Fokus Mining Makes Payment Pursuant to the Option Agreement to Acquire 100% of the Galloway Project

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Fokus Mining Makes Payment Pursuant to the Option Agreement to Acquire 100% of the Galloway Project

Canada NewsWire

TSX.V: FKM       OTCQB: FKMCF       FRANKFURT: F7E1

ROUYN-NORANDA, QC, Feb. 23, 2021 /CNW Telbec/ - Fokus Mining Corporation ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it has now made the third payment pursuant to previously announced option agreement whereby Fokus can acquire 100% interest of the mineral claims on the Galloway project.

The cash payment of $250,000 was the third of a series of four equal payments to Vantex Resources Ltd. (TSXV: VAX) in order to acquire the project. The last payment is due in three months (see 'Fokus' press releases dated July 16, 2020 and August 7, 2020 for more information).

Jean Rainville, CEO and president of Fokus commented: "We are quite encouraged by the drill results released last week (see press release of February 19, 2021). We are particularly thrilled by the results of our first hole on Hendrick as gold grades exceeded historical results. As we are waiting for the results of the second hole on Hendrick, we are continuing drilling in the GP zone and its extension to the Hurd zone. We are excited that the third hole on Hendrick will begin tomorrow".

About Fokus

Fokus Mining Corporation is a mineral resource company actively acquiring and exploring precious metal deposits located in the province of Quebec, Canada. In implementing this major undertaking within the Canadian mining industry, we are determined to unlock the secret of the Galloway gold project.

The Galloway project covers an area of 2,865.54 hectares and is located just north of the Cadillac-Larder Lake deformation which extends laterally for more than 100 km. Numerous gold deposits are related to that structure and its subsidiaries. The current work focuses on a small western portion of the mineral claims where several mineral occurrences have been identified. For more information, visit our website: fokusmining.com.

The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.

Caution Regarding Forward-Looking Statements

Certain statements contained in this news release may constitute forward–looking information. Forward–looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward–looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward–looking information. The Company's actual results could differ materially from those anticipated in this forward–looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward–looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward–looking information should not be unduly relied upon. Any forward–looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward–looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

SOURCE Fokus Mining Corporation

Cision View original content: http://www.newswire.ca/en/releases/archive/February2021/23/c4866.html

Copyright CNW Group 2021

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