RSS UpdatesCompany Information for Focus Minerals Ltd
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 ASX; FML
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Company Statement
Focus Minerals is an ASX-listed exploration and development company with significant advanced gold and nickel projects in the highly prolific Western Australian Goldfields.
It has achieved a historic amalgamation of tenements through a wide sweep of the Coolgardie gold producing region, 40km south of Kalgoorlie and is well positioned to commence near-term mining of both nickel and gold.
Focus Minerals’ nickel portfolio includes the 100% owned Nepean Nickel Project, centred on the historic Nepean Nickel Mine, located 25km south of Coolgardie.
Gold
The Coolgardie Gold Project consists of an extensive resource inventory within multiple deposits totaling 20.6 million tonnes at 2.48g/t Au for 1.65 million ounces, the fully permitted 1.2mtpa Three Mile Hill gold processing facility, and a highly prospective 210km˛ tenement package offering an outstanding pipeline of exploration and development opportunities.
Focus Minerals commenced maiden commercial gold mining at the Coolgardie Gold Project in April 2008 through ore sourced from the Company's flagship Perseverance deposit.
Perseverance Deposit
Production commenced at the high-grade Perseverance Project in April 2008 after the completion of a positive Feasibility Study in December 2007.
This Project is forecast to yield production of 76,500 ounces over 21 months with upside to more ounces and a higher gold price.
Ore from Perseverance will be treated through a third party mill, the nearby Greenfields gold plant, however Focus' broader development strategy is to refurbish the 100%-owned Three Mile Hill plant as a centrally located gold treatment facility to provide long-term cost effective processing capability in the region. It is expected that refurbishment will commence in October 2008 and be finished six months later.
The Milling Agreement with the Greenfields Plant has recently been signed and is based upon a priority processing position for up to 480,000 tonnes at favourable milling charges until 2010, followed by a further 7 year extension to the Agreement should Focus wish to continue to use the Greenfields plant.
Coolgardie Development
Other key deposits at Coolgardie will be progressively developed with ore treated at Three Mile Hill; commencing with the broader Tindals Mining Centre surrounding the Perseverance deposit. Work is continuing at Tindals at the Countess, Empress and Cyanide (Tindals East) deposits, in order to fast-track further delineation and development of the broader area.
Gold production is targeted to deliver approximately 5,300 ounces in FY2008 (reflecting start-up production from Perseverance from April 2008), increasing to ~65,000 ounces in FY2009, ~75,000 ounces in FY2010 and then ramping up to a sustainable level of 100,000 ounces per annum from FY2011 onwards from projects currently within the development pipeline.
- Resources exceeding 1.65 million ounces of gold and 100% ownership of 1.2mtpa Three Mile Hill processing plant
- the 900ha The Mount Gold-Nickel Project, also located near Coolgardie.
- Completion of Bankable Feasibility Study (BFS) in late 2007 year confirms the economic viability of the Perseverance Gold Project
- Targeting 80-100,000oz pa gold production through accelerated development program.
- Continued development and exploration drilling in surrounding area has demonstrated potential to discover additional high-quality ore bodies.
Nickel
The Nepean Project - located 25km south of Coolgardie - is centred on the historic Nepean Nickel Mine, which produced 32,303 tonnes of mined nickel at an average recovered grade of 2.99% Ni over a 17 year period to 1987. The current inferred resource based on the mine's remnant, transitional and fresh mineralisation measures 591,300t @ 2.2% Ni, for 13,250t contained Ni.
Several additional and significant areas of Kambalda-style nickel sulphide mineralisation have been identified by mapping, VTEM, detailed aerial magnetics and limited drilling along sections of a 30km strike length within the project's boundaries.
A Bankable Feasibility Study comprising grade control infill drilling, mine design and processing engineering studies, and the negotiation of off-take.
Results from drilling carried out as part of the current Feasibility Study have provided further confirmation of the excellent potential of the Nepean Nickel Project to contain a substantial, high-grade and shallow nickel resource.
Focus is also in discussions with the owner of an operating gold processing plant, 10km north of Nepean, regarding upgrading the facility's existing nickel circuit to accommodate production of nickel concentrate.
Current Operations
GOLD
Coolgardie Gold Project Focus Minerals 100%
“The Company’s objective is to become a 100,000 ounce per annum producer at Coolgardie within the next three years.”
The Coolgardie Gold Project consists of an extensive resource inventory within multiple deposits totaling 20.6 million tonnes at 2.48g/t Au for 1.65 million ounces, the fully permitted 1.2mtpa Three Mile Hill gold processing facility, and a highly prospective 210km˛ tenement package offering an outstanding pipeline of exploration and development opportunities.
Focus Minerals commenced maiden commercial gold mining at the Coolgardie Gold Project in April 2008 through ore sourced from the Company’s flagship Perseverance deposit.
Perseverance Deposit
Production commenced at the high-grade Perseverance Project in April 2008 after the completion of a positive Feasibility Study in December 2007.
This Project is forecast to yield production of 100,000 ounces over 22 months with upside to more ounces and a higher gold price.
Ore from Perseverance will be treated through a third party mill, the nearby Greenfields gold plant, however Focus’s broader development strategy is to refurbish the 100%-owned Three Mile Hill plant as a centrally located gold treatment facility to provide long-term cost effective processing capability in the region. It is expected that refurbishment will commence in October 2008 and be finished six months later.
The Milling Agreement with the Greenfields Plant has recently been signed and is based upon a priority processing position for up to 480,000 tonnes at favourable milling charges until 2010, followed by a further 7 year extension to the Agreement should Focus wish to continue to use the Greenfields plant.
