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AUD 0.765

Updated: 7:35 PM (EST) 3/02/2012

ASX Code

BDR

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Gold Resources

Brazil

Measured

Indicated

Inferred

Total

Tucano

Tonnes ('000)

Grade g/t Au

Ounces ('000)

Tonnes ('000)

Grade g/t Au

Ounces ('000)

Tonnes ('000)

Grade g/t Au

Ounces ('000)

Tonnes ('000)

Grade g/t Au

Ounces ('000)

Urucum

3036

1.21

118

4708

1.43

217

7744

1.34

335

Tapereba AB

4712

1.88

284

1985

1.32

84

6697

1.71

369

Tapereba C

1699

1.39

76

1835

1.04

61

3534

1.21

137

Tapereba D

1124

1.22

44

287

1.58

15

1411

1.29

59

Duckhead

115

17.06

63

115

17.06

63

Total Oxide

10571

1.54

522

8930

1.53

440

19501

1.54

962

Urucum

21049

1.62

1095

19974

1.67

1071

41023

1.64

2165

Tapereba AB

7837

1.23

309

10755

1.47

509

18591

1.37

817

Tapereba C

318

1.25

13

2665

1.25

107

2983

1.25

120

Tapereba D

401

1.09

14

592

1.2

23

993

1.16

37

Total Primary

29605

1.50

1431

33986

1.26

1709

63591

1.54

3139

Spent Ore

5808

0.75

140

5808

0.75

140

Low Grade

1545

0.89

44

1545

0.89

44

Total Stockpile

7353

0.78

184

7353

0.78

184

Total Tucano

7353

0.78

184

40176

1.51

1953

42916

1.56

2150

90445

1.47

4286

Tartaruga

5500

1.6

279

5500

1.6

279

Total Brazil

7353

0.78

184

40176

1.51

1953

48416

1.56

2429

95945

1.48

4565

Australia

Measured

Indicated

Inferred

Total

Tonnes ('000)

Grade g/t Au

Ounces ('000)

Tonnes ('000)

Grade g/t Au

Ounces ('000)

Tonnes ('000)

Grade g/t Au

Ounces ('000)

Tonnes ('000)

Grade g/t Au

Ounces ('000)

Reedy Creek

609

2.4

47

609

2.4

47

Beadell Total

7353

0.78

184

40176

1.51

1953

49025

1.57

2476

96554

1.49

4612

Gold Reserves

Tucano

Proved

Probable

Total

Cut-off Grade g/t Au

Tonnes (million)

Grade g/t Au

Ounces ('000)

Tonnes (milion)

Grade g/t Au

Ounces ('000)

Tonnes (million)

Grade g/t Au

Ounces ('000)

Urucum Oxide

3.2

1.21

124

3.2

1.21

124

0.63

Tapereba AB Oxide

2.5

2.14

173

2.5

2.14

173

0.60

Tapereba C Oxide

1.1

1.53

53

1.1

1.53

53

0.64

Tapereba D Oxide

0.3

1.30

12

0.3

1.3

12

0.37

Total Oxide

7.1

1.59

362

7.1

1.59

362

0.61

Urucum Sulphide

9.8

1.69

534

9.8

1.69

534

0.72

Tapereba AB Sulphide

1.8

2.17

127

1.8

2.17

127

0.68

Tapereba C Sulphide

0.3

1.77

15

0.3

1.77

15

0.72

Tapereba D Sulphide

0.0

1.97

2

0

1.97

2

0.45

Total Sulphide

11.9

1.76

677

11.9

1.76

677

0.71

Spent Ore

5.8

0.75

140

5.8

0.75

140

0.59

Low Grade

1.5

0.89

44

1.5

0.89

44

0.59

Total Stockpiles

7.4

0.78

184

7.4

0.78

184

0.59

Total Tucano

7.4

0.78

184

19

1.70

1039

26.4

1.44

1224

0.65

Iron Ore Resources*

Tucano

> 25% Fe cut off

LOI

Resource

Class

Tonnes (million)

Fe

%

SiO 2

%

Al 2 O3

%

TiO 2

%

P

%

Mn

%

K 2 O

%

Colluvium

Measured

Indicated

Inferred

Total

0.1

17.4

14.3

31.7

40.4

37.4

38.5

37.9

18.9

23.1

23.5

23.2

13.4

10.9

8.9

10.0

1.1

0.7

0.5

0.6

0.05

0.07

0.08

0.07

0.3

1.2

2.0

1.5

0.0

0.1

0.1

0.1

10.5

8.9

8.4

8.7

Friable Oxide

Measured

Indicated

Inferred

Total

2.6

44.3

101.4

148.4

41.0

39.1

34.8

36.2

25.4

27.7

29.6

29.0

5.1

6.7

9.4

8.5

0.3

0.4

0.3

0.2

0.13

0.11

0.16

0.14

2.4

1.9

2.1

2.0

0.1

0.2

0.4

0.1

5.0

5.3

7.8

7.0

Friable Transitional

Measured

Indicated

Inferred

Total

0.2

10.9

18.1

29.1

30.3

28.8

36.5

33.6

45.8

44.6

25.8

32.9

0.9

1.0

6.1

4.1

0.1

0.1

0.1

0.1

0.08

0.09

0.16

0.14

0.4

0.7

2.7

1.9

0.1

0.1

0.3

0.1

0.2

1.0

5.1

3.6

Total Tucano

Measured

Indicated

Inferred

Total

2.9

72.5

133.7

209.1

40.4

37.2

35.4

36.1

26.5

29.1

28.5

28.7

5.0

6.8

8.9

8.1

0.3

0.4

0.2

0.2

0.13

0.10

0.15

0.13

2.2

1.5

2.1

1.9

0.1

0.1

0.1

0.1

4.8

5.5

7.5

6.8

*Under the terms of an Exploration Agreement entered into in 2005 between Beadell Brasil Ltda and Anglo Ferrous Amapa Mineracao Ltda, Anglo Ferrous has undertaken exploration for iron ore within the area of Beadell's 100% owned Mining Concession (which work comprises the re-assaying and some additional drilling forming part of the work undertaken to complete the maiden resource described above). If Anglo Ferrous wishes to mine iron ore on Beadell's existing Mining Concession, then it must reach agreement with Beadell on terms of a Joint Operating Agreement. No such agreement has yet been reached. Clause 5(e) of the Exploration Agreement contemplates this scenario as follows;

"If the parties are unable to obtain two (2) separate and distinct Mining Concessions or split (desmembrar) a Mining Concession, they will mutually agree on terms for the joint mining of the Mining Concession, which terms shall be without prejudice to the rights of each Party to mine for its own Minerals. Anglo Ferrous shall not conduct or carry out any Mining Operations on the properties of such Mining Concession unless and until the parties have agreed on such joint mining terms".