Foy-Johnston Announces Acquisition of Gold and Diamond Concessions
in Cameroon
NEW YORK, Feb. 14, 2013 /PRNewswire/ -- Foy-Johnston
(OTCPINK:FOYJ) , today announced that Company has signed a Letter
of Intent to acquire an 80% interest in six 5-km2 gold and diamond
concession in Cameroon from Icon
Cameroon, Ltd.
According to the Letter of Intent, both companies will sign a
Definitive Agreement with Foy-Johnston to acquire an 80% interest
in a gold concession areas of the Eastern District, Republic of Cameroon, from Icon Cameroon. In
exchange for the 80% equity and leasing fees Foy-Johnston is
committed to providing a minimum of $US
2,000,000 for additional exploratory activities within the
next two years.
Combined exploration activities previously done by the United
Nations, BRGM (www.brgm.fr) and more recently by dozens of foreign
mining companies in 2011 have shown reasonable potential of finding
minable gold vein deposits aggregating up to several hundred
thousand ounces. There also would be the possibility of finding
larger bulk minable gold and/or base metal deposits. The Company
intends to carry out additional mapping, trenching, sampling and
follow-up geophysics to define drill targets and then drilling of
targets in collaboration with a joint-operation partner or a select
regional mining contractor.
Both companies plan to sign the Definitive Agreement by
April 15, 2013.
About Foy-Johnston Inc.
Foy-Johnston through its wholly owned subsidiary Cameroon Mines
is involved in enhancing exploration and mining assets through
diligent application of technical and commercial expertise for the
benefit of all stakeholders of Foy-Johnston in an efficient and
environmentally responsible manner. Cameroon Mines is a mining
explorer and producer committed to developing strategic mining
exploration and project opportunities in Gold, Precious gems, Rare
Earth Metals and Platinum Group Metals. The Company has assembled
an experienced group of individuals with broad local and
international industry knowledge. Where it will assist to build
shareholder value and help fast-track the development of its
accumulated assets Cameroon Mines will also secure the
participation and support of key strategic partners globally, who
can provide tangible benefits towards achieving the Company's
goals. The company has already acquired a portfolio of Gold and
Diamond exploration tenements in key mineral regions of
Cameroon and Central African Republic. Our website is
www.cammines.com.
Forward-Looking Statements
Please be advised that statements made herein, other than
historical data, constitute forward-looking statements that involve
risks and uncertainties that could cause actual results to differ
materially from those stated or implied by such forward-looking
statements. The potential risks and uncertainties include, among
others, potential volatility in the company's stock price,
increased competition, customer acceptance of new products and
services offered by the company, and uncertainty of future revenue
and profitability and fluctuations in its quarterly operating
results. Please also be advised that the company's stock is not
currently registered with the Securities and Exchange
Commission.
Contact:
Investor Relations
E-mail: info@cammines.com
Website: www.cammines.com
SOURCE Foy-Johnston Inc.