Minerals Ltd (ASX: FML)
FOCUS DELIVERS MAIDEN GOLD PRODUCTION AT
COOLGARDIE PROJECT, WESTERN AUSTRALIA
FIRST 6,000t OF ORE PRODUCES APPROXIMATELY 2,000 OUNCES
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
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
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
for a total of 76,000 ounces
and early indications are that this figure will be improved upon based on the
grades already being produced, which are higher than initial estimations.
“The ore grades
we’ve been receiving have been excellent but not entirely unexpected
given the conservative nature of our estimations,” said Mr Williams.
Mr Williams also said
that while production was now Focus’ priority list, it was the
delineation of additional ore reserved that will ensure the long-term
prosperity of Focus
“We are still very
confident that there are significant high-grade deposits yet to be discovered
on our Coolgardie landholdings and that these deposits – along with our
exciting nickel assets - will ensure the long term prosperity of Focus,”
Peter Williams, Managing Director
Focus Minerals Ltd
Telephone: (+61-8) 9388-1474
COMPETENT PERSON’S STATEMENT
information in this report relating to Resources and Reserves are based on work
supervised by Mr Chuck McCormick who is a Fellow of the Australasian Institute
of Mining and Metallurgy (AusIMM). Mr McCormick has the relevant experience as
a “Competent Person” as defined in the 2004 edition of the
Australasian Code for Reporting of Mineral Resources and Ore Reserves in relation to the
mineralisation reported on. Mr McCormick is Exploration Manager of Focus
Minerals Ltd and consents to the inclusion of the material in the form and
content in which it appears.
The information in this
report that relates to Ore
Reserves was prepared under the direction of Brett Ustick, who is a member of
The Australian Institute of Mining and Metallurgy. Brett Ustick is a full-time
employee of Redemption Management Pty Ltd. Brett Ustick has sufficient
experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity for which he is undertaking to qualify
as a Competent Person as defined in the 2004 Edition of the ‘Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves’. Brett Ustick consents to the inclusion in the report of the
matters based on his information in the form and context in which it appears.
INFORMATION – FOCUS MINERALS LTD
Focus Minerals Ltd (ASX: FML) is an Australian-based exploration and
development group whose focus is to become a significant gold and nickel
producer in the Coolgardie-Kalgoorlie-Widgiemooltha region of Western Australia.
Focus Minerals is the
largest landholder in the Coolgardie Gold Belt located in Western Australia,
560km east of Perth and 35km west of the ‘Super Pit’ in
Kalgoorlie-Boulder. More than 2.6 million ounces of gold has been produced from
the Coolgardie gold belt alone since 1892. Focus holds the mineral rights to
more than 210sq km of tenements including Measured, Indicated and Inferred
Resources exceeding 1.65 million ounces of gold as well as the 1.2mtpa Three
Mile Hill processing plant.
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.
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