Focus Minerals Limited (ASX:FML)
Perth, May 1, 2009 AEST (ABN Newswire) - Focus Minerals Limited (ASX:FML) announce the activities and quarterly report for the period ending 31 March, 2009. Significant highlights include a total gold production for the Quarter of 9,187 ozs, with revenue for the Quarter of A$ 5.9 million generated from the sale of 5,687 oz of gold at an average received price of A$1,048/oz.
Cash and bullion of A$4.9 million on hand as at 31 March 2009 and Campbell Baird assume the position of Chief Executive Officer with Peter Williams to oversee the Three Mile Hill refurbishment in the role of Chief Operations Officer.
GOLD PRODUCTION
- Latest milling campaign completed on 31 March for gold production during the Quarter of 9,187 ounces for a project to date total of 28,269 ounces.
- Next milling campaign to begin on the 1st May and finish on the 12th June for ~ 43 milling days with ore derived from a blend of Perseverance and Countess ore - targeting production 12,000-14,00 ounces.
- Average direct cash cost of A$580/oz for the March Quarter
- Focus targeting gold production of approximately 40,000 ounces in FY09 through Perseverance stoping and progressive development of adjacent Coolgardie deposits including the Countess deposit.
Key Senior Management Appointments
During the Quarter Mr Peter Williams resigned as Executive Director but will continue in his role as Chief Operating Officer of the Company with prime responsibility for the recently announced refurbishment and modernisation of the Company's Three Mile Hill treatment plant located in Coolgardie.
Mr Williams' considerable experience in the management and development of mineral assets, as well as his intimate knowledge of the Coolgardie operation underpinned his decision, which was supported by the Board as an important strategic move to oversee the smooth development of Three Mile Hill.
Mr Campbell Baird, who held the position of Chief Operating Officer, assumed the position of Chief Executive Officer in order to oversee the company's rapid growth into a mid tier gold producer.
For additional background information on Mr Baird, please refer to ASX release dated 14 January 2009.
Cash and Bullion
As at the end of the March Quarter, the Company had available cash and bullion for a value of approximately A$4.9 million.
For the Full Quarterly and Activities Report, see the following link:
Link: http://www.abnnewswire.net/media/en/docs/60580-asx-fml-20090501.pdf
About Focus Minerals Ltd
With over 3.8Moz of Mineral Resource, Focus Minerals Limited (ASX:FML) has a highly strategic portfolio of assets across Australia's two leading gold producing districts – the Kalgoorlie/Coolgardie belt and Laverton – and the financial muscle to continue to unlock further potential for growth.
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