LAS VEGAS, March 12, 2013 /PRNewswire/ -- Foy-Johnston
(OTCPink: FOYJ), announces that it now has the two exploration
dredges on site and in operation in the Eastern Region of
Cameroon. This begins the process
of proving up the location and quantity of alluvia gold, that we
know is there.
The company has now successfully transported the second phase of
equipment from our staging area in USA via container to
Cameroon. This finishes the
movements needed of the equipment into Cameroon to begin the second phase of bulk
sampling, pre-production, pitting and high grade gold recovery
before a commercial system can be approved, transported and
assembled for larger scale exploitation planned. The team of
Cameroonian and Americans currently on location is being led by our
Senior Operations team Mr. Kabir
Maina and Mr. Bala Maina. We
have begun the process of "Dredging for Gold." We are looking
forward to showing additional raw gold bearing material immediately
as this portion of the process is now completed.
The Company has been successfully proven that large scale mining
operations in the region will produce significant amounts of gold
at costs much lower than traditional underground mining operations.
Recently announced costs by some of the major mining operators
around the world have disclosed that they has been suppressing
actual operating costs and margins are much lower than the industry
was led to believe. Because we are mining alluvia gold with local
labor our actually extraction costs are well below those of
underground or open pit operators. This allows more of the sales
dollars to fall to the bottom line profit number. We are
anticipating that our profit margins to be in the 70% to 75% range.
Giving increased earnings per share results and increasing the
shareholder value of the company.
"We are extremely excited and more than satisfied that we are on
the right track here in Cameroon
to be able to extract significant amounts of gold and other
precious metals and stones from the regions where we have done
preliminary exploration work. We are in the process of doing more
extensive work and this should only re-enforce the findings to
date," stated Alexander D. Powers –
president of Foy-Johnston.
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