LAS VEGAS, March 12, 2013 /PRNewswire/ -- Foy-Johnston (OTCPink: FOYJ), announces that it now has the two exploration dredges on site and in operation in the Eastern Region of Cameroon. This begins the process of proving up the location and quantity of alluvia gold, that we know is there.
The company has now successfully transported the second phase of equipment from our staging area in USA via container to Cameroon. This finishes the movements needed of the equipment into Cameroon to begin the second phase of bulk sampling, pre-production, pitting and high grade gold recovery before a commercial system can be approved, transported and assembled for larger scale exploitation planned. The team of Cameroonian and Americans currently on location is being led by our Senior Operations team Mr. Kabir Maina and Mr. Bala Maina. We have begun the process of "Dredging for Gold." We are looking forward to showing additional raw gold bearing material immediately as this portion of the process is now completed.
The Company has been successfully proven that large scale mining operations in the region will produce significant amounts of gold at costs much lower than traditional underground mining operations. Recently announced costs by some of the major mining operators around the world have disclosed that they has been suppressing actual operating costs and margins are much lower than the industry was led to believe. Because we are mining alluvia gold with local labor our actually extraction costs are well below those of underground or open pit operators. This allows more of the sales dollars to fall to the bottom line profit number. We are anticipating that our profit margins to be in the 70% to 75% range. Giving increased earnings per share results and increasing the shareholder value of the company.
"We are extremely excited and more than satisfied that we are on the right track here in Cameroon to be able to extract significant amounts of gold and other precious metals and stones from the regions where we have done preliminary exploration work. We are in the process of doing more extensive work and this should only re-enforce the findings to date," stated Alexander D. Powers – president of Foy-Johnston.
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.