Minfocus Exploration Signs MOU With Lac des Mille Lacs First Nation and Plans Summer Work Program on Chief Peter PGE Property
23 Avril 2012 - 2:00PM
Marketwired Canada
Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus") is pleased to announce
that it has signed a Memorandum of Understanding ("MOU") with Lac des Mille Lacs
First Nation regarding exploration by Minfocus in the traditional territories of
the Lac des Mille Lacs First Nation. The MOU develops the relationship between
the two parties and terms of reference for exploration activities by Minfocus,
as well as providing for both parties to cooperate in developing a more
extensive Impact Benefits Agreement in the event that Minfocus' exploration
leads to more advanced exploration.
The Chief Peter Property, under option by Minfocus to earn a 100% interest, is
located in Northwest Ontario within the traditional territory of Lac des Mille
Lacs First Nation, which is also very close to the Provincial Highway between
Thunder Bay and Atikokan and the parallel CN rail line.
Minfocus plans a program of surface work and diamond drilling this summer on the
Chief Peter Property. In the summer of 2011 Minfocus undertook reconnaissance on
the Chief Peter and relocated historic pits and trenches some of which were
re-sampled. That work confirmed the historic records of the existence of copper
and nickel mineralisation with associated platinum and palladium. The copper,
nickel and PGE grades at surface ranged, respectively, from 0.08% to 0.67% Cu,
0.04% to 0.13% Ni and 0.12 to 2.14 g/t 3E (Pt+Pd+Au).
The table below shows the detailed results of sampling by Minfocus taken
adjacent to historic sampling, where the results of the historic work could be
confirmed. All samples were collected from rock sawn channels in bare outcrops
with minimum lengths of 0.5 metres.
Rock Channel Sample Assay Results for Proximal Minfocus and NAP Samples (greater
than 500ppm Cu)
----------------------------------------------------------------------------
Cu Ni Au Pd Pt S
Trench # Spl # % % (ppm) (ppm) (ppm) % 3E Pt:Pd
----------------------------------------------------------------------------
6 A20815 0.08 0.04 0.008 0.057 0.054 0.36 0.012 0.95
----------------------------------------------------------------------------
6 Historic 0.36 0.07 0.040 0.229 0.221 0.490 0.97
----------------------------------------------------------------------------
6 A20816 0.51 0.10 0.061 0.747 0.454 1.20 1.262 0.61
----------------------------------------------------------------------------
6 Historic 5.52 0.97 0.034 0.612 0.493 1.139 0.80
----------------------------------------------------------------------------
6 A20817 0.18 0.49 0.018 0.228 0.160 0.56 0.406 0.70
----------------------------------------------------------------------------
6 Historic 0.29 0.07 0.017 0.221 0.192 0.430 0.87
----------------------------------------------------------------------------
6 A20818 0.67 0.12 0.084 1.070 0.697 1.31 1.851 0.65
----------------------------------------------------------------------------
6 Historic 0.53 0.122 0.075 1.074 0.663 1.812 0.62
----------------------------------------------------------------------------
6 A20819 0.65 0.15 0.012 1.680 0.087 1.53 1.779 0.05
----------------------------------------------------------------------------
6 Historic 0.55 0.11 0.068 0.913 1.040 2.021 1.14
----------------------------------------------------------------------------
6 A20820 0.41 0.12 0.054 0.984 0.878 1.32 1.916 0.89
----------------------------------------------------------------------------
6 Historic 0.56 0.13 0.073 1.201 0.951 2.225 0.79
----------------------------------------------------------------------------
6 A20821 0.39 0.11 0.054 0.967 0.805 1.10 1.826 0.83
----------------------------------------------------------------------------
6 Historic 0.56 0.13 0.073 1.201 0.951 2.225 0.79
----------------------------------------------------------------------------
6 A20822 0.20 0.06 0.020 0.359 0.270 0.772 0.649 0.75
----------------------------------------------------------------------------
6 Historic 0.23 0.10 0.023 0.374 0.671 1.068 1.79
----------------------------------------------------------------------------
6 A20849 0.64 0.13 0.046 0.925 1.170 2.00 2.141 1.26
----------------------------------------------------------------------------
6 Historic 0.33 0.10 0.021 0.266 0.195 0.482 0.73
----------------------------------------------------------------------------
3E = Pt + Pd + Au assays (ppb)
The Chief Peter property is under option to Minfocus whereby the company may
earn 100% interest in the property upon making payments over a four year option
period to the Optionors totaling $140,000 cash and issuing 300,000 Minfocus
shares, plus completing $200,800 in exploration expenditures on the property,
which is composed of minimum work expenditures in each respective year of
$20,800, $45,000, $45,000 and $90,000. Upon earning its 100% interest in the
Chief Peter Property, the Optionors will be granted a 3% NSR, which may be
reduced to a 1% NSR by Minfocus making a payment of $500,000 for each 0.5% NSR
purchased back by Minfocus.
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.
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