ROUYN-NORANDA, QC, July 5, 2022 /CNW Telbec/ – Fokus Mining Corporation (“Fokus” or the “Company“) (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it has entered into an agreement to sell the 95 mining claims comprising the Gaboury property and the 59 mining claims comprising the 113 North property to Mosaic Minerals Corp.(“Mosaic“) (CSE: MOC). Those two properties had previously been optioned to Mosaic in 2021. The Company will receive three million treasury common shares of Mosaic for the Gaboury property and two million treasury common shares of Mosaic for the 113 North property and will retain a 2% net smelter return royalty on all the mining claims comprising these two properties. The transaction is subject to regulatory approval, including that of the Canadian Securities Exchange for the share issuance from Mosaic. The closing of the transaction is expected to occur on or about July 15, 2022.
Jean Rainville, CEO and President of Fokus stated: “The disposition of projects other than the Galloway gold project is part of the Company strategy as significant works are required on the mining claims forming the large Galloway Project located on the Cadillac Larder Lake break. As the Company is already a shareholder of Mosaic, we are happy to see that Mosaic will continue to explore the potential of these two quality exploration projects”.
Fokus is a mineral resource company acquiring and exploring precious metal deposits located int the province of Quebec. In implementing this major undertaking within the Canadian mining industry, we are determined to unlock the secret of the Galloway gold project.
The Galloway project covers an area of 2,865.54 hectares and is located just north of the Cadillac –Larder Lake deformation which extends laterally for more than 100 kilometres. Numerous gold deposits are related to that structure and its subsidiaries. The Company is currently focusing its exploration efforts on a small western portion of the mining claims where several mining occurrences have been identified. For more information, please visit our website at: www.fokusmining.com.
Caution Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking information. The Company’s actual results could differ materially from those anticipated in this forward looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.