LAS VEGAS, Jan. 31, 2013 /PRNewswire/ -- Foy-Johnston (OTCPINK: FOYJ), has announced it has reached an agreement to acquire a concession in the Congo Craton region of Cameroon.
The concession consists of an initial 4 hectares with options to cover up to 2000km2. The Company is currently in process of securing another 16 hectors. The Company has proven gold on this concession and is optimistic for a significant gold reserve. The gold is hydrothermal and was formed during the Oregony period in history. The Congo Craton, covered by the Palaeozoic-to-recent Congo basin, is an ancient Precambrian craton that with four others (the Kaapvaal, Zimbabwe, Tanzania, and West African cratons) makes up the modern continent of Africa. These cratons were formed between about 3.6 and 2.0 billion years ago and have been tectonically stable since that time. All of these cratons are bounded by younger fold belts formed between 2.0 billion and 300 million years ago.
The Congo Craton occupies a large part of Africa's primary mineral producing regions of South-Central Africa. Specifically, Central Southern Africa, extending from the Kasai region of the DRC into Sudan and Angola. It forms parts of the countries of Gabon, Cameroon, and the Central African Republic. A small portion extends into Zambia.
In Late Neoproterozoic time, the Congo Craton was a low-lying platform the size of the conterminous United States. It was blanketed by carbonates and shales containing regionally mappable diamictite horizons of glacial origin.
Over 80% of all worlds gold production comes from the Oregony period geological formation. Such formations are found, not only in Africa but in California, Nevada, Canada, Europe, Middle East, Eurasia and South America.
The Company plans to invest between $1.5m -$5m to develop a comprehensive operation of geological exploration. Companies' prospection program will aim to sample 5000m3 per day of gravel through the use of pilot-hydraulic dredging. Through the use of suction dredges on the river and pitting down to 10 meters on the gold fields and banks; the current concessions studies average grade of one (1) gram of gold per metric cube (M3) of gravel. Our revenues per month are based on $1,650.00 per ounce of gold, with an operational cost between $250.00 and $350.00 per ounce of gold produced. The future and immediate goals will be expansion of concessions and an intensive exploration program with the prospect of discovery of potential large gold, diamond, rare earth element and iron ore deposits.
Our operation will produce initially approximately 100 ounces per day. Based on 100 ounces of production a day, our gross revenues per month based on a $1,650.00 gold price would be approximately $5,000,000 per month.
"We are very excited about mining gold in this region of Cameroon. It took us many months to find and secure this for the Company and we anticipate it being a big part of our operations in the very near future. Once we secure the funds to commence operation, we will be extremely profitable extracting significant quantities of values within 3 months." stated Alexander D. Powers, President of Foy-Johnston. "We are confident that this will add significant value to our shareholders." He added.
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, Iron Ore 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.