VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2012) - Minfocus Exploration Corp. ("Minfocus") (TSX VENTURE:MFX) announces that as part of its recent winter drilling program on its Nipigon Reefs Property, the exploration work successfully completed to date has exceeded the minimum exploration work commitment of $250,000 required prior to April 30, 2012 on the optioned Seagull North claims, which form part of its Nipigon Reefs Property in northwestern Ontario.
Minfocus has completed seven (7) diamond drill holes totaling more than 2,000 metres on its Nipigon Reefs Property. Included in this total are four (4) drill holes totaling 1,742 metres which were drilled within the optioned Seagull North claims. Samples have been submitted for analysis to Activation Laboratories Ltd. laboratory in Thunder Bay, Ontario.
The winter diamond drilling at the Nipigon Reefs Property commenced February 12th and was aimed to target extensions of the previously identified multiple layers of mineralization with platinum group elements ("PGE"), gold, copper and nickel. Minfocus has constructed a new geological model of the Nipigon Reefs by incorporating and reinterpreting a broader database of the historic drilling than any previous workers which suggests that the mineralized layers could be much more extensive than previously interpreted.
Minfocus also reports that certain of the claims that were reported earlier to be due to expire in mid-February within the Nipigon Reefs Property, have had their applications of "banked credits" and extension of the time period for the completion and filing of the assessment work approved by the Ontario Ministry of Northern Development, Mines and Forestry.
The Seagull North claims were optioned in February 2011 from their joint owners, Black Panther Mining Corp. (TSX VENTURE:BPC) (40% interest), Rainy Mountain Royalty Corp. (TSX VENTURE:RMO) (30% interest) and Trillium North Mineral Ltd. (TSX VENTURE:TNM) (30% interest), collectively the "Optionors". Under the Option Agreement, Minfocus is to incur exploration expenditures on the Seagull North claims exceeding $250,000 in each year of the 4-year initial option term.
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 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.
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 Management Group that is distinguished 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, which is the Magma Metals' Current Lake deposit (+700,000 oz Pt-Eq as stated on Magma's website – www.magmametals.com.au). 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 the technical content contained in this release is Dr. Gerald Harper, P.Geo.(Ont).
Statements in this press release regarding Minfocus's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
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