OttoRock of IKN wrote that last weekend:
Focus Ventures (FCV.v): I’m not going to get to hook up with company president David Cass next week, as he arrives in Lima while I’m in the field and then he’s out in the field by the time I get back. However I did exchange with him and news on the drilling program at the flagship Santa Cruz/Reventon project in Mexico is...delays. What a surprise. And the delays are due to governmental bureaucratic foot-dragging. What a surprise. But Cass also said that everything on FCV’s side is in place and the government environmental people have visited the site and given verbal approval for what they saw (that’s usually the time-consumer) so the day after the now pretty straightforward paperwork is signed off by the relevant pen the company will be drilling (apparently, the changeover to the Peña Nieto admin hasn’t helped at all, with people leaving and new people arriving in government posts at a regional level). With a little luck FCV can tell PDAC that the drills are turning, but that underscores the type of delay the company has seen because the original plan was to be delivering first results from the drilling program to the PDAC audience. Such are the pleasures of working in LatAm.
In other news, FCV announced Friday evening (13) (yes, the dreaded Friday PM news release) that it had to correct a couple of very minor data things in its previous publications after a review by the BCSC. I know that some people gripe about these reviews and wonder why the BCSC is fluffing around with minor errors in presentations and company materials according to the rules, but I quite like them all. In the case of FCV, the adjustments were so insignificant that it’s virtually a pass mark and a positive that it has to announce its corrections. Meanwhile in more interesting news FCV has a new corporate presentation up on its website, which you can find at link (14) below. The section on the Aurora copper project in Cusco region Peru is particularly enlightening and gives a good overview of what’s known, as well as the expansion potential that FCV sees for the project. And for those of you who’d like more technical information on Aurora, this FCV page (15) shows sections that help get a handle on the size potential (even to your author’s untrained geology eye the potential is pretty clear, the trick now will be to turn that potential into something real). Back to the presentation and the other takeaway was the company treasury position that stands at $2m to $2.5m. Cass informs this cash is more than enough to see FCV well past the Santa Cruz/Reventon drill campaign