VANCOUVER, Sept. 25, 2012 /CNW/ - Focus Ventures Ltd. (TSX-V: FCV) is
pleased to announce that it has signed a Definitive Agreement with
International Northair Mines Ltd. (TSXV: INM, "Northair") granting
Focus the option to acquire a majority interest in the El Reventon
property, located in the State of Durango, Mexico. In addition to terms
previously announced (see press release dated April 10, 2012), the
parties have agreed that once Focus has earned its 65% interest in the
property by investing in exploration and making certain cash payments
to Northair, Focus can increase its interest to 80% by completing a
The El Reventon property comprises 4,430 hectares and controls a series
of historic silver workings and occurrences that lie along trend and
are contiguous with Focus' Santa Cruz project where Focus has defined a
number of targets for drill testing. Drilling at Reventon in 2007 and
2008 by Northair intersected significant intercepts of breccia-hosted
silver, zinc and lead in the majority of holes drilled, including
155.4m @ 71.3 g/t Ag, 0.46% Pb and 0.61% Zn (Hole RC-08-8) and 22.9m @
287 g/t Ag, 1.39% Pb and 3.48 % Zn (Hole RC-08-13).
Focus can earn a 65% interest in the El Reventon Project by incurring
US$2,000,000 in exploration expenditures over three years, including a
firm commitment of US$250,000 in the first year. Focus will also make
cash payments to Northair totalling US$235,000 over two years, and
maintain all underlying obligations of Northair by making cash payments
under an existing option agreement to a property owner totalling
US$139,000. Focus can earn an additional 15% interest by presenting a
Feasibility Study of sufficient quality that would allow Northair to
fund its share of the project, plus a cash payment of $100,000 to
Despite unusually heavy rains, exploration has continued throughout the
wet season at Santa Cruz and El Reventon. A full progress update will
be provided over the coming weeks.
The Santa Cruz and El Reventon properties lie within the Silver Lake
Trend, a polymetallic belt that hosts several operating and past
producing gold and silver mines, including the La Ciénega, Topia, San
Dimas and Metates deposits. Focus controls a major district-scale land
position comprising over 60,000 hectares covering a mineralized trend
over 20 kilometers long. To date, exploration has recognized a number
of breccia-hosted silver and gold targets along the trend that show
potential to host bulk-tonnage high-grade and low-grade deposits, with
several targets currently being permitting for drilling.
Mr. David Cass, Focus's President, is a member of the Association of
Professional Engineers and Geoscientists of British Columbia, and a
"Qualified Person" in accordance with NI 43-101. Mr. Cass has reviewed
and approved the technical information in this release based on reports
provided to Focus by Northair. Focus, however, has not independently
verified Northair's exploration results.
About Focus Ventures
Focus Ventures is developing a diversified portfolio of quality silver,
gold, copper and phosphate properties in Peru and Mexico. Backed by 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: 40.1-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:
Contact: Jaclyn Ruptash
Tel: (604) 688-5288; Fax: (604) 682-1514