The Board of Foyson Resources has decided to relinquish its tenements at Golden Peak and North New Britain, and not progress with its exploration licence at Manus Island. This leaves the prime copper/gold focus on the South New Britain Atui porphyry deposit and the New Ireland copper/gold exploration licence applications.
The decision was made to allow the company to apply its resources towards its more prospective projects and progress specific farm-in negotiations. It is also consistent with the strategy to minimize operating costs.
In 2012 the company entered into a strategic relationship with TVI Pacific in regards to the Amazon Bay Iron Sands Project and TVI has provided more than $3.5 million to date. TVI has recently undertaken a substantial capital raising which is expected to enable it to meet its current commitments at Amazon Bay.