Focus Metals Ltd (ASX: FML)
Focus Delivers First Half
A$4.9m Interim Net Profit
Annual Production on Track to Hit 80,000oz
•
Interim net profit hits A$4.88m on the sale of
21,202oz of gold
•
EBITDA increases to A$8.46m, up 346% from previous
corresponding period (A$2.46m)
•
Production on track to hit 80,000oz this calendar year with refurbished Three
Mile Hill processing facility now fully operational
•
Targeting production of +100,000oz from 2011 onwards
West
Australian gold miner Focus Minerals Limited (ASX: FML) is pleased to announce
an interim net profit of A$4.88 million for the six months to December 31,
2009.
The strong
result, which is underpinned by the sale of 21,202 ounces at an average price
received of A$1085 per ounce, includes a 346% increase
in Earnings Before Income Tax Depreciation and Amortisation (EBITDA) from the
corresponding period.
Following
the close out of the last remaining forward gold contracts in December last
year, Focus is now hedge-free and fully exposed to the prevailing high gold
spot price.
Focus Chief
Executive, Campbell Baird, said the result was particularly pleasing given
production for the half was achieved through a single 45 day toll treating
campaign.
“With
Three Mile Hill now fully operational and our aggressive exploration program in
full swing, it is clear we are gaining a lot of momentum and there is a great
deal to look forward to in the second half of 2010.”
ENDS
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
COMPETENT PERSON’S STATEMENT
The information in this report relating to Resources is based on work
supervised by Dr Garry Adams who is a member of the Australasian Institute of Mining
and Metallurgy (AusIMM). Dr Adams 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 being reported. Dr Adams 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 Underground Ore Reserves
is based on information compiled by Mr Bradley Valiukas,
who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Valiukas has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the
activity 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’. Mr Valiukas
consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears.
BACKGROUND 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 an extensive inventory of Measured, Indicated and Inferred
gold resources as well as the 1.2mtpa Three Mile Hill processing plant.
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
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