Intrepid, Focal divide land holdings in Central America

An agreement between Intrepid Minerals (iau-a) and Focal Resources (fcj-v) will see the two companies split their joint-ventured properties in Central America, with Focal concentrating its efforts in Nicaragua and Intrepid carrying on work in El Salvador and Honduras.

Intrepid is transferring its 50% interests in the Columbus and Rio Coco properties in Nicaragua to Focal. At Columbus, seven targets have been identified for follow-up work and a former mine site, the Linda Ventura, was trenched this summer. Samples from the 19 trenches showed a minimum width of 7.6 metres on surface and an average grade of 3.2 grams gold per tonne.

In El Salvador, Focal is trading its 50% interest in the Divisadero concession to Intrepid, bringing Intrepid’s interest to 100%. Underground workings at Divisadero, where faces were sampled in the 1980s by Canadian Javelin, yielded an average of 113 grams silver and 1.5 grams gold. One continuous

30-metre section returned 90 grams silver and 1.5 grams gold.

Focal is also transferring its 47.5% interest in the Barrios San Carlos property to Intrepid, which will now have a 95% interest; the remainder is held by a local private company. Focal also is transferring its 50% interest in the Cerro Azul and Erapuca concessions, both in Honduras, to Intrepid.

The agreed valuation of the properties leaves Intrepid owing Focal a total of US$423,113, which will be paid in Canadian funds. Intrepid is to deliver $100,000 cash on closing, plus $282,358 over an 18-month term with interest at 6%. Subject to regulatory approval, Focal receives the balance of the amount in the form of 500,000 Intrepid shares.