Discovery Minerals Takes Option to Purchase Royalty on Menary Gold Mine
09 January 2014 - 8:38AM
Marketwired
Discovery Minerals Takes Option to Purchase Royalty on Menary Gold
Mine
RENO, NV--(Marketwired - Jan 8, 2014) - 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.
Company Contact Information: Media Relations: Mr. Henry Manayan,
Esq. Chief Operating Officer Discovery Minerals, Ltd. 429 West
Plumb Lane Reno, Nevada 89509 Email: info@discoveryminerals.com
Website: www.discoveryminerals.com
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