Focus Minerals Limited - Gold Resources Estimate At Cyanide Deposit Increased By 80%
03.06.2010 | ABN Newswire
11:18 AEST June 3, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Gold producer Focus Minerals Limited (ASX: FML) is pleased to announce a substantial increase in Indicated and Inferred Resources at the Company's underground Cyanide Project within the Tindal's Mining Centre, Coolgardie.
The updated JORC-compliant resource for the Cyanide Project totals 672,000t @ 5.5g/t Au for 117,800 contained ounces (Table 1), comprising:
- An estimated Indicated Resource of 383,000t @ 5.4g/t for 66,100 contained ounces; and
- An approximate Inferred Resource of 289,000t @ 5.6g/t for 51,700 contained ounces.
This represents an 80% increase on the previously announced Inferred Resource of an estimated 367,000t @ 5.5g/t for 65,400 contained ounces.
Diligent validation of all available data and recent detailed technical work has provided confidence in the data and the Cyanide Resource. There remains significant upside to the Cyanide resource both along strike and at depth, with a second underground diamond rig arriving in July to commence expanding the Cyanide high-grade resource.
The resource upgrade at Cyanide has increased the underground resources at the Tindals Mining Centre by 20% to 2.4Mt @ 4.9g/t for 324,000 contained ounces with work underway to convert the increased Resource at the Cyanide deposit to Reserves.
Focus Chief Executive Officer Campbell Baird said this latest upgrade to the Cyanide resource highlights the massive potential that exists at the Tindals Mining Centre to continue to deliver additional high-grade resources and reserves.
'In the past 12 months, Focus has added 150,000 ounces to reserves and increased the resource base by over 250,000 ounces. The Tindals Mining Centre continues to deliver in spades for Focus. With increasing high-grade production coming from The Mount and our ongoing drilling programmes, Focus is cementing its position as a substantial mid-tier gold producer in Australia with a significant gold inventory and robust profit margins,' said Mr Baird.
For the complete Focus Minerals announcement including Tables, please view the following link:
http://www.abnnewswire.net/media/en/docs/63014-ASX-FML-493267.pdf
About 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.
Contact:
Campbell Baird
CEO
Focus Minerals Ltd
Tel: +61-8-9215-7888
www.focusminerals.com.au