Goldproduzent für 15 Mio. Euro - 100.000 Unzen p.a

Focus Minerals Ltd Mergers, acquisitions, takeovers
Thu, 14 Apr 2011 15:10:00 +1000       1 hour, 41 minutes ago

ASX ANNOUNCEMENT 14th April 2011 FOCUS ON TRACK TO ACCELERATE GROWTH PLANS AFTER COMPLETING $7 MILLION SPP RAISING Australian gold producer Focus Minerals (ASX: FML) is pleased to announce that it has raised its maximum targeted $7m capital requirement under its Share Purchase Plan (SPP) as part of a circa $40 million equity raising to accelerate key production and exploration programmes and underpin its objective of lifting annual gold production to 130,000oz in 2012. The Share Purchase Plan, which opened on Friday 8th April 2011, has been exceptionally well supported by shareholders across Australia. As previously announced, the SPP was on a first come first served basis and has therefore now closed.

The SPP follows a $32.3m Placement to institutional and sophisticated investors which opened on Wednesday 6th April 2011 and was also heavily oversubscribed. The proceeds from the capital raising will enable Focus to accelerate its current production expansion plans as well as bring into play additional growth opportunities. Specifically, this will see the proceeds used to:  expand production and development work at Focus’ new high-grade underground mine, The Mount;  bring forward plans to increase Focus’ reserves at its Greater Coolgardie gold projects, setting them up to move into production;  accelerate exploration at Focus’ greenfields Treasure Island Gold Project, where a major drilling programme recently commenced; and  provide increased cash reserves and general working capital.

Focus Commences Development of Three New Open Pits at Tindals Mining Centre

   * Open pits aimed at increasing Focus’ production by 30,000oz pa
   * Pits will form Focus’ third production platform in WA goldfields
   * Increase in open pit probable reserves by 31%
   * Drilling set to start on additional open pit targets at Tindals

Australian gold producer Focus Minerals (ASX: FML) is pleased to announce that it has started development of three open pits at its Tindals Mining Centre in Coolgardie, Western Australia, putting the Company on track to increase annualised production by 30,000 ounces.

Focus has appointed Kalgoorlie-based mining contractor Barcon to develop the pits and clearing has now commenced.

The open pits at the Tindals Mining Centre will form the third leg of Focus’ growing production strategy, joining its existing underground mining operations at the Tindals Mining Centre and its newly opened mine at The Mount, 80km to the south.

The pits will provide Focus with an important low-cost production base within 5km trucking distance of its Three Mile Hill processing plant in Coolgardie.

“This is another significant step forward in Focus’ plan to ramp-up production to 100,000oz in 2011 and then to 130,000oz in 2012,” Focus Chief Executive Campbell Baird said.

“We started 2011 with just one operating mine and in the space of four weeks we have commenced ore development from the Company’s second mine at The Mount, and now development of the third production centre at the open pits is underway.”