Foy-Johnston Announces Acquisition of Boda Diamond and Gold Concession in Central African Republic
LAS VEGAS, March 7, 2013 /PRNewswire/ -- Foy-Johnston (OTC Pink: FOYJ), is pleased to announce that it has entered into an agreement to acquire the exclusive leasing rights from Socemine, Sarl who hold the concession rights for another 18 years. The Boda diamond and gold Concession totaling 79,000 hectares in the Boda district with in the Central African Republic. The acquisition brings under Foy-Johnston control a total of 79,000 hectares, or 719 square kilometers in the Southern Central African Republic area of the Country trough the Central African Gold and Diamond Belt.
The Boda Concession lies between proven diamond and bearing properties giving Foy-Johnston contiguous acreage in its concessions. Previous reports on the Boda Concession have indicated that the Concession has the possibility of averaging 1-4 carat of gem diamond per metric ton and on average 1 gram of gold per ton.
Previously completed soil sampling and stream sediment sampling have suggested some of the target trends of the producing Boda gold and diamond mine system continue across the newly acquired ground. Historical sampling work has shown significant gold and diamond values. The company is planning to immediately incorporate the Boda acreage into its 2013 exploration plan.
"The acquisition of potential ounces of gold and rich diamond bearing gravel coupled with an aggressive exploration program dovetails very well with our production plans for the concession," Kabir Maina, Foy-Johnston Chief of Operation commented. "This acquisition increases the scale potential of our already significant targets and adds more highly prospective ground to our portfolio. It also further positions us to be a consolidator by extending coverage over the heart of the Central African region which we believe has the potential and history as one of the region's major gold and diamond producing areas.
About Foy-Johnston Inc.
Foy-Johnston through its wholly owned subsidiary Cameroon Mines is involved in enhancing exploration and mining assets through diligent application of technical and commercial expertise for the benefit of all stakeholders of Foy-Johnston in an efficient and environmentally responsible manner. Cameroon Mines is a mining explorer and producer committed to developing strategic mining exploration and project opportunities in Gold, Precious gems, Rare Earth Metals and Platinum Group Metals. The Company has assembled an experienced group of individuals with broad local and international industry knowledge. Where it will assist to build shareholder value and help fast-track the development of its accumulated assets Cameroon Mines will also secure the participation and support of key strategic partners globally, who can provide tangible benefits towards achieving the Company's goals. The company has already acquired a portfolio of Gold and Diamond exploration tenements in key mineral regions of Cameroon and Central African Republic. Our website is www.cammines.com
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.
SOURCE Foy-Johnston Inc.