|September 01, 2011|
Drilling Underway at Minas Chanca Silver Project, 8,000 Meters Planned
September 1, 2011; Vancouver, Canada: Focus Ventures Ltd. (TSX-V: FCV) is pleased to report that Compañia de Minas Buenaventura (NYSE: BVN) has received its Category II exploration permit for drill testing the main historic mine area at Focus's 100% owned Minas Chanca project. Drilling is underway with a total of 8,000 meters of diamond drilling planned. Buenaventura is earning into the project under an option agreement with Focus signed in December 2010 (see press release January 4, 2011).
The program will test the depth and strike extensions of the past producing silver veins, principally the Candelaria, Santo Toribio, Presilda and Silvia veins and splays, and explore for new mineralized structures. The majority of historical silver-lead and zinc ore came from the Candelaria, Tarazca and Santo Toribio veins, where early production reportedly yielded grades of 15 - 25 oz Ag/t. Other veins included the Silvia, Prescilda, Shirley and Yanacelli veins.
Minas Chanca is located some 17km to the north of Buenaventura's Mallay project; a new access road from Minas Chanca to Mallay was recently completed. Five levels of the old underground mine workings at Minas Chanca have also been cleared and opened to allow access for mapping and sampling. The Mallay project is a permitted mine and mill and will have important synergies should exploration be successful in delineating resources at Minas Chanca.
The Minas Chanca Ag-Pb-Zn mine is located 160km north of the Peruvian capital, Lima, within Central Peru's prolific Polymetallic Belt. The property, at altitudes of 4,400 -- 4,900 meters above sea level, is 65km north of Focus's Santa Rosa property that is also currently being drilled.
References to mining at Minas Chanca date back to 1712 during Spanish Colonial times. Past mining took place over approximately 300 vertical meters via a system of galleries, cross-cuts and drives that exploited a number of veins and splays cross-cutting lower Calipuy andesites and volcanic breccias.
Buenaventura can earn a 75% interest in the claims by spending US$3 million in exploration and development over a period of three and a half years, of which $1 million is committed to be spent within the first 18 months. Once Buenaventura vests its 75%, Buenaventura will have the option to acquire Focus's 25% participating interest by paying Focus $4.00 /oz Ag based on resources outlined in a NI 43-101 compliant technical report, or $4 million in cash, whichever is the greater. If Buenaventura chooses not to purchase Focus' 25% share of the joint venture, Focus will have the option to elect to have Buenaventura provide financing, with repayments to be made through dividends, or alternatively Focus can choose its own financing. A 2% Net Smelter Royalty will be payable to Focus on future production, subject to a buy-out clause of $1 million.
Additional information on the Minas Chanca project can be found on the Focus website: www.focusventuresltd.com.
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 43-101.
About Focus Ventures
Focus Ventures is acquiring advanced, drill-ready projects in Peru. Backed by an experienced technical team of geologists and consultants, Focus's strategy is to identify and acquire former producing mines or un-tested gold and silver and base metal properties that show potential to become new mines. For further information, please call 604-688-5288 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
David Cass, President
Contact: Erin Ostrom / Ralph Rushton
Shares Issued: 29.3-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.
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