Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Focus Minerals: Crescent Gold takeover complete, targets 200,000paoz gold production

Focus Minerals (ASX: FML) has now completed the takeover of Crescent Gold (ASX: CRE, TSE: CRA), with Focus now owning 81.6% of Crescent - which may increase to 86.5% through the conversion of debt.

The significance of the new group is the 200,000 gold ounce production target from as soon as 2012.

Focus will now seek changes to the Crescent board, and de-list Crescent from the ASX and TSX.

The Focus offer received strong support, which the Crescent board supported, demonstrated by the fact that 1,914 of 2,320 shareholders accepted the offer, representing an 82.5% shareholder acceptance.

Campbell Baird, chief executive officer, commented “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.

“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.”