Fasten your seat belts we now own 100% of this (and to think the nickel is just a BONUS!!!)
ASX / MEDIA RELEASE 29 April 2008 FOCUS DELIVERS MAIDEN GOLD PRODUCTION AT COOLGARDIE PROJECT, WESTERN AUSTRALIA FIRST 6,000t OF ORE PRODUCES APPROXIMATELY 2,000 OUNCES KEY POINTS • Focus produces approximately 2,000 oz of gold from 6,000t at grades in excess of 10g/t Au in first official gold pour in Coolgardie today • Earlier pours this month have produced a further 1,000 ounces from previously stockpiled ore, making a total of approximately 3,000 ounces produced to date • Higher than expected grades auger well for future development of the Perseverance ore body and surrounding areas Australian-based gold and nickel company Focus Minerals Ltd (ASX: FML) is pleased to announce that it has completed its first official gold pour, comprising approximately 2,000 ounces, from the Perseverance Gold Deposit, part of its 100%-owned Coolgardie Gold Project in Western Australia. The gold pour marks a significant achievement for Focus as it becomes Australia’s newest gold producer, and also heralds the revival of the historic Coolgardie Gold Field which has produced over 2.6 million ounces since 1892. The official gold pour was attended in Coolgardie today by dignitaries including the Federal Member for Kalgoorlie, Mr Barry Haase MP, the Member for Murchison-Eyre, Mr John Bowler MLA, community leaders and members of the local and national media. The gold produced was achieved from processing 6,000 tonnes of Perseverance ore at a grade in excess of 10 g/t Au which compares favourably with the reserve grade for the deposit of 8.3g/t Au. It comes after development of the Perseverance deposit commenced last month following a positive Bankable Feasibility Study (BFS) completed last year. The combination of today’s official gold pour in addition to previous pours totalling approximately 1,000 ounces - sourced from previously stockpiled ore - will make up the Company’s first gold shipment of approximately 3,000 ounces. This effectively represents the Company’s first cashflow. Commenting on the significant milestone, Focus Minerals’ Managing Director, Mr Peter Williams said: “Today’s gold pour is a defining moment for Focus and I’d like to thank our valued shareholders, the local Coolgardie and Kalgoorlie communities, our staff and contractors and everyone else who has supported us along the way.” Focus recently upgraded the Probable gold reserve at Perseverance to an estimated 287,000t @ 8.3 g/t/Au
Focus Minerals is also fast tracking development of its wholly-owned Nepean Nickel Project (current estimated resource totalling 591,300t @ 2.2% Ni) located 25km south of Coolgardie. Focus has a view of recommencing mining operations from the historic production centre in 2008.
FML Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
