Major underground gold mine developments are not common in Australia especially when they are totally owned and hence financed by a relatively small public company. Ballarat Goldfields Limited with its Ballarat East Project is such a company. Financing a $20m underground exploratory access programme in a poor economic climate places added importance on the quality of the project. Critical factors such as ore reserves, environment, planning and the development program are of immense importance in devising and implementing a workable finance package that satisfies both the shareholder and the project's needs.