Focus climbs on resource upgrade

Focus Minerals shares have climbed after the company announced bumper drilling results at its Countess gold deposit at its Tindals Mining Centre in Coolgardie.

Focus announced today drilling results revealed the size of the Countess deposit, part of the Tindals Mining Centre, was 43 per cent larger than thought, at 71,000 ounces.

The upgrade takes total underground resources at Tindals to 383,000oz.

At 9:50AM today Focus shares were up 5.5 per cent, to 5.7 cents.

During the December quarter, Focus reported Tindals' gold production was up 37 per cent to 21,039oz.

Focus Chief Executive Campbell Baird said the results pointed to a strong future for the Tindals Underground Mine, which has been funding Focus' wider mine development strategy.

"Tindals continues to deliver solid grades from multiple ore bodies as we have ramped up production," Mr Baird said.

"The cash generated by Tindals has enabled Focus to pursue an aggressive mine development program that will see the Company open two new mines over the next three months.

"This will significantly change our production profile in the first half of this year, putting us on track to produce around 10,000 ounces a month in the second half of the calendar year.

"With three mines, a 2 million-ounce plus resource Inventory and immense exploration upside, Focus is superbly placed to take full advantage of its strong growth prospects."

Earlier this week Focus reported a 28 per cent increase in its interim pre-tax profit guidance.

Focus said its record pre-tax profit of $6.2 million was driven by strong gold production of 36,339oz, which underpinned revenue of $48.9 million.