Focus and Northair Sign Definitive Agreement for El Reventon, Mexico
VANCOUVER, Sept. 25, 2012 /PRNewswire/ - Focus Ventures Ltd. (TSX-V: FCV) is pleased to announce that it has signed a Definitive Agreement with International Northair Mines Ltd. (TSXV: INM, "Northair") granting Focus the option to acquire a majority interest in the El Reventon property, located in the State of Durango, Mexico. In addition to terms previously announced (see press release dated April 10, 2012), the parties have agreed that once Focus has earned its 65% interest in the property by investing in exploration and making certain cash payments to Northair, Focus can increase its interest to 80% by completing a Feasibility Study.
The El Reventon property comprises 4,430 hectares and controls a series of historic silver workings and occurrences that lie along trend and are contiguous with Focus' Santa Cruz project where Focus has defined a number of targets for drill testing. Drilling at Reventon in 2007 and 2008 by Northair intersected significant intercepts of breccia-hosted silver, zinc and lead in the majority of holes drilled, including 155.4m @ 71.3 g/t Ag, 0.46% Pb and 0.61% Zn (Hole RC-08-8) and 22.9m @ 287 g/t Ag, 1.39% Pb and 3.48 % Zn (Hole RC-08-13).
Focus can earn a 65% interest in the El Reventon Project by incurring US$2,000,000 in exploration expenditures over three years, including a firm commitment of US$250,000 in the first year. Focus will also make cash payments to Northair totalling US$235,000 over two years, and maintain all underlying obligations of Northair by making cash payments under an existing option agreement to a property owner totalling US$139,000. Focus can earn an additional 15% interest by presenting a Feasibility Study of sufficient quality that would allow Northair to fund its share of the project, plus a cash payment of $100,000 to Northair.
Despite unusually heavy rains, exploration has continued throughout the wet season at Santa Cruz and El Reventon. A full progress update will be provided over the coming weeks.
The Santa Cruz and El Reventon properties lie within the Silver Lake Trend, a polymetallic belt that hosts several operating and past producing gold and silver mines, including the La Ciénega, Topia, San Dimas and Metates deposits. Focus controls a major district-scale land position comprising over 60,000 hectares covering a mineralized trend over 20 kilometers long. To date, exploration has recognized a number of breccia-hosted silver and gold targets along the trend that show potential to host bulk-tonnage high-grade and low-grade deposits, with several targets currently being permitting for drilling.
Mr. David Cass, Focus's President, is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a "Qualified Person" in accordance with NI 43-101. Mr. Cass has reviewed and approved the technical information in this release based on reports provided to Focus by Northair. Focus, however, has not independently verified Northair's exploration results.
About Focus Ventures
Focus Ventures is developing a diversified portfolio of quality silver, gold, copper and phosphate properties in Peru and Mexico. Backed by an experienced technical team of geologists and consultants, Focus's strategy is to identify and acquire former producing mines or untested gold and silver and base metal properties that show potential to become new mines. For further information, please call 604-688-5288 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
David Cass, President
Shares Issued: 40.1-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Focus Ventures Ltd. Actual results may differ materially from those currently anticipated in such statement.
SOURCE Focus Ventures Ltd.
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.