VANCOUVER, Sept. 1, 2011 /CNW/ - Focus Ventures Ltd. (TSXV: FCV) is
pleased to report that Compañia de Minas Buenaventura (NYSE: BVN) has
received its Category II exploration permit for drill testing the main
historic mine area at Focus's 100% owned Minas Chanca project. Drilling
is underway with a total of 8,000 meters of diamond drilling planned.
Buenaventura is earning into the project under an option agreement with
Focus signed in December 2010 (see press release January 4, 2011).
The program will test the depth and strike extensions of the past
producing silver veins, principally the Candelaria, Santo Toribio,
Presilda and Silvia veins and splays, and explore for new mineralized
structures. The majority of historical silver-lead and zinc ore came
from the Candelaria, Tarazca and Santo Toribio veins, where early
production reportedly yielded grades of 15 - 25 oz Ag/t. Other veins
included the Silvia, Prescilda, Shirley and Yanacelli veins.
Minas Chanca is located some 17km to the north of Buenaventura's Mallay
project; a new access road from Minas Chanca to Mallay was recently
completed. Five levels of the old underground mine workings at Minas
Chanca have also been cleared and opened to allow access for mapping
and sampling. The Mallay project is a permitted mine and mill and will
have important synergies should exploration be successful in
delineating resources at Minas Chanca.
The Minas Chanca Ag-Pb-Zn mine is located 160km north of the Peruvian
capital, Lima, within Central Peru's prolific Polymetallic Belt. The
property, at altitudes of 4,400 - 4,900 meters above sea level, is 65km
north of Focus's Santa Rosa property that is also currently being
References to mining at Minas Chanca date back to 1712 during Spanish
Colonial times. Past mining took place over approximately 300 vertical
meters via a system of galleries, cross-cuts and drives that exploited
a number of veins and splays cross-cutting lower Calipuy andesites and
Buenaventura can earn a 75% interest in the claims by spending US$3
million in exploration and development over a period of three and a
half years, of which $1 million is committed to be spent within the
first 18 months. Once Buenaventura vests its 75%, Buenaventura will
have the option to acquire Focus's 25% participating interest by paying
Focus $4.00 /oz Ag based on resources outlined in a NI 43-101 compliant
technical report, or $4 million in cash, whichever is the greater. If
Buenaventura chooses not to purchase Focus' 25% share of the joint
venture, Focus will have the option to elect to have Buenaventura
provide financing, with repayments to be made through dividends, or
alternatively Focus can choose its own financing. A 2% Net Smelter
Royalty will be payable to Focus on future production, subject to a
buy-out clause of $1 million.
Additional information on the Minas Chanca project can be found on the
Focus website: www.focusventuresltd.com.
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
About Focus Ventures
Focus Ventures is acquiring advanced, drill-ready projects in Peru.
Backed by an experienced technical team of geologists and consultants,
Focus's strategy is to identify and acquire former producing mines or
un-tested gold and silver and base metal properties that show potential
to become new mines.
ON BEHALF OF THE BOARD
David Cass, President
Contact: Erin Ostrom / Ralph Rushton
Shares Issued: 29.3-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.
For further information:
please call 604-688-5288 or visit our web site www.focusventuresltd.com.