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CRESCENT PRODUCES 21,915 OUNCES FOR THE SEPTEMBER QUARTER; HITS MARKET GUIDANCE

• Successfully transitions Mary Mac Hill open pit into production
• On track to commence development of the Apollo project

Australian gold producer, Crescent Gold Limited (ASX:CRE) has hit its market guidance for the September Quarter, producing 21,915 ounces of gold from its operations at the Laverton Gold Project.

With production commencing at its Mary Mac Hill deposit, and accelerating its newly developed Fish operation, Crescent processed 504,288 tonnes of ore at an average grade of 1.5g/t over its 39 day campaign at Barrick Granny Smith (BGS) under its Ore Purchasing Agreement.  It achieved an average gold price of $1,660 to deliver net revenue of $36.6 million.

“This is an outstanding result reflecting the great work done by the operating team in the effective development of our new open pit operations at both Mary Mac Hill and Fish,” said Crescent Gold Managing Director Mark Tory.

“Both Mary Mac and the newly developed Fish operations are now in full production mode to the extent that we already have 300,000 tonnes of ore stockpiled at Barrick Granny Smith in preparation for the December quarter processing campaign (Campaign 9)”.

Campaign 9 is planned to run for 32 days and it is forecast that between 17,000 and 19,000 ounces will be produced.

Focus Minerals Limited (ASX: FML) successfully completed its off-market takeover of Crescent Gold earlier this month. The offer was strongly supported with 82.5% shareholder acceptance.

Campbell Baird, Focus’ Chief Executive Officer, said the team at Crescent had delivered an outstanding Quarter, and laid the foundation for strong production in the December and March Quarters.

“This has been an excellent achievement and the planning is well advanced for subsequent campaigns,” said Mr Baird.

Later this month the Crescent team will mobilise a fourth digging fleet to commence mining at the Apollo deposit providing three separate ore sources in the lead up to the commencement of campaign 10 starting in early January 2012.

“Apollo is a really exciting area for future production growth with a number of targets running to the north and south through the Chatterbox shear which we expect to become a major future source of production for the group,” Mr Baird said.

Crescent announced a maiden 54,000oz proved and probable reserve at Apollo earlier in the year.  The Apollo pit, which is currently planned to be up to 1.5km long, is situated on the Chatterbox shear zone some 7km to the west of the Laverton.  Crescent also holds tenements along some 30km of the Chatterbox shear zone.

Production commenced in the September Quarter from the Mary Mac Hill deposit which has a probable reserve of 306,000t @ 1.8g/t for 18,000oz and continued at the recently developed Fish pit with a probable reserve of 292,000t @ 3.5g/t for 33,000oz.

This was Crescent’s eighth quarterly campaign under the OPA with Barrick Granny Smith.

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CRESCENT GOLD BOARD CHANGES

Crescent Gold Limited (ASX: CRE) is pleased to advise that Don Taig, Chairman of Focus Minerals Limited (ASX: FML), has joined the Crescent Board, effective immediately.

Focus Minerals successfully completed its off-market takeover of Crescent Gold earlier this month. The offer was strongly supported with 82.5% shareholder acceptance.

Mr Taig has significant mining and executive management experience.  He spent 11 years within CRA Ltd’s mining businesses both in Australia and overseas and was a director of Metals Exploration Ltd.  He has also held a number of senior management roles within the food industry, including as Managing Director of Goodman Fielder’s Australian Baking Division; Chief Executive Officer of Bunge Cereal Foods; and Managing Director of Chiquita Brands South Pacific.

Geoff Stanley, Chairman of Crescent Gold said:

“I’d like to personally welcome Don to the Board of Crescent Gold.  This is an important step in the process of the integration of our operations and delivering synergies between the two businesses.”

Don Taig, Chairman of Focus Minerals said:

“The Laverton Gold Project is a world class mining centre with a very bright future ahead of it.  The operations are currently entering an exciting new phase of growth and this is a great opportunity for the management teams of Crescent and Focus to work together to maximise return for shareholders.”

Crescent also advises that Simon Grenfell and David Keough have resigned from the Crescent Board.  Simon has served as a Non-Executive (Nominee) Director since 6 July 2008, being one of two nominated directors of Deutsche Bank AG. His decision to resign follows the transfer of Deutsche Bank’s shareholding in Crescent to Focus Minerals due to the recent acquisition of Crescent by Focus.  David has served as a Non-Executive Director since 6 June 2007. His decision to resign is a result of a restructuring of the Crescent Board.

