Castlemaine Goldfields Limited is an Australia-based company. The principal activity of the Company during the year ended December 31, 2010, was the acquisition of the Ballarat Gold Project and gold exploration on its expanded portfolio of projects in Central Victoria. On February 14, 2011, the directors had approved the recommencement of mine development at the Ballarat Gold Project which was purchased from Lihir Gold Limited in May 2010. In addition, exploration activities continued at Castlemaine/Chewton, Tarnagulla and Sebastian projects with particular emphasis on Castlemaine/Chewton which has a Joint Ore Reserves Committee (JORC) compliant inferred mineral resource of 2.7 million tons at various grades amounting to 686,000 ounces of gold at the Chewton Deposit and from remnant areas at the adjacent Wattle Gully gold mine. In August 2012, Liongold Corp Ltd held 58.97% of voting power in the Company.