FOCUS MINERALS LTD — Capital/Financing Update 2007

Dec 11, 2007

PERTH

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Level 3 105 St Georges Terrace Perth Western Australia 6000 Phone: 61 8 9215 7888 Fax: 61 8 9215 7889 Email: pwilliams@focusminerals.com.au ACN 005 470 799

MEDIA / ASX RELEASE

12 December 2007

FURTHER HIGH-GRADE DRILL RESULTS FROM PERSEVERANCE DEPOSIT - COOLGARDIE

INITIAL GRADE CONTROL DRILLING CONFIRMS STRUCTURE, WITH BETTER-THAN-EXPECTED GRADES ENCOUNTERED

SUMMARY

• Grade control drilling delivers better-than-expected grades with best assay results including:

• 9.1m @ 87.28g/t Au (including 1.3m @ 273.02g/t)

• 4.4m @ 58.23g/t Au

• 11.5m @ 27.09g/t Au (including 2.7m @ 65.64g/t)

• 13.1m @ 16.23g/t Au (including 3.7m @ 56.85g/t)

• 26 holes out of an initial 49-hole drill program completed, with all holes assayed to date either confirming known widths or intersecting wider parts of the lode.

• Drilling confirms the presence of a narrower footwall quartz-sulphide zone approximately 10m below the main lode with potential for high grade zones.

• Further step-out grade control holes planned to locate the extremities of economic mineralization.

Australian-based gold and nickel company Focus Minerals Ltd (ASX: FML ) and its Redemption Joint Venture (RJV) partner, Canadian-based Committee Bay Resources Ltd (TSXV: CBR ), today announced significant results from an ongoing program of grade control drilling at the advanced Perseverance Gold Project , located in the prolific Coolgardie Gold Belt in Western Australia.

The Company said today ( Wednesday ) that the results, which included high-grade intersections , have further reinforced the production potential of the Perseverance Project, where the Joint Venture is well advanced towards the planned commencement of production in early 2008.

Unfortunately these results have arrived too late to be included in our current Bankable Feasibility Study, which is in its final draft stage and is currently under review by the Joint Venture partners.

A total of 26 drill holes have been completed out of an initial 49-hole program designed to test the grade and width interpretations for the Perseverance deposit. All 20 drill holes assayed to date have either confirmed the width of the main quartz-sulphide lode, or have intersected wider parts of this lode, with better intersections summarized below (see Appendix 1 for a full list of results):

Summary of Perseverance Grade Control Drill Results:

• 11.7m @ 16.31g/t Au from 83m (incl. 1.7m @ 65.97g/t)

• • 11.5m @ 27.09g/t Au from 85.5m (incl. 2.7m @ 65.64g/t) • 9.1m @ 87.28g/t Au from 91.5m (incl. 1.3m @ 273.02g/t) • 17.5m @ 7.49g/t (incl. 0.91m @ 64.12g/t) • 13.1m @ 16.23g/t Au (incl. 3.7m @ 56.85g/t) • 9.7m @ 9.15g/t Au • 4.4m @ 58.23g/t Au • 3.69m @ 11.15g/t Au • 3.0m @ 12.46g/t Au

The assay results received to date have, in general, been better than expected in some areas. In particular, the results received from some of the southern extremities of the economic mineralization at Perseverance have been extremely encouraging as they are of higher grade than the existing exploration drill holes. This could be a reflection either of the “nuggetty” nature of the ore body, or that the existing exploration drill holes do not truly reflect the grade of the quartzsulphide lode at the southern extremities.

These results have the potential to open up the orebody for further extensions to the south and the Joint Venture intends to conduct further step-out grade control holes to define the extremities of the economic mineralisation.

The grade control drilling has also confirmed the presence of a new footwall quartz-sulphide zone approximately 10m below the main lode. This is much narrower and less continuous than the main lode, but results have indicated that there is potential for some high grade zones. Geology and assay results have also confirmed the presence of the diorite lode, with some results indicating the potential presence of some high grade zones within the diorite mineralisation.

The underground grade control drill program has the potential to further upgrade the Resource at Perseverance Deposit, which will be the first of several key central ore bodies which will be mined at the Coolgardie Project. The program is being conducted from the Perseverance decline development, of which the first 500 metres has been completed one month ahead of schedule and A$500,000 (20%) under budget.

The Perseverance ore body is one of several key deposits comprising the Tindals Mining Centre, which is centrally located within the Coolgardie Gold Project. Work is also continuing within the Tindals Mining Centre at the Empress and Cyanide (Tindals East) deposits, in order to fast-track further delineation and development of the greater area.

“It’s not only the exceptional grades that have caught our attention, but also – importantly – confirmation that the southern extremities of the known mineralization are potentially open along strike and down dip which may provide additional resources,” Focus Minerals’ Managing Director, Mr Peter Williams said.

ENDS

COMPETENT PERSON’S STATEMENT

The information in this report relating to Resources and Reserves are based on work supervised by Mr Chuck McCormick who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr McCormick has the relevant experience as a “Competent Person” as defined in the 2004 edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves in relation to the mineralisation reported on. Mr McCormick is Exploration Manager of Focus Minerals Ltd and consents to the inclusion of the material in the form and content in which it appears.

