|August 02, 2013|
Focus and Stonegate Extend Due Diligence Period
|August 2, 2013; Vancouver and Toronto, Canada: Focus Ventures Ltd. (TSX-V:FCV - "Focus") and Stonegate Agricom Ltd. (TSX:ST - "Stonegate") announce that they have agreed to extend the due diligence period for a previously announced acquisition by an additional 42 days in order to permit Focus to have additional time to complete its studies. |
Focus and Stonegate announced on May 21, 2013 that they had signed a Letter of Intent pursuant to which Focus has the right to acquire from Stonegate, subject to successful due diligence over a period of 90 days, a 70% interest in the Mantaro phosphate deposit, located 250 km east of Lima in the District of Junín, central Peru. Details of the transaction are available in a joint news release issued on May 21, 2013.
About Focus Ventures
Focus, through its subsidiary Agrifos, is acquiring and developing quality phosphate projects in Latin America where the discovery and development of new deposits is becoming increasingly important given the expanding agricultural industry and limited local supply of phosphate for fertilizer production.
Further information is available at www.focusventuresltd.com.
About Stonegate Agricom
Stonegate Agricom, which is actively engaged in acquiring and developing agricultural nutrient projects, is currently focused on the development of the potentially world-class, long-life Paris Hills Phosphate Project located in Idaho. The Company is confident that the deposit has sufficient size and grade to become a strategic, cost-effective source of phosphate supply for major fertilizer producers. More information is available at www.stonegateagricom.com.
ON BEHALF OF THE FOCUS BOARD
David Cass, President
Shares Issued: 40.1-million
For more Focus Ventures information, please contact:
Tel: (604) 688-5288; Fax: (604) 682-1514
For more Stonegate Agricom information, please contact:
Vice President, Investor Relations
Stonegate Agricom Ltd.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the businesses of Focus Ventures Ltd. and Stonegate Agricom Ltd. Actual results may differ materially from those currently anticipated in such statement.
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable law. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made as at the date of such information. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: risks relating to whether Focus and Stonegate complete the transaction described in this news release, uncertainty in the estimation of mineral reserves and resources, uncertainty of inferred mineral resources, mineral exploration, reliability of historical exploration work, risks relating to assumptions used in preparation of the Feasibility Study on the Lower Phosphate Zone of the Paris Hills Phosphate Project as well as those factors discussed in the section entitled "Risk Factors" in Stonegate's most recently filed annual information form available at www.sedar.com. Although Stonegate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this news release are included for the purpose of providing investors with information to assist them in understanding the expected financial and operational performance and may not be appropriate for other purposes. Focus and Stonegate do not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
You can view the Next News Releases item: Tue Sep 10, 2013, Focus Acquires Phosphate Project in the Bayovar District, Peru
You can view the Previous News Releases item: Mon Jul 29, 2013, Focus Applies for Phosphate Claims in Colombia
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