Letter to BGF Holders

RNS Number:6908Q
Ballarat Goldfields N.L.
01 September 2005

BALLARAT GOLDFIELDS NL
ACN 006245441

ASX and Media release: 1 September 2005

A fully formatted PDF of this release is available at the following website:
www.ballarat-goldfields.com.au

Letter to Holders of Ballarat Goldfields NL (BGF)

Listed Options

Attached is a copy of a letter sent today by the Company to holders of BGF 30
September 2005 expiry listed options. The letter will include a personalised
Option Exercise Form to enable option holders to exercise their options.

Copies of blank Option Exercise Forms are available from the BGF website:

www.ballarat-goldfields.com.au

For and on behalf of the Board,

Amber Rivamonte
Company Secretary

1 September 2005
BALLARAT GOLDFIELDS NL - OPTION EXPIRY NOTICE

Dear Option holder,

Our records indicate that you are the holder of options (ASX: BGFO) ("Options") to subscribe for fully paid
ordinary shares in Ballarat Goldfields NL. The Options expire on 30 September 2005.

In accordance with the Australian Stock Exchange ("ASX") Listing Rules, Ballarat Goldfields NL provides notice
to you as follows:-

1. The number of Options held by you as at 30 August 2005 is shown on the enclosed Option Exercise Form. Should
you choose to exercise the Options, you will receive one fully paid ordinary share (ASX: BGF) ("Ordinary Share")
for every one Option held by you.

2. The exercise price of the Options is A$0.15 each.

3. The due date for payment is no later than 5 p.m. (Eastern Standard Time), 30 September 2005. Payment must be
received by then and you must ensure that you allow for sufficient time having regard to possible mail delays, etc.

4. The exercise of the Options is entirely at your discretion - you are under no obligation to exercise the Options.
Should you choose not to exercise the Options by the due date, you will lose all your rights as an option holder.

Alternatively, you should consider selling the Options on ASX or AIM as they are potentially valuable.

5. Quotation of the Options on the ASX will end on 23 September 2005.

6. Prior to the release of this notice, the market price of the Ordinary Shares was 25.5 cents (on 30 August 2005).

In the three months prior to the date of issue of this notice, the highest market price was 28 cents
(on 18 August 2005) and the lowest market price was 22.5 cents (on 1 June 2005).

7. The Options exercise has been underwritten by RFC Corporate Finance Limited as announced to ASX on

4 July 2005 for a 5% underwriting and management fee payable to it. Hence any options not exercised will
revert to the underwriter.

If you choose to exercise your Options, please complete the Option Exercise Form that is attached to this
letter. The form should then be returned to our share registry in the enclosed prepaid envelope together
with a cheque or money order made payable to Ballarat Goldfields NL for the amount payable as set out on the
form to the following address:-

Computershare Investor Services Pty Ltd,
GPO Box 52, Melbourne, Victoria 8060.

If you have any questions please contact the share registry, Computershare Investor Services, on 1300 850 505
(within Australia) or 61 3 9415 4000 (outside Australia).

If you are unsure what action to take, you should seek your own independent professional advice.

Yours sincerely,

Amber Rivamonte
Company Secretary.

A fully formatted PDF of this release including a PDF example of the exercise
form is available at the following website: www.ballarat-goldfields.com.au

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

END
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