NEW YORK, Feb. 14, 2013 /PRNewswire/ -- Foy-Johnston (OTCPINK:FOYJ) , today announced that Company has signed a Letter of Intent to acquire an 80% interest in six 5-km2 gold and diamond concession in Cameroon from Icon Cameroon, Ltd.
According to the Letter of Intent, both companies will sign a Definitive Agreement with Foy-Johnston to acquire an 80% interest in a gold concession areas of the Eastern District, Republic of Cameroon, from Icon Cameroon. In exchange for the 80% equity and leasing fees Foy-Johnston is committed to providing a minimum of $US 2,000,000 for additional exploratory activities within the next two years.
Combined exploration activities previously done by the United Nations, BRGM (www.brgm.fr) and more recently by dozens of foreign mining companies in 2011 have shown reasonable potential of finding minable gold vein deposits aggregating up to several hundred thousand ounces. There also would be the possibility of finding larger bulk minable gold and/or base metal deposits. The Company intends to carry out additional mapping, trenching, sampling and follow-up geophysics to define drill targets and then drilling of targets in collaboration with a joint-operation partner or a select regional mining contractor.
Both companies plan to sign the Definitive Agreement by April 15, 2013.
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.
SOURCE Foy-Johnston Inc.