Coolgardie Development
Other key deposits at Coolgardie will be progressively developed with ore treated at Three Mile Hill; commencing with the broader Tindals Mining Centre surrounding the Perseverance deposit. Work is continuing at Tindals at the Countess, Empress and Cyanide (Tindals East) deposits, in order to fast-track further delineation and development of the broader area.
Gold production is targeted to deliver approximately 5,300 ounces in FY2008 (reflecting start-up production from Perseverance from April 2008), increasing to ~45,000 ounces in FY2009, ~80,000 ounces in FY2010 and then ramping up to a sustainable level of 100,000 ounces per annum from FY2011 onwards from projects currently within the development pipeline.
The Mount Project Focus Minerals
Situated on the eastern edge of the prolific Widgiemooltha Dome, The Mount Gold Project includes the historic underground The Mount Gold Mine, which was operated over two extensive periods, 1921-1986 and 1990-2003.
The 900ha project has a current inferred gold resource of 2Mt @ 5.5 g/t Au, for 370,000 ounces of gold.
Mineralised zones remain open below 225m, where drilling has returned intersections including 2m @ 24.75 g/t Au.
NICKEL
Nepean Project Focus Minerals 100%
Focus Minerals is on schedule to commence mining its 100%-owned Nepean Nickel Project, located 25km south of Coolgardie, in 2008.
The Nepean Project is centred on the historic Nepean Nickel Mine, which produced 32,303 tonnes of mined nickel at an average recovered grade of 2.99% Ni over a 17 year period to 1987.
The current inferred resource based on the mine’s remnant, transitional and fresh mineralisation measures 591,300t @ 2.2% Ni, for 13,250t contained Ni.
Several additional and significant areas of Kambalda-style nickel sulphide mineralisation have been identified by mapping, VTEM, detailed aerial magnetics and limited drilling along sections of a 30km strike length within the project’s boundaries.
Focus is also in discussions with the owner of an operating gold processing plant, 10km north of Nepean, regarding upgrading the facility’s existing nickel circuit to accommodate production of nickel concentrate.
- Centred in the historic Nepean Nickel Mine, which produced 32,303 tonnes of mined nickel at an average recovered grade of 2.99% Ni over a 17 year period to 1987.
- Current estimated resource totaling 591,300t @ 2.2% Ni
- Trial mining using existing head frame and shaft facilities has commenced with mining proposal submitted to the DOIR and DEP.
The Mount Project Focus Minerals
The Mount Nickel-Gold Project has been acquired by the Redemption Joint Venture (RJV), which Focus formed with Canadian-based Committee Bay Resources in 2005.
Historically it is a gold project, hosting The Mount Gold Mine which operated between 1921 and 1986 and between 1990 and 2003.
Situated on the eastern edge of the prolific Widgiemooltha Dome, the project currently retains an inferred gold resource of 2Mt @ 5.5 g/t Au, for 370,000 ounces of gold.
Gold-bearing mineralisation remains open below 225m, with high-grade intercepts including 2m @ 24.75 g/t Au. Untested host structures also continue along strike to the north and south of the mine.
In addition, the RJV intends to test numerous nickel anomalies which have been identified by recent geochemical and ground EM surveys conducted over the 900ha project.
Geographical Spread
Nepal
Board of Directors and Key Management
| Board | |
| Mr Donald Taig BCom, FAICD, FCPA | Executive Chairman |
| Mr Chris Hendricks | Non-Executive Director |
| Mr Phil Lockyer FAusIMM | Non-Executive Director |
| Mr K Jon Grygorcewicz CA, B Bus | Company Secretary |
| Senior Management | |
| Mr Campbell Baird | Chief Executive Officer |
| Mr Peter Williams MAusIMM | Chief Operating Office |
| Dr Garry Adams | Exploration Manager (Coolgardie Gold Project) |
| Mr Peter Cash | Information, Communication and Technology Manager |
| Mr Chuck McCormick B.Sc.Adv, F.AusIMM, CPGEO | Business Development Manager |
Company AddressLevel 10 Exchange House
|
Additional Address/Key ContactPostal Address |
CapitalCash & cash equivalents A$12 million |
Year End30th June |
Major Shareholders
| Substantial Shareholders | Shares | % |
| Matador Mining Pty Ltd | 140.0m | 11.20 % |
| ANZ Nominees Ltd | 89.0m | 7.14 % |
| HSBC Custody Nominees Ltd | 75.5m | 6.07 % |
| Surfboard Pty Ltd | 21.9m | 1.76 % |
| Nefco Nominees Pty Ltd | 13.0m | 1.05 % |
Related News
27/04/10 - Focus Minerals Is Aiming For Production Of 80,000 Ounces Of Gold From Coolgardie This Year, With More To Come In 201113/01/10 - Focus Minerals Is On The Verge Of Pouring Its First Gold At The Three Mile Hill Plant In Coolgardie
16/09/09 - Focus Minerals Turns An Early Profit, And There Should Be More To Come As It Cracks The Geology At Coolgardie Wide Open
02/07/09 - Focus Minerals Already Has Plenty Of Cash Flowing In From Coolgardie, As Work On A Central Processing Plant Nears Completion
24/02/09 - Rising To The Coolgardie Challenge: Focus Minerals Raises New Money To Accelerate Its Gold Production Schedule
Most Recent Statement
29/07/10 - Quarterly Activities Report29/07/10 - Quarterly Cashflow Report
16/07/10 - Encouaging Treasure Island Sampling Results
07/07/10 - Operations Update
15/06/10 - Focus strikes deal on Gold-Copper Project - Treasure Island
03/06/10 - 80% Increase in Gold Resources at Cyanide Deposit