The Board of Blackham Resources Ltd (ASX:BLK) (OTCMKTS:BKHRF) (Blackham or the Company) provides the following update on its activities for the quarter ended 31 December 2017 and thereafter:

Matilda-Wiluna Gold Operation

- Quarterly gold production totalled 14,922oz (Sep'17 quarter 15,619oz)

- Mining:

o high grade ore zones now accessed from M4 and Galaxy pits, which will provide higher grade feed during 2018, underpinning anticipated improved production and positive cash flows

o high grade ore mined during month of Dec'17 of 137kt @ 1.6g/t, with total gold mined for the month of 7,887oz

o high grade ore mined during the first four weeks of January of 210kt @ 1.55g/t, with a total of 11,410oz of gold mined during that period at a rate significantly higher than monthly milling capacity of 160kt per month

o significant reduction in waste material mined in the quarter, leading to reduced open pit mining costs

o underground mined grades during Dec'17 and Jan'18 significantly better than reserve grades

o high grade stockpiles built up since mid-Dec'17 and are currently 111kt @ 1.4g/t Au

- Record milled tonnes of 443kt during the Dec'17 quarter, with plant recovery increasing to 92.3% (379kt and 91.5% in Sep'17 quarter)

- Record weekly gold production of 1,685oz achieved in last week of Dec'17 at an average mill feed grade of 1.5g/t Au

- All in sustaining costs reduced to A$1,359/oz in the month of Dec'17 and A$1,882/oz for the Dec'17 quarter (Sep'17 quarter A$2,236/oz)


- Cash and bullion at the end of the quarter $10.3m (30 Sep'17 - $9.8m)

- Successful refinancing of $14.3 million term loan repayment (previously due on 31 Dec'17)

- Fully underwritten renounceable Entitlement Offer launched to raise approximately $36 million (before costs)

- Board and executive team strengthened

o Milan Jerkovic appointed Executive Chairman

o Greg Fitzgerald to be appointed a Non-Executive Director

o Mr Linton Kirk and Mr Jonathan Lea to join a newly formed Technical Advisory Committee

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About Blackham Resources Ltd

Blackham Resources Limited (ASX:BLK) (OTCMKTS:BKHRF) Wiluna-Matilda Gold Operation is located in Australia's largest gold belt which stretches from Norseman through Kalgoorlie to Wiluna. The Operation now includes resources of 96Mt @ 2.2g/t for 6.7Moz Au all within 20kms of the central processing facility. Blackham has consolidated the entire Wiluna Goldfield within a +1,440km2 tenure package which has historically produced in excess of 4.4 million ounces over a 120-year mining history.



Milan Jerkovic
Blackham Resources Limited
Office: +61-8-9322-6418

Jim Malone
Investor Relations Manager
Blackham Resources Limited
Office: +61-419-537-714

John Gardner
Media Relations
Office: +61-413-355-997

Link: Quarterly Activities & Cashflow Report December 2017

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