Focus Minerals Ltd (ASX:FML)
Perth, July 23, 2009 AEST (ABN Newswire) - Focus Minerals Ltd (ASX:FML) Revenue for the Quarter was A$23.3 million generated from the sale of 21,815 ounces of gold at an average price received of A$1,068/oz.
Of the 19,226 ounces produced in the campaign, 10,000 ounces were delivered into the Company's forward gold contract commitments at an average price of A$976/oz. During the Quarter, a further 9,595 ounces was sold into the spot market at an average price of A$1,175/oz. A total of 987 ounces remain in the Company's gold bullion account.
At 30th June, 2009, Focus had the following Australian dollar amounts available;
Cash at Bank A$20.5 millionBullion on Hand A$1.2 millionTotal Funding A$21.7 million
Share Purchase Plan
During the Quarter, Focus finalised the Company's Share Purchase Plan (SPP) whereby 150 million shares at an issue price of A$0.02 each were issued to existing shareholders to raise A$3 million. The Company announced in May that the Offer had closed oversubscribed, with in excess of 1,000 applications received for a total exceeding A$3.75 million.
Under the terms of the SPP, the shares were issued on a first-in-first served basis and allotment of shares under the SPP occurred in early May 2009.
The SPP formed the final component of an A$28 million capital raising - as announced in February 2009 - to fasttrack the refurbishment and modernise the Company's 1.2Mtpa Three Mile Hill treatment facility.
Hedging and Debt
During the Quarter, the Company repaid a total of A$4.75 million in bank debt and Convertible note repayments.
At 30th June, 2009, Focus had senior debt facilities outstanding of;
Bank Debt A$7.25 millionConvertible notes A$1.25 millionTotal Funding A$8.5 million
There remains only 9,378 ounces left to deliver under existing delivery commitments at an average price of A$984/oz. This will see the hedge book closed out during the next milling campaign. By December 2009 all debt and hedging will be retired.
For the complete Focus Minerals Quarterly Activites Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61097-ASX-FML-453723.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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