LAS VEGAS, Jan. 31, 2013 /PRNewswire/ -- Foy-Johnston
(OTCPINK: FOYJ), has announced it has reached an agreement to
acquire a concession in the Congo Craton region of Cameroon.
The concession consists of an initial 4 hectares with options to
cover up to 2000km2. The Company is currently in process of
securing another 16 hectors. The Company has proven gold on this
concession and is optimistic for a significant gold reserve. The
gold is hydrothermal and was formed during the Oregony period in
history. The Congo Craton, covered by the Palaeozoic-to-recent
Congo basin, is an ancient
Precambrian craton that with four others (the Kaapvaal,
Zimbabwe, Tanzania, and West African cratons) makes up
the modern continent of Africa.
These cratons were formed between about 3.6 and 2.0 billion years
ago and have been tectonically stable since that time. All of these
cratons are bounded by younger fold belts formed between 2.0
billion and 300 million years ago.
The Congo Craton occupies a large part of Africa's primary mineral producing regions of
South-Central Africa. Specifically, Central Southern Africa, extending from the
Kasai region of the DRC into Sudan
and Angola. It forms parts of the
countries of Gabon, Cameroon, and the Central African Republic. A small portion
extends into Zambia.
In Late Neoproterozoic time, the Congo Craton was a low-lying
platform the size of the conterminous United States. It was blanketed by carbonates
and shales containing regionally mappable diamictite horizons of
glacial origin.
Over 80% of all worlds gold production comes from the Oregony
period geological formation. Such formations are found, not only in
Africa but in California, Nevada, Canada, Europe, Middle
East, Eurasia and South
America.
The Company plans to invest between $1.5m
-$5m to develop a comprehensive operation of geological
exploration. Companies' prospection program will aim to sample
5000m3 per day of gravel through the use of pilot-hydraulic
dredging. Through the use of suction dredges on the river and
pitting down to 10 meters on the gold fields and banks; the current
concessions studies average grade of one (1) gram of gold per
metric cube (M3) of gravel. Our revenues per month are based on
$1,650.00 per ounce of gold, with an
operational cost between $250.00 and
$350.00 per ounce of gold produced. The future and immediate
goals will be expansion of concessions and an intensive exploration
program with the prospect of discovery of potential large gold,
diamond, rare earth element and iron ore deposits.
Our operation will produce initially approximately 100 ounces
per day. Based on 100 ounces of production a day, our gross
revenues per month based on a $1,650.00 gold price would be approximately
$5,000,000 per month.
"We are very excited about mining gold in this region of
Cameroon. It took us many months
to find and secure this for the Company and we anticipate it being
a big part of our operations in the very near future. Once we
secure the funds to commence operation, we will be extremely
profitable extracting significant quantities of values within 3
months." stated Alexander D. Powers,
President of Foy-Johnston. "We are confident that this will add
significant value to our shareholders." He added.
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, Iron Ore 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.