Focal options more land near Fort MacKay

Four separate agreements have been signed by Focal Resources (ASE), whereby the company can expand its land position in the Fort MacKay region in northeastern Alberta by about 1.15 million acres.

Focal can earn up to a 100% interest in 672,375 acres from Winslow Gold (VSE), Northwind Ventures (VSE), Island-Arc Resources (VSE) and Dasserat Developments (VSE). It can also earn up to a 55% interest, subject to a net smelter return (NSR), by paying cash and issuing stock to the companies and by completing exploration before June 1, 1995. Focal can earn an additional 30% under similiar conditions by June 1, 1999. At this point, the other companies may convert their 15% interest into an NSR.

Focal has also signed a letter of intent with Troymin Resources (ASE) to earn a 100% interest in three parcels of land totalling 374,400 acres. It will pay cash and conduct significant exploration work in the next 2 years. Troymin will retain an NSR.

Focal can earn a 100% interest in 36,986 acres from Winslow and Northwind, subject to a back-in clause or an NSR. The company must complete exploration by 1996.

Finally, Focal has the option to acquire a 100% interest in about 69,120 acres from a private individual. Focal will pay cash, issue stock and complete programs to earn the interest.