The Crescent Board wishes to thank Simon and David for their support over the term of their service.

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TINDALS DRILL RESULTS HIGHLIGHT POTENTIAL FOR FURTHER EXPANSION AROUND PERSEVERANCE

– Focus Pours 200,000^th Ounce of Gold at Coolgardie –

Potential For Further Expansion

Australian gold producer Focus Minerals (ASX: FML) is pleased to announce that drilling at its flagship Tindals Mining Centre underground operation has produced a series of high-grade gold intercepts, highlighting the potential for further expansion around the prolific Perseverance deposit (Figure 1)

Exploration drilling at Perseverance has targeted previously identified mineralisation to the north of the existing reserve (Table 1), the Perseverance North deposit, where it has outlined a 150m strike length of high-grade mineralisation.

Recent drilling of the main lode at Perseverance (4.5m @ 21.6g/t, 2.3m @ 12.3g/t, and 2m @ 7.8g/t) has also confirmed the existence of a mineralised diorite lode west of, and running parallel to, the current Perseverance Ore Reserve.

High-Grade Drill Results

High grade intercepts at the Perseverance North deposit include (Table 1):

• 6m @ 20.2g/t
• 2.4m @ 16.3g/t
• 2.8m@ 10.8g/t; and
• 2.7m @ 10.0g/t

High-grade intercepts in the diorites include (Table 1):

• 16.9m @ 16.0g/t;
• 6.1m @ 7.0g/t;
• 3m @ 12.4g/t; and
• 9m @ 3.5g/t

“These results point to the potential for further expansion around the Perseverance ore body and, when you put them together with other work we’ve been doing across the wider underground operation, we are clearly in a very strong position to continue to deliver solid production from the Tindals underground month after month,” said Focus Minerals Chief Executive Campbell Baird.

200,00th Ounce Poured

Mr Baird said Focus has just poured its 200,000th ounce of gold since it started production from the Tindals Underground operation in April 2008, significantly with approximately 125,000oz of that production having been mined from Perseverance.

“Perseverance has been an important ore body for Focus over the years and its production has been exceptional when you consider we only started there with a 76,000 ounces reserve,” he said.

Drill Program Detail

The Perseverance North discovery (see ASX release 16/09/10) was targeted to assess the southern strike potential as well as infill around previous high-grade results. This drilling has also delivered extremely encouraging intersections including: 6m @ 20.2g/t, 2.4m @ 16.3g/t, 2.8m @ 10.8g/t; (Figure 2) and 2.7m @ 10.0g/t and has now identified a 150m strike length of high-grade mineralisation which remains open to the north and down dip. In addition, the drilling result appears to indicate that the Perseverance North deposit has a moderate-steep southerly plunge, similar to the main quartz-sulphide ore body at Perseverance.

Drill holes that targeted the Main Lode within the Ore Reserve at Perseverance were extended to the west to test the position where mineralised diorites were known to exist, and had previously being successfully mined, at higher levels in the mine. The mineralised diorites intersected in the drilling are located 20-50m west of the Ore Reserve, which is currently being mined. The mineralisation exhibits similar characteristics (alteration, veining and mineralisation) as that mined previously within diorites higher in the mine. The drilling intersected excellent widths and grades including: 16.9m @ 16.0g/t, 6.1m @ 7.0/g/t, 3.0m @ 12.4g/t, 7m @ 3.5g/t; and 6.3m @ 4.1g/t. Further drilling is being planned to determine the extent of the diorite mineralisation at this depth

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FOCUS MINERALS COMPLETES TAKEOVER OF CRESCENT GOLD

• Focus owns 81.57% of Crescent, which it may increase to 86.45%
• Merged Group targeting gold production of +200,000oz[1] in 2012
• Focus to seek changes to the Crescent Board and to de-list Crescent from the ASX and TSX

Focus Minerals Limited (ASX: FML, FFT: FZA), will emerge as one of Australia’s top gold producers with projected annual production of +200,000 ounces in 2012 following the successful completion of its off-market takeover Offer for Crescent Gold Limited (ASX: CRE, TSX: CRA, FFT: CZ8).

At the close of the Offer at 7pm EST last night, Focus had a relevant interest in Crescent of 81.57%.

Focus also has an opportunity to increase its interest via the conversion of debt owed by Crescent to Focus. Assuming full draw down of these loans, a 5 cent per share conversion price, and full exercise of all associated options, Focus would increase its interest in Crescent to 86.45%.

