Focus Acquires High Grade Phosphate Project in Colombia and Signs Strategic Agreement
VANCOUVER, Jan. 17, 2013 /PRNewswire/ – Focus Ventures Ltd. (TSXV: FCV) is
pleased to announce that its Colombian subsidiary, Agrifos Colombia
Corp (“Agrifos”), has signed an option agreement with a private
Colombian company for the Luisa Maria Phosphate property located in the
Department of Boyaca, Colombia, and a strategic agreement to acquire
additional phosphate concessions in Colombia.
The Luisa Maria property comprises approximately 1,651 hectares of
titled mining concessions located in the Department of Boyaca, some 3
hours drive by asphalt highway from the Colombian capital, Bogota.
Sampling by Agrifos has identified at least 2 high grade phosphorite
beds. Sampling has shown grades from 7.9% P(2)0(5) to 29.2 P(2)0(5 )(10 samples averaged 19.4 % P(2)0(5)) with the phosphatic units mapped over at least 12 km. The beds are
between 1 – 3m thick, with widths up to 7m locally occurring in
calcareous mudstones and siltstones belonging to the Cretaceous
Under the terms of the Agreement, Agrifos can earn a 70% interest in the
property by investing a total of $750,000 in exploration and
development over 5 years, including a payment of $50,000 on signing
(paid). Agrifos must spend $100,000 during the first 18 months from the
signing of the Agreement and $300,000 in cumulative expenditures during
the first 36 months of the Agreement. Focus can purchase the
outstanding 30% interest by paying the owner 1% of the value of each
tonne of phosphatic rock defined in Measured and Indicated Resource
categories and averaging 20% P(2)0(5 )or more based on the price of Bayovar FOB* rock phosphate. (For
resources averaging below 20% P205(, )payment will be calculated based on the following formula % = X/20,
where X = average grade).
Agrifos has also signed a strategic alliance with the titleholder to
acquire additional phosphate claims in Colombia, under the same terms,
for areas currently under application with the Colombian National
Mining Agency (NMA). The NMA declared a moratorium on new claim
applications in February 2011 in order to overhaul its cadastral system
and deal with a large backlog of new claims applications. The new
system is expected to be operative by June 2013.
* Free on Board
Meeting future demand for phosphates will remain problematic due to the
scarcity of resources, particularly in the Americas, and given the
small number of producing countries.
Phosphate is a key raw material for chemical fertilizers, which are part
of the Food Supply Chain. Given the current global food crisis due to
the world’s growing population and economic development, demand for
worldwide fertilizers is expected to grow. Approximately 75% of global
phosphate resources are from marine sedimentary phosphate deposits
which are typically amenable to beneficiation to produce marketable
phosphate rock concentrate or chemical grade fertilizers. With the
growth of new markets such as Brazil, India and Indonesia and scarcity
of resources, particularly in the Americas, there will be increasing
demand for alternative sources of rock phosphate.
Focus is acquiring phosphate projects in Latin America. Other projects
acquired to date include the Machay and Quebranta phosphate properties
in Peru. For further information, please call 604-688-5288 or visit our
web site www.focusventuresltd.com.
Sampling Quality Analysis and Quality Control
Rock samples were prepared at ALS Chemex’s preparation facility in
Bogota, Colombia and analyzed in Lima, PerÃº. Phosphate was determined
by X-Ray Fluorescence Spectroscopy (XRF), the sample is fused with a
12:22 lithium metaborate – lithium tetraborate flux, and then poured
into a platinum mould; the resultant disk is in turn analysed by XRF
spectrometry. ALS Chemex’s quality control system complies with
International Standards ISO 9001:2000 and ISO 17025:2005. Analytical
accuracy and precision are monitored by the analysis of reagent blanks
samples. Quality control is further assured by Focus’s own QA/QC
program which involves the insertion by Focus personnel of blanks into
the sample stream at regular intervals in order to independently assess
analytical precision and accuracy of each batch of samples as they are
received from the laboratory.
The scientific and technical information in this release was prepared
under the supervision of Mr. David Cass, Focus’s President, who is a
member of the Association of Professional Engineers and Geoscientists
of British Columbia, and a “Qualified Person” in accordance with NI
About Focus Ventures
Focus Ventures is developing a diversified portfolio of quality silver,
gold, copper and phosphate properties in Peru, Mexico and Colombia.
Backed by an experienced technical team of geologists and consultants,
Focus’s strategy is to identify and acquire former producing mines or
untested gold and silver and base metal properties that show potential
to become new mines.
ON BEHALF OF THE BOARD
David Cass, President
Shares Issued: 40.1-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
Some of the statements in this news release contain forward-looking
information that involves inherent risk and uncertainty affecting the
business of Focus Ventures Ltd. Actual results may differ materially
from those currently anticipated in such statement.
SOURCE Focus Ventures Ltd.