Sunday, 31 July 2011

Crescent Gold shareholders continue to accept Focus Minerals takeover offer

Crescent Gold (ASX: CRE, TSX: CRA) is currently 47% held by Focus Minerals (ASX: FML) as Crescent shareholders continue to accept the Focus takeover offer - which was recently extended until Monday 15th August 2011.
The two companies jointly announced in June this year that they have agreed to merge by way of a conditional off-market takeover bid by Focus.
The transaction will allow Focus to become one of Australia's top five gold producers, with targeted annual production of 230,0000 ounces.
The JORC Resource base of the new Focus would be 4.3 million ounces, with strong growth potential across two major Western Australian mining regions.
Highlighting the potential of Crescent for Focus, is that Crescent last month announced gold production forecasts exceeded guidance by 8.5% in the June quarter, producing 23,871 ounces for a gross value of around US$36 million, based on a spot of US$1500.
Crescent has recently also been receiving some encouraging results from diamond core drilling at Apollo, Aurora and Calypso gold resources, which form part of the broader Laverton gold project.
During the June quarter Crescent announced a maiden probable gold reserve of 54,000 ounces near surface at Apollo Deposit, where mining operations have been fast tracked and are scheduled to commence in the September quarter of 2011.

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