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Focus Minerals Limited (ASX:FML) is into gold exploration. It is a leader in the exploration of gold in Australia, with significant funds. On 11 March 2019, Focus Minerals Limited (ASX:FML) has clarified that at this stage no binding sale agreement had been signed with Intermin. Focus and Intermin are working together cooperatively to advance a potential transaction. However, there is no guarantee as of now that a binding sale agreement will be executed.
Focus will update the shareholders with any progress on this front. The transaction is regarding the potential sale of Focus' Coolgardie Gold Project which was discussed in an article in the West Australian on 09 March 2019. As disclosed to the ASX on 11 February 2019, Focus and Intermin Resources Limited entered into an exclusivity agreement. The agreement provided a five-month exclusivity period for the parties to finalise formal documentation and obtain all necessary approvals in relation to the proposed transaction.
The company with its wholly owned subsidiary Focus Operations Pty Ltd has filed for lodgement applications with the Department of Mines, Industry Regulation and Safety for leave to proceed with applications for exemption from expenditure obligations with respect of several tenements of the Focus Group.
The company made the leave applications with respect to tenements subject to 66 applications for forfeiture that were lodged between the end of November 2018 and mid-January 2019. The Forfeiture Applications were made variously by Allan Neville Brosnan, Chadwick Doughton Everett and/or Jeffrey Hull in respect of tenements comprised in Focus' Coolgardie Gold Project and Laverton Gold Project. They assert non-compliance by Focus with the minimum expenditure obligations of the tenements, which Focus denies. The Forfeiture Applications are at an early stage with no details yet provided by the Applicants in support of their allegations.
The company has actively explored its projects and reported to the Department the significant expenditure during the relevant expenditure periods. It will further present detailed evidence of drilling and related expenditure in support of the Exemption Applications, before the Warden and, in due course, for consideration by the Minister, as detailed in Focus' various quarterly activity reports from the period from 3 April 2017 to 30 January 2019.
The forfeiture applications arise at the time of the well-publicised sale process regarding the Coolgardie Gold Project, and it is opportunistic in nature as stated by the company. It has disclosed the existence of these proceedings to Intermin Resources Limited as part of Intermin's ongoing due diligence review of the Coolgardie Gold Project.
On the price-performance front, the stock of Focus Minerals Limited is trading at $0.260 with an increase of ~1.96% during the dayâs trade (AEST 3:40 PM) and with a market capitalisation of $46.6 million. The stock has generated YTD returns of 30.77% and returns of 27.50% and 50.0% over the past six months and three months period respectively. However, the recent one-month return stood at negative 1.92%. It had a 52-week high price of $0.335 and a 52-week low price of $0.150 with an average trading volume of 33,028.
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