Peter Easter

Focus Minerals

Focus Minerals Limited (ASX:FML) is a leading Australian gold explorer and developer with one of the largest bank balances of any gold company on the ASX and a strategic partnership with major international gold producer Shandong Gold International Mining Company. Focus' goal is to ensure it delivers on the most efficient use of capital, leveraging this strong financial position to create long-term wealth for its shareholders. With the recent significant drop in the gold price, Focus took the strategic decision to suspend mining at its current operations to preserve cash and shareholder value. Focus will now pursue potential acquisition opportunities that are being created in this current market whilst also focusing on exploration to rebuild its Ore Reserves and target higher grade, larger scale assets that it can bring back on stream in the future. Its 1.2Mtpa Three Mile Hill processing plant in Coolgardie remains a highly strategic asset in the goldfields and gives Focus further operational flexibility. With over 4.3Moz of Mineral Resource, Focus 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. In CY 2012, Focus produced 100,000oz of gold from its Laverton operations and 85,000oz of gold from Coolgardie.