FOKUS MINING CORPORATION SELLS ITS INTEREST IN THE GABOURY AND 113 NORTH PROJECTS TO MOSAIC MINERALS

0

TSX.V: FKM OTCQB: FKMCF Frankfurt: F7E1

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 for the sale of 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). These two properties had already been optioned to Mosaic in 2021. The Company will receive three million shares of treasury common stock from Mosaic for the Gaboury property and two million shares of treasury common stock from Mosaic for the 113 North property and retain a 2% net smelter return royalty on all mining concessions comprising these two properties.The transaction is subject to regulatory approval, including that of the Canadian Securities Exchange for the issuance of shares of Mosaic. The transaction is expected to close on or about July 15, 2022.

John RainvilleCEO and Chairman of Fokus said, “The disposition of projects other than the Galloway The gold project is part of the Company’s strategy since significant work is required on the mining claims forming the large Galloway project located on the Cadillac Larder Lake fault. As the Company is already a shareholder of Mosaic, we are pleased to see that Mosaic will continue to explore the potential of these two quality exploration projects”.

About Fokus

Fokus is a mineral resource company that acquires and explores deposits of precious metals located in the province of Quebec. By implementing this major undertaking within the Canadian mining industry, we are determined to unlock the secret of Galloway gold project.

The Galloway project covers an area of ​​2,865.54 hectares and is located just north of the Cadillac –pantry lake deformation that extends laterally for more than 100 kilometers. Many gold deposits are linked to this structure and its subsidiaries. The Company is currently focusing its exploration efforts on a small western part 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 press 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”, “have the intention to”, “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 due to regulatory decisions, competitive factors in the industries in which the Company operates, economic conditions, changes in the Company’s strategic growth plans and other factors, many of which are beyond the Company’s control. The Company believes that the expectations reflected in the forward-looking information are reasonable, but there can be no assurance that such expectations will prove to be correct and undue reliance should not be placed on such forward-looking information. Any forward-looking information contained in this press 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 laws.

SOURCEFokus Mining Corporation

Quote

Show original content: http://www.newswire.ca/en/releases/archive/July2022/05/c4881.html

Share.

Comments are closed.