The Focus Offer received strong support, as demonstrated by the fact that 1,914 of 2,320 shareholders accepted the Offer, representing an 82.5% shareholder acceptance.

“The combined gold production of Focus and Crescent will be in excess of 200,000oz per annum and the companies will hold a combined JORC reportable resource base of 4.3Mozs of gold, and possess outstanding growth potential across two major Western Australian mining regions,” said Focus Chief Executive Campbell Baird.

“Given the assets of Crescent, the very strong anticipated operating cash flow of Focus and based on current valuation analyses, the Focus business (including its majority ownership of Crescent) has the potential for a significant re-rating.”

Mr Baird said the Focus management team has the operational experience to maximise the value of Crescent’s assets, and has already been exerting its control over the past number of weeks in working together with the Crescent team to focus on mine planning and operational execution.

“We’ve just successfully completed campaign 8 and already have around 85% of the ore mined and stockpiled for campaign 9 which starts 13 October,” said Mr Baird.  “We have a strong pipeline of projects in Laverton and with the right focus in place, we will see these operations continue to develop and deliver further value back to shareholders.”

Focus intends to seek to re-constitute the Crescent Board in the near future and also seek the de-listing of Crescent from the Australian Securities Exchange and the Toronto Stock Exchange (TSX).

About Focus Minerals:

Focus Minerals is an aggressively expanding gold producer based in Western Australia’s Eastern Goldfields.  The company holds the mineral rights to 449km² of tenements and is the largest landholder in the Coolgardie Gold Belt, 35km west of the ‘Super Pit’ in Kalgoorlie.  Focus is currently in production from underground and open pit operations at its flagship Tindals Mining Centre in Coolgardie, adjacent to its 1.2Mtpa Three Mile Hill processing plant.  It also recently opened a new high-grade underground mine 85km south of the plant, The Mount.  Focus has an 81.57% shareholding interest in Crescent which owns the Laverton Gold Project, located 250km northeast of Kalgoorlie in Western Australia.

[1] Includes targeted production of +100,000oz from Focus’ projects, and 100,000oz from Crescent Gold’s projects. On a consolidated basis attributable production target from Crescent is approximately 80,000oz for 180,000oz of total attributable targeted production

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STRONG DRILL RESULTS SUPPORT OPEN PIT DEVELOPMENT STRATEGY

• Focus delivers high-grade drill results at two open pit targets at the Tindals Mining Centre
• Establishes maiden Mineral Resource at targets and identifies potential for future open pit development
• Drill results at the two targets deliver intersections including:
  • 5m @ 26.3g/t Au
  • 2m @ 25.7g/t Au
  • 16m @ 2.7g/t Au
  • 12m @ 3.9g/t Au

Australian gold producer Focus Minerals (ASX: FML) has delivered a strong set of drilling results and posted a maiden Mineral Resource at two surface targets at the Tindals Mining Centre in Coolgardie, supporting its strategy to deliver a sustainable 25-30,000 ounce per annum production from the operation for the next 5 years.

Drilling at the Undaunted and Lady Charlotte targets, both located at the Tindals Mining Centre, has delivered a series of high-grade intercepts including: 5m @ 26.3g/t, 2m @ 25.7g/t, 16m @ 2.7g/t, and 12m @ 3.9g/t (see Figure 1 & Appendix 1).

A 150 metre mineralised strike length has now been outlined at Undaunted and the deposit remains open at depth, with tightly folded mineralised diorites in the area showing strong similarities to Focus’ Countess underground operation nearby.

Focus is also pleased to announce that it has established a maiden combined JORC reportable Mineral Resource of 130,000t @ 2.0g/t for 8,250 ounces at Undaunted and 103,000t @ 2.0g/t for 6,500 ounces at Lady Charlotte (see Table 1).

Focus Minerals Chief Executive Campbell Baird said the high-grade intersections and delivery of a maiden resource supported the significant mine life potential for new open pit operations (Figure 2).

“This work has clearly shown the extraordinary gold endowment in the Coolgardie region and the success that comes with a dedication to exploration,” said Mr Baird.

“Over the last six months or so we have brought three pits into production and developed a number of targets into significant projects.

“These results indicate promise for ongoing open pit development in accordance with our surface growth strategy.”

