judging of any industry award is the ultimate measure of its significance to the recipients and to the industry. With this value at our core, it is with great interest that the Sydney Mining Club this year takes up the task of convening and managing the judging of the 2007 National Mining Awards.
The truly independent and national panel will be made up of judges from Australia's key mining cities and regions and will be headed up by the incisive mind of Trevor Sykes.

The Awards are for Australian's operating here and overseas who are making technical and economic contributions that fuel the global mining business. National Mining Awards are given with rigorous adherence to tight criteria, with consistency and without favour.

Individual Awards

1. The Discovery of the Year Award
The Discovery of the Year Award is given to the Discoverer of a new or emerging resource where size or economic significance of the deposit and, at the discretion of the judges, the ingenuity, scientific endeavor, perseverance, lateral thinking or other human merits have played a contributed to the new resource.

2. The Producer of the Year Award
New, expanded and sustained production efforts are recognized by the Producer of the Year Award with attention to the value of product, the degree of adversity faced, the quality of management applied and the significance of the effort to production peers.

3. The Deal of the Year Award
The Deal of the Year Award is for corporate and individual contributions in the re-matching of assets, companies and capital.

4. The Growth Story of the Year
Growth is measured in market capitalization, profits, dividends, Resource inventory, and capability on the ground. For some companies one of these KPIs tell the story, for others it is a cocktail that distinguishes the winner of the Growth Story of the Year Prize.

5. The Frontier Explorer of the Year
Australia's pool of talent in the mining business is a driver for the global industry in answering the ever-changing demands of a resource hungry planet. The Frontier Explorer Award recognizes the push into new geopolitical spheres, new environments, places and dimensions in the industry's quest to deliver the mineral materials of civilisation.

6. The Applied Technology of the Year Award
From the Bronze Age to the Silicon Age, Man's ascent has been driven by the ability to treat rocks with technologies. With the large, shallow and obvious deposits now mostly depleted, we are looking deeper into the Earth of resources, using lower grade bulk resources and chasing an extraordinary new spectrum of materials used in our high-tech lifestyles. Technology itself is leading the cause in satisfying these new levels and types of demand. The Applied Technology Award recognizes those who have taken the edge forward in its use.

7. Manager of the Year
Often unseen behind their company leaders are the efforts of the people who do it. Open to any person not an officer of the company, Manager of the Year Award is open to any person who has led the company or operation to greater productivity. Perhaps this is through better safety, better cultural management or new ways and systems. With so many contenders, Manager of the Year Award is truly the Prize for the deserving.

To enter or make a nomination for the 2007 awards click here