Released by: On behalf of: Nicholas Read/Jason Cunningham Peter Williams, Managing Director Read Corporate Focus Minerals Ltd Telephone: (+61-8) 9388-1474 Telephone: (+61-8) 9215-7888 Web: www.focusminerals.com.au

BACKGROUND INFORMATION – FOCUS MINERALS LTD

Focus Minerals Ltd (ASX: FML ) is an Australian-based exploration and development group whose focus is to become a significant gold and nickel producer in the Coolgardie-Kalgoorlie-Widgiemooltha region of Western Australia.

Focus Minerals is currently fast tracking development of its wholly-owned Nepean Nickel Project (current estimated resource totalling 591,300t @ 2.2% Ni) located 25km south of Coolgardie. Focus has a view of recommencing mining operations from the historic production centre in 2008.

Through its Redemption Joint Venture with Canadian-based Committee Bay Resources Ltd, Focus Minerals is the largest landholder in the Coolgardie Gold Belt located in Western Australia, 560km east of Perth and 35km west of the ‘Super Pit’ in Kalgoorlie-Boulder. More than 2.6 million ounces of gold has been produced from the Coolgardie gold belt alone since 1892. The Redemption Joint Venture holds the mineral rights to more than 210sq km of tenements including Measured, Indicated and Inferred Resources exceeding 1.6 million ounces of gold as well as the 1.2mtpa Three Mile Hill processing plant.

Appendix 1 – Perseverance Grade Control Drill Results (first 20 Holes)

Hole	From (m)	To (m)	Interval (m)	Au ppm	Comments
PEGC0001	**82.4 **	**83.4 **	1	**25.46 **	**MainQzSu lode **
PEGC0002	83	94.7	11.7	16.31	Main QzSu lode
_including _	93	94.7	1.7	65.97
and	100	104	4	10.36	FootwallQzSu zone
_including _	100.9	102.1	1.2	30.29
and	110.6	111.4	0.8	7.29	Lower diorite unit
PEGC0003	**85.5 **	**97 **	**11.5 **	**27.09 **	**MainQzSu lode **
_including _	93	95.7	2.7	65.64
and	100	102.8	2.8	4.94	FootwallQzSu zone
and	107.1	110	2.9	17.69	Lower diorite unit
PEGC0004	**91.5 **	**100.6 **	**9.1 **	**87.28 **	**MainQzSu lode **
_including _	94.9	96.2	1.3	273.02
PEGC0005	**99.8 **	**106 **	**6.2 **	**3.19 **	**MainQzSu lode **
and	132	135	3	2.51	Lower diorite unit
and	140	143	3	3.24	Lower diorite unit
PEGC0006	**103 **	**103.6 **	**0.6 **	8.44	**MainQzSu lode **
and	135	141	6	2.12	Lower diorite unit
PEGC0007	**83 **	**100.5 **	**17.5 **	**7.49 **	**MainQzSu lode **
_including _	94.87	95.78	0.91	64.12
and	109.9	110.4	0.5	14.15	FootwallQzSu zone
and	116.58	117.48	0.9	62.29	FootwallQzSu zone
PEGC0008	**88.3 **	**101.4 **	**13.1 **	**16.23 **	**MainQzSu lode **
_including _	89.3	93	3.7	56.85
and	112.1	119.7	7.6	9.39	Lower diorite unit
PEGC0009	**94.5 **	**104.2 **	**9.7 **	**9.15 **	**MainQzSu lode **
and	115.4	116.2	0.8	50.5	Lower diorite unit
PEGC0010	99.8	108.2	8.4	2.66	MainQzSu lode
and	146	148	2	4.52	Lower diorite unit
PEGC0011	**95 **	**98 **	**3 **	**5.35 **	**MainQzSu lode **
and	102	105	3	3.23	Lower diorite unit
PEGC0012	**89.8 **	**94.2 **	**4.4 **	**58.23 **	**MainQzSu lode **
and	104	105.3	1.3	10.8	Lower diorite unit
PEGC0013	90	97	7	1.69	MainQzSu lode
and	101	103	2	10.48	Lower diorite unit
and	106	108	2	3.32	Lower diorite unit
and	114	121.9	7.9	2.32	Lower diorite unit
PEGC0014	**74.67 **	**83.1 **	**8.43 **	**10.68 **	**MainQzSu lode **
PEGC0015	87	89	2	6.03	HangingWall diorite unit
and	**91.31 **	**95 **	**3.69 **	**11.15 **	**MainQzSu lode **
and	125	128	3	3.18	Lower diorite unit
PEGC0016	**85 **	**88 **	**3 **	**12.46 **	**MainQzSu lode **
and	96	97	1	13.41	FootwallQzSu zone
and	134	136	2	12.92	Lower diorite unit
PEGC0017	**95.7 **	**101 **	**5.3 **	**7.19 **	**MainQzSu lode **
and	107.55	108	0.45	16.74	FootwallQzSu zone
and	114.3	118.67	4.37	6.58	FootwallQzSu zone
and	136	141	5	3.28	Lower diorite unit
PEGC0018	89	95.67	6.67	4.85	Main QzSu lode
and	119	125	6	1.72	Lower diorite unit
PEGC0019	109	110	1	4.04	**MainQzSu lode **
PEGC0020	71	73	2	2.31	MainQzSu lode
and	102.66	107.6	4.94	4.43	Footwall QzSu zone adjacent to the historical workings

Appendix 2 – Grade Control Drilling Long Section

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