- Half-year pre-tax profit expected to be a record $6.2m
- EBITDA up 51% to $14.6m
- On track to produce from two new mines in next 3 months
- Approvals received to start drilling at Treasure Island
Focus Minerals (ASX: FML) is pleased to advise that it expects to report a 27.7% increase in pre-tax
profit to $6.2 million for the six months to December 31,2010.
The record result stems from strong gold production of 36,339oz, which underpinned revenue of $48.9
million. It is a significant increase from 21,841 ounces produced and $23.0 million of revenue recorded
in the previous corresponding period of 2009.
Focus advises that this profit guidance is unaudited and has been based on draft financial accounts
which are subject to the completion of the Group’s financial audit review, currently in progress. Table 1
provides an unaudited summary of Focus’ key financial and operating performance for the 2010 and
2009 half-yearly periods.
Focus Chief Executive Campbell Baird said the results reflected the Company’s solid production and
strong cash flow – attributes which positioned the company for further growth.
“Focus is now a significant mid-tier gold producer with robust cash flow, a 2.2 million ounce Resource
Inventory, the 1.2 million tonne per annum gold plant and immense exploration upside,” Mr Baird said.
“The Company is now ideally positioned for the next stage of growth, which will see a significant
increase in production with the high-grade mine at The Mount commencing production of Ore in March
as well as a series of new open pits at the Tindals Mining Centre commencing production starting in
March will also see Focus start drilling at its highly prospective Treasure Island project, situated at Lake
Cowan on the southern end of the Boulder-Lefroy fault. The Company has recently received approvals
for this program.
Treasure Island has already delivered some exceptional results from surface rock chip sampling, with
grades as high as 59g/t over outcropping strikes of more than 200 metres in several areas.
“Treasure Island has one of the best addresses in Australian gold mining so we are eagerly awaiting
the commencement of this exploration program,” Mr Baird said.