FOCUS MINERALS LTD — Capital/Financing Update 2007

Jul 29, 2007

PERTH

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MEDIA / ASX RELEASE

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

30 July 2007

SIGNIFICANT RESOURCE UPGRADE FOR DREADNOUGHT DEPOSIT, COOLGARDIE UNDERPINS 33% INCREASE IN INDICATED RESOURCES FOR COOLGARDIE GOLD PROJECT

WA gold and nickel company Focus Minerals Ltd (ASX: FML ) and its Redemption Joint Venture (RJV) partner Canadian-based Committee Bay Resources Ltd (TSXV: CBR ) have further demonstrated the substantial resource potential at the Coolgardie Gold Project, with the announcement today of a 152% increase in the Indicated Resource for the Dreadnought deposit to 3.024Mt @ 2.02 g/t Au for 196,402 ounces of gold .

The significantly improved confidence level of the Dreadnought resource has enhanced the combined JORCcompliant resource for the Coolgardie Gold Project to 1.6 million ounces of gold, comprising a:

• Measured Resource of 550,000t @ 1.77 g/t Au for 31,014 ounces;

• Indicated Resource of 8.08Mt @ 1.82 g/t Au for 472,565 ounces; and

• Inferred Resource of 11.41Mt @ 2.98 g/t Au for 1.09 million ounces.

The new Indicated Resource for the Coolgardie Gold Project represents a 33% increase on the previously reported Indicated Resource, which measured 6.03Mt @ 1.83 g/t Au, for 354,123 ounces.

Calculated using the results from a 38-hole (5,500m) infill drilling program completed by the RJV and 25,379m of historic drilling, the new Dreadnought Resource estimate represents a total 220,982 ounces of gold. The combined resource comprises the Indicated Resource (3.02Mt @ 2.02 g/t for 196,402 ounces) and an Inferred Resource of 434,342t @ 1.76 g/t Au for 24,580 ounces.

The Dreadnought deposit is located immediately south of the Tindals Mining Centre, where the RJV is completing final preparations for the commencement of an underground exploration and development decline from existing fully-permitted underground infrastructure, to facilitate access to the key high-grade Perseverance orebody.

An advanced Bankable Feasibility Study is targeting the commencement of mining from the Perseverance zone by December 2007. Earlier this month the RJV announced further outstanding results from Perseverance, for which the current resource measures 300,000t @ 9.4 g/t Au, for 89,600 ounces of gold.

“Clearly the substantial Dreadnought deposit will be another key development zone for the Coolgardie Gold Project,” Focus Minerals’ Managing Director, Mr Peter Williams, said. “The Dreadnought mineralisation occurs in two zones and drilling to date has been conducted to a depth of 250m only.”

Earlier this month the RJV finalised an agreement for the priority toll treatment of up to 480,000tpa of Coolgardie Gold Project ore at the Greenfields gold processing facility, owned and operated by Higginsville Mining and centrally located on RJV land.

Development of the Dreadnought deposit is expected to contribute considerably to the re-commissioning of the RJV’s wholly-owned and fully-permitted 1.2mtpa Three Mile Hill plant located on RJV land adjacent to the Greenfields facility.

“Combined with the recent results from Perseverance, which confirmed the continuity, quality and grade of the orebody and indicated considerable potential to grow that resource further, the latest Dreadnought upgrade confirms our view that we are developing perhaps Coolgardie’s most expansive and long-term gold project,” Mr Williams said.

“Our downhole EM and additional results from holes we have completed at Perseverance, plus our plans for several ground EM surveys to follow up anomalies which the RJV recently identified along the Redemption Corridor, are just some of the ongoing activity which we believe will further reward our confidence.”

COMPETENT PERSON’S STATEMENT

The information in this report relating to Resources and Reserves is 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.

ENDS

Released by: Nicholas Read/Susan Bower Read Corporate (inc Jan Hope & Partners) Telephone: (+61-8) 9388-1474

On behalf of: Peter Williams, Managing Director Focus Minerals Ltd 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-KalgoorlieWidgiemooltha region of Western Australia.

Focus Minerals is currently fast tracking development of its wholly-owned Nepean Nickel Project (current estimated resource totaling 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.