Ridgeway Mine

Newcrest Mining reports that Ridgeway’s September 2009 quarter performance was 47,418 ounces of gold and 6,302 tonnes of copper at a gross cash cost of $(97) per ounce. This compares with the June quarter performance of 53,427 ounces of gold and 7,149 tonnes of copper at a gross cash cost of $52 per ounce. The combined Ridgeway & Ridgeway Deep’s gold and copper production declined as planned with mining of lower grade ore and reduced mill throughput. Lower grade ore was sourced from the final sublevel cave horizons and a higher portion of Ridgeway Deeps ore. The September quarter was the first full period of mill operation utilising the two vertimills and secondary crusher installed in the June quarter. The new equipment will improve recovery and reduce grind size as the plant processes the harder Ridgeway Deeps ore. Gross unit cash costs declined due to higher achieved copper prices. Net costs increased due to higher advanced development charges for the quarter as Ridgeway reaches the end of the cave.

Newcrest mining reports that the Ridgeway Deeps project remains on schedule and budget with project development 82% complete at Sep30/09. Both underground crushers, the surface works and infrastructure are all complete. Mine development continued with 50% of the block cave undercut completed by the end of the quarter. Best practice development rates were achieved during July and August as the development ramp up continued ahead of draw bell construction. The cave is propagating to plan with stresses and anticipated seismic events all within expectations. Draw bell production commenced in the June 2009 quarter and continued to progressively increase during the current quarter. Ore production from Ridgeway Deeps is planned to reach full production in the March 2010 quarter.

Newcrest Mining reported June quarter performance at Ridgeway was 53,427 oz Au and 7149 tonnes Cu at a gross cash cost of A$52 per ounce. Ridgeway's gold production continued to decline as planned with mining of lower grade ore from the final sublevel cave horizons. Gross unit cash costs declined due to higher acheived copper prices more than offsetting an increase in realization costs.