|By Marketwired .||
|January 8, 2014 04:39 PM EST||
RENO, NV -- (Marketwired) -- 01/08/14 -- Discovery Minerals Ltd. (OTC Pink: DSCR) CEO, Russell Smith, was pleased to announce Discovery has taken an option to purchase a royalty in a Canadian gold mine. The royalty is a 1.5% Net Smelter Revenue (NSR) interest on gold production from certain claim blocks located in Menary Township, Ontario.
The Option to purchase the NSR for $50,000 is for a six-month minimum period with an extension available at the election of the Company, by paying an extension Fee.
Highlights of the factors affecting the value of the NSR are below:
- Diamond drill program on over 4700 meters throughout multiple gold zones in quartz-carbonate hosted shears/vein systems over the Wagg area (on Patented claim).
- Multiple, visible gold hits observed in the core and in bedrock surface exposures often over 1 ounce per ton in grade.
- Preliminary bulk sample test of approximately 1000 metric tons, recovered a significant amount of free-milled gold.
- Approximately 900 tons of tailings on site; a grading of 3.5 grams per ton are on site.
- A number of other gold occurrences can be found on the property -- in the Wagg, Galbraith 'A,' New Shear and Galbraith 'B' veins.
- Property is along the strike and in the same geological belt as the Rainy River Resource (Richardson Township Deposit, now New Gold Inc. with + 5 million ounces of gold outlined -- see link to New Gold Inc. -- 'www.newgold.com')
- Property is in "good standing" and will be for at least 5+ years having over $1.2 million expended on it in the last three years -- see press release from Kings Bay Gold Corp. (link -- 'www.kingsbaygold.com' -- Menary Property).
- Total land package include 10 claims for 61 claim units or approximately 2440 acres in size.
- Property is close to Nestor Falls, Ontario, about an hour's drive south of Kenora or one hour north of Fort Frances, Ontario, and is readily accessible for field work and drilling viewing in the summer months.
- High potential for gold, silver, copper, nickel and cobalt findings on the property.
About Discovery Minerals Limited
Discovery Minerals Ltd. (FRANKFURT: A0LB3X) (Kurzel: D7Z) (OTC Pink: DSCR) is a production stage company formed to acquire and develop natural resource properties. Activities include gold, precious metals and petroleum minerals, including rare earth minerals production and sales. The Company initiated a new program to evaluate undervalued assets, including clean tech and alternative energy investments, for potential addition to its portfolio.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "intends, "plans," "should," "seeks," "pro forma," "anticipates," "estimates," "continues," or other variations thereof (including their use in the negative), or by discussions of strategies, plans or intentions. A number of factors could cause results to differ materially from those anticipated by such forward-looking statements, including those discussed under "Risk Factors" and "Our Business." Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The actual results could differ materially from those anticipated in the forward-looking statements for many reasons.
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