Focus Minerals Ltd
(ASX: FML)
ASX RELEASE
9
November 2009
RECORD MILLING CAMPAIGN DELIVERS
GOLD PRODUCTION OF ~ 21,900OZ
HIGHLIGHTS
·
Focus’ ninth milling campaign at
Greenfields toll treatment facility delivers record gold production of
approximately 21,900ozs
·
Recent milling campaign bolsters the
Company’s cash and bullion position which currently stands at A$19.8m
·
Exploration drilling continues to test
strike and depth extensions of known deposits at the Tindal’s Mining Centre
·
Final stages of mill refurbishment
currently being undertaken with recommissioning on target for December
Gold producer Focus Minerals (ASX: FML)
is pleased to provide an update on activities at its Coolgardie Gold
Project, including the recently completed milling campaign that has
delivered record gold production of approximately 21,900 ounces subject
to finalisation of calculations of gold in circuit remaining in the treatment
facility.
for
a total of 49 effective milling days.-Focus completed its current milling campaign on 1 November - its ninth
since production began in April 2008
The record production comes as the Company
makes final preparations to move all gold processing to its 100%-owned, 1.2Mtpa
Three Mile Hill gold processing facility, which is currently in the final
stages of refurbishment ahead of recommissioning in December.
It also follows Focus’ recent announcement
of new high-grade gold intersections from drilling programs being undertaken at
the Tindals Mining Centre reinforcing the Company’s belief that areas
surrounding the known deposits have the potential to house additional
high-grade mineralisation.-
After already paying $18.5 million for the
mill refurbishment, the Company has available cash and bullion totalling A$19.8
million. The strong cash position allows Focus to aggressively ramp up drilling
programmes in the area, paving the way for increases in the current Resource
and Reserve estimates.
Exploration Drilling
As previously announced, a strategic
5,000m exploration campaign has been underway since June this year and is
targeting extensions of Perseverance, Countess, Empress and Tindals, which the
Company considers underexplored.
In the latest round of assay results,
which were released last month, Focus announced significant high-grade gold
intersections which included down-hole intercepts of 0.95m at 170.94g/t,
3.14m at 12.1g/t, 0.95m at 21.33g/t and 5.76m at 3.61g/t. These results
have indicated that further extensions in the Perseverance orebody are likely
and importantly, were outside of the current resource base and over 100 metres
below the current Perseverance workings. There were also sections of visible
gold encountered.
The drilling programme has so far been
very successful and planning is now underway to follow up some of these
excellent intersections to target further extensions of the mineralised
structures.
In addition, a second rig was mobilised on
3 November and will immediately test exploration targets from surface within
close proximately to existing mining operations.
Summary
Focus is aiming to achieve substantially
increased gold production in the coming years, with the refurbishment and
re-commissioning of the Company’s 1.2 million tonne per annum Three Mile Hill
processing plant to underpin production of 80,000 ounces in 2010 and +100,000
ounces from 2011 onwards..
Focus’ Chief Executive Officer, Campbell
Baird, commenting on the Company’s record gold output from its latest milling campaign
said: “This is the second consecutive record in terms of gold production so it
is obviously very pleasing and provides us with valuable revenue, especially
given the continuing strong gold price.
“We are now also in the final stages of
bringing the Three Mile Hill mill on line, so the next couple of months are
very important and an extremely busy time for us, and will culminate in first
ore being processed at Three Mile Hill sometime in December,” he added.
Mr Baird also said that the Company was
very excited by the positive results being received from exploration drilling:
“The positive results received so far from drilling have been very encouraging
to say the least, and have major implications as we look to significantly grow
our reserve and resource base,” he said.
recent
results suggest this confidence is well founded and we will continue to
aggressively pursue our exploration strategy over the coming months,” added Mr
Baird-“We
have always been very confident that the broader Tindals area would host
substantial additional resources .
ENDS
Released by:
|
On behalf of:
|
Nicholas Read/Jason
Cunningham
|
Campbell Baird, CEO
|
Read
Corporate
|
Focus
Minerals Ltd
|
Telephone: (+61-8) 9388-1474
|
Telephone: (+61-8)
9215-7888
|
www.readcorporate.com.au
|
Web: www.focusminerals.com.au
|
READ CORPORATE
Public Relations Corporate
Communications
T: (+61-8) 9388-1474
| F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au