PERTH, WESTERN AUSTRALIA--(Marketwire - July 29, 2011) - Crescent Gold Limited (TSX:CRA)(News - Market indicators)(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$1,600oz).
Crescent appointed Interim Managing Director, Mark Tory as Managing Director and Mark Hine as Chief Operating Officer.
The full quarterly report can be viewed on the company's website at www.crescentgold.com or at www.sedar.com along with additional information related to the Company.
CONTACT DETAILS Level 2, 40-48 Subiaco Square Subiaco WA 6008Phone: +61 8 6380 7100 Fax: +61 8 6380 7199info@crescentgold.comwww.crescentgold.comABN 49 087 360 996
Crescent Gold is a gold development stage company based in Australia.
Crescent Gold holds various exploration projects in Australia and in Philippines.
Its main assets in production are LAVERTON GOLD MINE, LAVERTON WEST GROUP WEST LAVERTON, WEST LAVERTON GROUP EURO, WEST LAVERTON GROUP MARY MAC SOUTH, WEST LAVERTON CRAIGGIEMORE, WEST LAVERTON MARY MAC, CENTRAL LAVERTON GROUP SICKLE, CENTRAL LAVERTON GROUP ADMIRAL HILL, CENTRAL LAVERTON GROUP BARNICOAT, CENTRAL LAVERTON GROUP BELLS, CENTRAL LAVERTON GROUP BOGLE SOUTH, CENTRAL LAVERTON GROUP CASTAWAY, CENTRAL LAVERTON GROUP GROUSE, CENTRAL LAVERTON GROUP IDA H, CENTRAL LAVERTON GROUP PIECES OF EIGHT, CENTRAL LAVERTON GROUP SCOTLAND YET, CENTRAL LAVERTON GROUP SHE RIGHT EAST, CENTRAL LAVERTON GROUP SHE RIGHT WEST, SOUTH LAVERTON GROUP BLACK LABEL, SOUTH LAVERTON GROUP LILY POND WELL, JASPER HILL GROUP FISH, JASPER HILLS GROUP LORD BYRON, BURTVILLE GROUP BURTVILLE and BURTVILLE GROUP KARRIDALE in Australia, its main asset in development is LAVERTON-LORD BYRON(JASPER HILLS) in Australia and its main exploration properties are MANKAYAN in Philippines and STURT JOINT VENTURE in Australia.
Its stock quote reached its highest recent level on November 09, 2007 at AU$ 0.52, and its lowest recent point on March 18, 2011 at AU$ 0.03.
Crescent Gold has 1 077 909 687 shares outstanding.
