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Crescent Gold Limited
TSX : CRA ASX : CRE FRANKFURT : CZ8
July 29, 2011 10:27 ET
Crescent Gold Limited: Quarterly Report Summary 30 June 2011
PERTH, WESTERN AUSTRALIA--(Marketwire - July 29, 2011) - Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CZ8) -
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HIGHLIGHTS FOR THE QUARTER ENDED 30 JUNE 2011 • On 20 June 2011, Crescent Gold and Focus Minerals Limited ("Focus") (ASX:FML) jointly announced that they have agreed to merge the companies by way of a conditional off-market takeover bid by Focus for all of the issued shares in Crescent. The transaction will make Focus one of Australia's Top 5 gold producers with targeted annual production of 230,0000z, a combined JORC resource base of 4.3Moz of gold3, and outstanding growth potential across two major Western Australian mining regions.
• Focus provided a A$10 million funding facility to Crescent in June 2011 by way of a secured working capital facility and convertible note agreement for the purpose of funding Crescent's exploration and mining operations in Western Australia.
• Focus advanced Crescent A$3 million on 30 May 2011 for working capital requirements which will convert into convertible notes subject to Crescent shareholders approval.
• The Company announced on 30 May 2011 the completion of an A$8.84 million capital raising through a combination of an A$8 million convertible note and a A$844,000 share placement.
• The Company's seventh gold processing campaign through the Ore Purchase Agreement (OPA) with gold major Barrick, netted 23,871 ounces of gold and 4,515 ounces of silver, at an average gold sale price of A$1,412/oz. The ounces were 8.5% above guidance of 22,000ozs for the June 2011 quarter and the third highest campaign for gold production since the OPA with Barrick Granny Smith (BGS) was commenced.
• Crescent announced a maiden probable gold reserve of 54,000 ounces near surface at its newly acquired Apollo Deposit in Laverton, Western Australia. Mining operations have been fast tracked and are scheduled to commence in the 3rd quarter of this year.
• Encouraging results from diamond core drilling at the Company's Apollo, Aurora and Calypso gold resources, part of the Company's broader Laverton gold project, were announced in the period.
• The US dollar gold price is continuing to set new records (circa US$1,600oz).
• Crescent appointed Interim Managing Director, Mark Tory as Managing Director and Mark Hine as Chief Operating Officer.
The full quarterly report can be viewed on the company's website at www.crescentgold.com or at www.sedar.com along with additional information related to the Company.
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