Laura Project

Greater Bendigo Gold Mines Limited (ASX:GBM) announces that 100% owned subsidiary Kralcopic Pty Ltd has exercised its option to purchase the Laura Mine, situated at Redcastle, some 40 Km east of Bendigo and is covered by Mining Licence 4465.

The Laura Mine is within the antimony gold belt of the Costerfield-Heathcote region and past production consisted of small scale mining of narrow quartz veins containing high grade gold and antiony mineralisation. The mine is approximately 19 Km along strike from the AGD Mining Ltd operation at Costerfield.

The licence covers some 8 ha containing approximately three lines of reef for a total of approximately 750 metres of reef line.

The main shaft at Laura is 60 metres in depth with worked reefs generally recorded as less than one metre in width, with grades recorded in the 0.5 to 1 Oz per ton range.

Structural complications in the vicinity of the laura shaft suggest the potential for shallow plunging reef intersections not assessed by the past miners.

Production at Laura to date totals 90 tons at 23 g/t.

Also within MIN 4465 is the Clarke shaft to the south which is recorded as producing 625 tons at similar grades.

Kralcopic Pty Ltd intends to assess the available historic data which includes a comprehensive dump and soil sampling database with a view to preparing plans to undertake bulk sampling of the reef exposures.

This purchase of a granted mining licence gives GBM exposure to the exciting Costerfield-Heathcote gold - antimony belt.

The past work undertaken on the licence will provide key base data to progress plans at Laura.

COMPETENT PERSON STATEMENT

The information in this statement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by John Cahill, who is a Member the Australian Institute of Geoscientists.

John Cahill is both Managing Director of Greater Bendigo Gold Mines Limited and a full time employee of GBGM Operations Ltd, the 100% owned operating subsidiary of Greater Bendigo Gold Mines Limited.

John Cahill has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. John Cahill consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.