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 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".
About Fokus
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.
SOURCE Fokus Mining Corporation