Drilling at Undaunted targeted previous intercepts from earlier in the year (see ASX release dated 01/03/11) and has identified a mineralised diorite with a strike length of 150m returning significant intercepts including: 16m @ 2.7g/t, 6m @ 4.5g/t and 6m @ 3.1g/t. The program also targeted an area to the south of Undaunted around old workings with multiple significant intercepts including 6m @ 3.8g/t and 3m @ 4.5g/t. The drilling has to date only targeted a depth of 40m and Focus will soon be targeting further results at depth.

Drilling at Lady Charlotte (immediately to the east of Undaunted) has targeted interpreted diorites around some historical intercepts.  This has returned a number of high-grade intercepts including: 5m @ 26.3g/t, 2m @ 25.7g/t and 12m @ 3.9g/t.  This is the first time Focus has undertaken RC drilling in this location, and highlights the potential in the area.

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FOCUS REPORTS RECORD FULL-YEAR RESULT FOR FY11

• Revenue increased 39% to $102.8 million (FY10: $73.7 million)
• Net Cash from Operating Activities increased 11% to $30.3 million (FY10: $27.8 million)
• Focus opened two new gold mines in FY11, positioning the Company for growth in FY12
• Focus completed first full year of ore processing at the Three Mile Hill plant with total gold production increasing 17% to 72,830oz (FY10: 62,296oz)
• The acquisition of Crescent Gold positions Focus as a +200,000oz gold producer for calendar 2012

Result Summary

Focus Minerals Limited (ASX: FML), a leading Australian gold producer, today announced record full-year Revenue and Net Cash from Operating Activities, positioning the company for strong growth after a year of significant transformation.

In FY11 Focus’ annual revenue increased by 39% to $102.8 million (FY10: $73.7 million) and Net Cash from Operating Activities increased by 11% to $30.3 million (FY10: $27.8 million), as the company grew total gold production by 17% to 72,830oz (FY10: 62,117oz).

During FY11, Focus increased gold sales by 16.2% to 72,721oz of gold (FY10: 62,294oz) at an average price of $1,391/oz (FY10: $1,197/oz).

NPAT for FY11 was $7.6 million (FY10: $10.9 million). The increase in the average cost of production and the decrease in NPAT reflect significantly increased levels of mine development expenditure (particularly at The Mount underground and Tindals Open Pit operations), increased exploration expenditure and the impact of mill upgrades.

Significant developments in FY11 included:

• Commencing ore production at Tindals Open Pit operations
• Commencing ore production at The Mount underground operation
• First full year of ore processing at the Three Mile Hill plant
• Increased commitment to exploration to $23.9 million (FY10: $6.3 million)
• Discovery of new gold camp at Treasure Island Gold Project
• Record production from the Tindals Underground operation increasing 29% to 61,248oz (FY 10: 47,516oz).
• Significant increase in scale of operations through the acquisition of Crescent Gold

Focus Commentary

“FY11 was a transformational year for Focus Minerals,” said CEO Campbell Baird. “We will now go about capitalising on our production capability after establishing a very solid platform for growth. The best is very much still ahead.”

After successfully starting new open pit and underground mining operations in the second half of FY11, Mr Baird said that Focus was ramping up production at its Coolgardie operations and with the acquisition of Crescent Gold, will be significantly increasing total gold production during FY12 allowing the company to capitalise on high gold prices.

“At the start of FY11 we had just one operating mine; by the end of FY11 we had three mines with production commencing at The Mount underground and the Tindals Open Pit operations. With the recent addition of Crescent’s Laverton Gold Project open pit operations, we now have four operating gold mines.”

Outlook

Mr Baird said with its developing presence in the Coolgardie area, and its new presence in the Laverton area (following the acquisition of Crescent Gold), Focus has a combined JORC resource base of 4.3Moz[1] of gold and will produce +200,000oz of gold in CY12[2].

“FY12 will be a year of growth as we get our new open pit and underground operations up to full production, maximise higher-grade throughput at the Three Mile Hill plant, optimise performance and grow production at the Laverton Gold Project and continue our accelerated exploration program to increase resource and reserve ounces,” he said

[1] Includes total JORC resources of 2.1Moz from Crescent’s projects.  Focus has a ~80% shareholding in Crescent as of 27 September 2011. On a consolidated basis, attributable JORC resources from Crescent are 1.66Moz for 3.96Moz attributable to Focus

[2] Includes targeted production from Focus’ projects of +100,000oz, and targeted production from Crescent’s projects of 100,000oz. Focus has a ~80% shareholding in Crescent as of 27 September 2011. On a consolidated basis, attributable production target from Crescent is 80,000oz for a 180,000oz production attributable to Focus.