TORONTO, ONTARIO--(Marketwire - Feb. 6, 2012) - Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus") is pleased to announce that it has commenced site preparations to undertake a winter drilling program on its optioned Seagull North claims which form part of its Nipigon Reefs project in northwestern Ontario. Diamond drilling is expected to start as soon as snow plowing, mobilisation and camp establishment are completed. Drilling will target extensions of the previously identified multiple layers of mineralization with platinum group elements, gold, copper and nickel. Minfocus has constructed a new geological model of the Nipigon Reefs by incorporating and reinterpreting a broader database of historic drilling than prior groups have used previously, which suggests that the mineralised layers could be much more extensive than previously interpreted.
The Seagull North claims were optioned in February 2011 from their joint owners, Black Panther Mining Corp. (40% interest), Rainy Mountain Royalty Corp. (30% interest) and Trillium North Mineral Ltd. (30% interest), collectively the "Optionors". Under the Option Agreement, Minfocus has the initial option to earn a 55% interest in the property from the Optionors. An initial payment of cash and shares was paid upon signing, and thereafter, Minfocus is required to pay the Optionors $25,000 (in cash and/or shares of Minfocus) on each of the 12 month anniversary, the 24 month anniversary and the 36 month anniversary of the Option Agreement. Minfocus is also required to incur exploration expenditures on the Seagull property in the amount of $250,000 in each year of the 4-year initial option term. Minfocus can increase its interest in the property to 70% by incurring an additional $2,000,000 in expenditures against the property during the 4-year option term. Further, Minfocus has the right to increase its interest to 85% by completing a feasibility study on the property within a 5 year period following the initial option term.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently focused on the continued growth of a portfolio of Platinum Group Element ("PGE") rich resource assets through exploration, acquisitions and joint ventures in Northwest Ontario, Canada, which is one of the most stable mining districts in the world with global class PGE deposits. Minfocus has a distinguished management group with a record of multiple discoveries of deposits worldwide, and more than 15 years experience and success exploring for PGE-rich resources in Ontario, including the discovery of the first Platinum-rich PGE deposit, the Magma Metals' Current Lake deposit (+700,000 oz Pt-Eq). The Minfocus management group also has extensive strength and success in corporate development, M&A and project development, which together with its technical prowess is aimed at delivering growth in shareholder value through a balanced strategic approach.
The Qualified Person who has reviewed and approved the technical content contained in this release is Dr. Gerald Harper, P.Geo.(Ont).
This press release includes certain forward-looking statements concerning the future performance of the Company's business and operations as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are often identifiable by the use of words such as "may", "will", "might", "would", "plan", "believe", "expect", "anticipate", "intend", "estimate", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are based on the current opinions and expectations of management, and are subject to a number of risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those currently anticipated by such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with the Company's expectations, fluctuating commodity prices, delays in commencing the Company's proposed drilling program, exploration costs varying significantly from estimates, the availability of financing, and other risks identified in the Company's documents filed with the Canadian securities regulatory authorities at www.sedar.com. Any forward-looking statement speaks only of the date on which it is made, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.