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Focal Resources Ltd -
Focal Resources year-end review
Focal Resources Ltd FCJ
Shares issued 15,468,206 1999-07-22 close $0.06
Monday Jul 26 1999
Mr. Patrick Chance reports
The directors considered the options available to the company and have chosen to reorganize it. This initiative comprises refocusing in the international minerals sector, strengthening the board and consolidating the company's base in Toronto. The Calgary office has been closed.
Projects
Santo Domingo, Nicaragua
In late 1998, Focal filed a suit, alleging breach of contract, against the vendor, La Cooperativa Asociativa de Pequeno Mineros de Santo Domingo, Chontales R.L. Focal is claiming damages of $1.3-million (U.S.), being the amount of option payments, loans and improvements made to the property on behalf of the co-op. The action is proceeding through the Nicaraguan courts.
Rio Siquia, Nicaragua
In early 1999, Inmet elected to discontinue work on the property following an initial program. Focal's earlier results were confirmed but Inmet did not encounter environments indicative of economically interesting deposits. No further work is warranted on the property.
Waspuk-Wawa and Columbus, Nicaragua
Both projects are at an early stage of exploration. They would require large and sustained exploration expenditures to locate and test potential drill targets. It is unlikely that further work can be justified at this time.
Sawyer, B.C.
Focal continues to seek the funding required to drill test two Pulse EM targets that straddle a regional fault trace.
Northeastern Alberta
In the second quarter, Focal converted its residual interest to a 2 per cent nsr, plus a cash consideration.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Focal Resources Ltd -
Focal Resources three-month results
Focal Resources Ltd FCJ
Shares issued 15,468,206 1999-06-11 close $0.06
Monday Jun 14 1999
Mr. Patrick Chance reviews the company
The company has concentrated its efforts during the first quarter on seeking out and acquiring more advanced projects. The objective is high-quality prospects and situations that can attract financing and investor interest in the current environment. While gold remains the commodity of choice it has also examined prospects containing other commodities. Although the climate remains difficult for junior resource companies, there are significant opportunities.
Santo Domingo
Focal has continued to pursue the Santo Domingo miners co-operative for breach of contract. The Nicaraguan legal system provides for a pretrial meeting of the parties before the presiding judge to encourage a negotiated settlement. The co-op neither attended the pretrial meeting in late February nor complied with the judge's order to file its case by the end of April.
Focal is claiming damages of $1.2-million (U.S.) for breach of contract. Liens have been placed on the co-op's assets, which include the Santo Domingo concession.
Rio Siquia
Inmet elected to discontinue work on the Rio Siquia concession during January. Focal has completed a technical review of the concession and has concluded that further work is not warranted at this time.
Sawyer
Focal continues to seek either financing or a joint venture partner to drill test the UTEM anomalies on the Sawyer Creek property.
Northeastern Alberta
In late December, Focal reached agreement with partner, Birch Mountain Resources, to sell its residual interest in the remaining northeastern Alberta properties in exchange for $15,000 and a 2-per-cent net smelter return.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Chucka- See even Land Partners want NSRs....
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