VANCOUVER AND TORONTO, Oct. 25, 2013 /CNW/ - Focus Ventures Ltd. (TSX-V:FCV) ("Focus") and Stonegate Agricom Ltd. (TSX:ST) ("Stonegate") are pleased to announce that following completion of due diligence by Focus (see press release dated 2 August, 2013) they have entered into an amended and restated Letter of Intent pursuant to which Focus has been granted the exclusive right and option to earn a 70% interest in the Mantaro phosphate deposit, located 250 km east of Lima in the District of Junin, central Peru.
To earn a 70% interest Focus must invest a total of US$25 million over 4 years in exploration, including permitting and drilling, and the completion of a feasibility study and an updated NI 43-101 Measured and Indicated Resource calculation. Focus will implement a work program within the initial 18 months that will include pilot plant testwork and a community relations and stakeholder engagement program to obtain the necessary land access agreements and drill permits required to commence further exploration and drilling.
The joint news release dated May 21, 2013 contains detailed information on the Mantaro property, including previous work completed by Stonegate.
About Focus Ventures
Focus is acquiring and developing quality phosphate projects in Latin America where the discovery and development of new deposits is becoming increasingly important given the expanding agricultural industry and limited local supply of phosphate for fertilizer production.
For further information, please call 604-688-5288 or visit our web site www.focusventuresltd.com.
About Stonegate Agricom
Stonegate Agricom, which is actively engaged in acquiring and developing agricultural nutrient projects, is currently focused on the development of the potentially world-class, long-life Paris Hills Phosphate Project located in Idaho. The Company is confident that the deposit has sufficient size and grade to become a strategic, cost-effective source of phosphate supply for major fertilizer producers. More information is available at www.stonegateagricom.com.
ON BEHALF OF THE FOCUS 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.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the businesses of Focus Ventures Ltd. and Stonegate Agricom Ltd. Actual results may differ materially from those currently anticipated in such statement.
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable law. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made as at the date of such information. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: risks relating to whether Focus and Stonegate complete the transaction described in this news release, uncertainty in the estimation of mineral reserves and resources, uncertainty of inferred mineral resources, mineral exploration, reliability of historical exploration work, risks relating to assumptions used in preparation of the Feasibility Study on the Lower Phosphate Zone of the Paris Hills Phosphate Project as well as those factors discussed in the section entitled "Risk Factors" in Stonegate's most recently filed annual information form available at www.sedar.com. Although Stonegate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this news release are included for the purpose of providing investors with information to assist them in understanding the expected financial and operational performance and may not be appropriate for other purposes. Focus and Stonegate do not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
SOURCE: Stonegate Agricom Ltd
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Vice President, Investor Relations
Stonegate Agricom Ltd.