keith goode report, page-2

Focus Minerals Ltd is pleased to provide a copy of the latest research report by:

Mr Keith Goode
September 2010

Targeting Gold Production of >120,000ozpa for >10years

Focus Minerals (FML) appears to have an achievable production target of >120,000ozpa for >10 years, based on an expected 60% to 70% conversion of its 2moz resource (for 1.2moz to 1.4moz). Yet this excludes ~ 1.5mt of surface stockpiles of >1g/t (ranging up to Brilliants low grade stocks in SQ10 at ~2.1g/t).

Current ore sources are FMLs Coolgardie goldfield, the Mount, & surface stocks for FMLs recently upgraded ~1.2mtpa 3-Mile plant (operating since January 2010). With ~200,000tpa to 400,000tpa from surface stocks at >1g/t, and an expected 250,000tpa to 350,000tpa at >5g/t from the Mount for at least 10 years, the remaining 500,000tpa to 700,000tpa should be capable of being sourced from the Coolgardie goldfield (at 3.5g/t to 5.0g/t for ~120,000ozpa and an ~92% recovery).
FML is expected to still be in transition through to ~March 2011, as it still has a parcel of La Mancha ore to toll treat by early September 2010, and it needs to slype (enlarge) the decline at the Mount by ~MQ 2010, in order to use larger trucks. (Following its discovery that the Mount has significant upside potential for a >250,000tpa mine at possibly ~7g/t to 9g/t or so for probably >10years).

FML owns most of the Coolgardie goldfield, which can be subdivided into 5 areas being the two main historic areas of the TMC (Tindals Mining Centre) and the LMC (Lindsays Mining Centre) separated by the Brilliant Block, and Regional north and south. Of which current production is mostly from the underground TMC mines.

The TMC itself consists of an underground centre of 5 orebodies, the old Dreadnought area to the south and old workings to the east. Of which the main production area is Perseverance (discovered by FML in 2004/5), followed by Countess and Empress. Perseverance contains the relatively new "Link" structure that is expected to average ~10g/t to 20g/t (but can range up to ~60g/t).