Fokus Mining Announces Results of its Annual and Special Meeting of Shareholders and Provides an Update on the Galloway Property
ROUYN-NORANDA, July 7, 2021 - Fokus Mining Corp. ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce the results of its annual meeting of shareholders held on June 29, 2021, in Rouyn-Noranda, Quebec. At the meeting, Fokus shareholders re-elected Jean Rainville, Sylvain Champagne, Gilles Laverdière, Marc-André Lavoie, Ciro Cucciniello and Steve Duchesne as directors of Fokus. Following the meeting, Fokus Board of Directors re-appointed Jean Rainville as President and Chief Executive Officer and Sylvain Champagne as Corporate Secretary and Chief Financial Officer of the Company. At the Meeting, Fokus shareholders also approved resolutions (i) appointing Raymond Chabot Grant Thornton LLP, Chartered Professional Accountants, as the auditor of Fokus, and (ii) ratifying, approving and confirming Fokus' stock option plan.
Fokus also announces that its Board of Directors has granted, subject to regulatory approval, including of the TSX Venture Exchange, stock options in respect of 750,000 common shares to Fokus' six directors. The options were granted pursuant to Fokus stock option plan. The exercise price of the options is $0.16, which is higher of the closing price of Fokus common shares on the TSX Venture Exchange on Tuesday July 6,2021. The options vest immediately and will expire in five years.
The Company has been able to access a third drill rig to accelerate its exploration work on its Galloway project. This drill has the capacity to drill deep holes and is currently on the Hendrick zone since the beginning of last week close to hole GA-21-30 (results still pending). Next to it there is a second rig also testing the width of the mineralized zone in this Hendrick sector. Meanwhile, the smaller drill rig continues to drill shallower holes Northeast of hole GA -21-28 (see results in Fokus' press release dated May 25, 2021) between the GP and Hurd sectors.
The Company has also retained the services of Innovexplo in Val d'Or to analyze the geochemical characteristics of the mineralization of the main mineralized zones in the portion of the Galloway that is being drill tested in this calendar year.
Jean Rainville, President and CEO of Fokus states: "We have now drilled over 19,000 meters on the Western part of the Galloway property and will continue to concentrate on that part of the project in the coming months. Needless to say that other parts of the property also offer significant potential for mineralization and demonstrated by Yamana Gold Inc. recent acquisition of mineral claims adjacent to the Eastern portion of the Galloway project".
About Fokus
Fokus Mining Corp. 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.
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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 Corp.
Contact
Jean Rainville, President & Chief Executive Officer, Tel.: (514) 918-3125, Fax: (819) 762-0097, Email: jrainville@fokusmining.com
