Focus receives $1.1 million for Santo Domingo
VANCOUVER, May 22, 2012 /PRNewswire/ - Focus Ventures Ltd. (TSX-V: FCV) is pleased to announce it has sold its Santo Domingo claims to Fresnillo Peru S.A.C., a subsidiary of Fresnillo plc. (LON:FRES, "Fresnillo") for US$1,100,000 in cash.
The claims are located in the Department of Apurimac, Peru and comprise 5,500 hectares covering part of a trend of epithermal silver veins, with adjacent concessions owned by Fresnillo. Focus acquired the claims in 2010 at a cost of $77,820.
David Cass, President of Focus Ventures, comments: "Our divesting of this non-core property plus the recently announced sale of our 25% interest in Minas Chanca to Buenaventura will add $5.1 million to Focus's treasury and ensure that medium-term cash requirements for our exploration programs in Peru and Mexico are met. These cash transactions are un-dilutive to shareholders and particularly appropriate in these times of adverse market conditions for equity financings."
The proceeds from the sale will be used to advance and expand the Company's portfolio of gold, silver and phosphate properties in Peru and Mexico, including the Santa Cruz silver project in Durango, where Focus controls a large land position over a +20km trend of historic silver and gold mines and occurrences. Exploration work at Santa Cruz continues to produce encouraging results (see press releases March 19 and April 10, 2012).
The scientific and technical information in this release was prepared under the supervision of Mr. David Cass, Focus's President, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a "Qualified Person" in accordance with NI 43-101.
About Focus Ventures
Focus Ventures is acquiring advanced, drill-ready projects in Peru and Mexico, where it maintains 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: 36.36-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.