The Company Has Completed a Definitive Joint Venture Agreement with the Owners of the War Eagle Mountain Project to Fully Explore, Mine, and Process Ore Bodies. The Joint Venture Includes the Existing Mill Facility
PHOENIX, AZ, March 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Discovery Minerals Ltd. (OTCQB: DSCR) an acquisition and development Company that targets natural resource properties primarily in precious metals and mining operations. Discovery Minerals is pleased to announce that they have completed a Joint Venture with the Owners of the War Eagle Mountain Project. Under the terms of the Joint Venture Discovery Minerals will be the operator of the mine and receive 50% of all net proceeds. The Owners have contributed their mining claims as well as the existing Mill Facility located on Silver City Road.
Russell Smith, CEO of Discovery Minerals, stated; “It has been a pleasure working with the owners of the War Eagle Mountain Project. War Eagle Mountain is a proven resource for Gold and Silver deposits and we are truly benefiting from the extensive historical operation reports and geology already completed as well as the owners’ knowledge of this rich project. The inclusion of the Mill Facility in the Joint Venture was extremely important as it will allow us to focus resources on commencing mining operations. Now that the Joint Venture agreement has been fully documented we will look to accelerate completion of the first phase mining plan. As previously announced our initial mining target is an extension of the Ore Fino Vein with approximately 70,000 tons of near surface ore. Girvan Jackson, Project Manager, and myself have already scheduled an immediate site visit with the geologists and mill engineer with a view to expedite the mining and precious metal production plan. We look forward to reporting compilation of the mining plan on schedule in April 2019 as well as other considerations to expand early operations and continue to create long term shareholder value.”
About Discovery Minerals Ltd.:
Discovery Minerals Ltd. (OTC PINK: DSCR) is an acquisition and development company that targets natural resource properties and cutting edge technology opportunities through its subsidiaries. The Board of Directors has determined that these activities be continued with an emphasis on early positive cash flow from any projects undertaken.
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.