Focus Ventures to acquire up to 80% of El Reventon 2012-09-25 08:37 ET - News Release
Also News Release (C-INM) International Northair Mines Ltd
Mr. David Cass of Focus reports
FOCUS AND NORTHAIR SIGN DEFINITIVE AGREEMENT FOR EL REVENTON, MEXICO
Focus Ventures Ltd. has signed a definitive agreement with International Northair Mines Ltd. 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-per-cent interest in the property by investing in exploration and making certain cash payments to Northair, Focus can increase its interest to 80 per cent by completing a feasibility study.
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's 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 155.4 metres at 71.3 grams per tonne silver, 0.46 per cent lead and 0.61 per cent zinc (hole RC-08-8) and 22.9 m at 287 g/t Ag, 1.39 per cent Pb and 3.48 per cent Zn (hole RC-08-13).
Focus can earn a 65-per-cent interest in the El Reventon project by incurring $2-million (U.S.) in exploration expenditures over three years, including a firm commitment of $250,000 (U.S.) in the first year. Focus will also make cash payments to Northair totalling $235,000 (U.S.) over two years, and maintain all underlying obligations of Northair by making cash payments under an existing option agreement to a property owner totalling $139,000 (U.S.). Focus can earn an additional 15-per-cent interest by presenting a feasibility study of sufficient quality that would allow Northair to finance its share of the project, plus a cash payment of $100,000 to Northair.
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.
Background
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 Cienega, 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 kilometres 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.
Qualified person
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.
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