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October 6th, 2015
Discovery Ventures Inc. Announces 100% Acquisition
of FortyTwo Metals Inc. (Max Mine and Mill)
Discovery Ventures Inc. (TSX-V: DVN) (FSE: ODV) (OTCQX: DTVMF) ("Discovery") announces that, pursuant to a share purchase agreement (the "Share Purchase Agreement") dated October 5, 2015 with Roca Mines Inc. ("Roca"), it has acquired the remaining 65% of the outstanding share capital of FortyTwo Metals Inc. ("FortyTwo") and is now the owner of 100% of the share capital of FortyTwo. Pursuant to the Share Purchase Agreement, Discovery acquired the remaining shares of Forty Two in exchange for the following:
- the payment of CDN$200,000;
- the issuance of 3,000,000 common shares of Discovery; and
- the issuance of 3,000,000 share purchase warrants to purchase up to 3,000,000 additional common shares of Discovery at a price of $0.15 for a period of 5 years.
Discovery acquired FortyTwo with its existing liabilities. FortyTwo holds, among other assets, the Max Mine which includes an underground molybdenum mine, approximately $50M tax loss, crushing, milling and concentrating facilities, tailings storage facilities, mineral claims, mining leases, licenses and other holdings located near Trout Lake in the Revelstoke mining division of the Province of British Columbia. The Max Mine is located approximately 135 kilometres from Discovery's Willa Project and is a formerly producing molybdenum mine that operated from 2007 until November 2011 when depressed metal prices led to its closure.
"We are pleased to announce the FortyTwo Metals acquisition for our shareholders," said Dan Omeniuk. "Discovery now has the final piece and we are ready to move the WillaMAX Project forward by the exploration and development of the Willa property and the refurbishment the Max mill."
About Discovery
Discovery is an exploration and development stage company focused on the WillaMAX project that is prospective for gold. The WillaMAX project consists of the exploration and development of the Willa property and the refurbishment the Max mill.
On behalf of the Board of Directors,
"Dan Omeniuk"
Dan Omeniuk, Chief Executive Officer and Director, Discovery Ventures Inc.
This press release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Discovery, including without limitations the statements regarding mineralization and recoveries from mineral samples on the Willa project, anticipated mineralization, plans and anticipated results of future sampling, production potential. There are numerous risks and uncertainties that could cause actual results and Discovery's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) the results of the historical testing and current metallurgical testing prove to be inaccurate or not to be indicative of wider mineralization at the Willa project; (ii) risks inherent in the mineral exploration industry in general; (iii) the ability of Discovery to complete additional testing in the future; and (iv) such other risks and uncertainties which may not be known to Discovery at this time. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery does not intend to update these forward-looking statements.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
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Shareholders:
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October 6th, 2015
Discovery Ventures Inc. Announces 100% Acquisition
of FortyTwo Metals Inc. (Max Mine and Mill)
Discovery Ventures Inc. (TSX-V: DVN) (FSE: ODV) (OTCQX: DTVMF) ("Discovery") announces that, pursuant to a share purchase agreement (the "Share Purchase Agreement") dated October 5, 2015 with Roca Mines Inc. ("Roca"), it has acquired the remaining 65% of the outstanding share capital of FortyTwo Metals Inc. ("FortyTwo") and is now the owner of 100% of the share capital of FortyTwo. Pursuant to the Share Purchase Agreement, Discovery acquired the remaining shares of Forty Two in exchange for the following:
- the payment of CDN$200,000;
- the issuance of 3,000,000 common shares of Discovery; and
- the issuance of 3,000,000 share purchase warrants to purchase up to 3,000,000 additional common shares of Discovery at a price of $0.15 for a period of 5 years.
Discovery acquired FortyTwo with its existing liabilities. FortyTwo holds, among other assets, the Max Mine which includes an underground molybdenum mine, approximately $50M tax loss, crushing, milling and concentrating facilities, tailings storage facilities, mineral claims, mining leases, licenses and other holdings located near Trout Lake in the Revelstoke mining division of the Province of British Columbia. The Max Mine is located approximately 135 kilometres from Discovery's Willa Project and is a formerly producing molybdenum mine that operated from 2007 until November 2011 when depressed metal prices led to its closure.
"We are pleased to announce the FortyTwo Metals acquisition for our shareholders," said Dan Omeniuk. "Discovery now has the final piece and we are ready to move the WillaMAX Project forward by the exploration and development of the Willa property and the refurbishment the Max mill."
About Discovery
Discovery is an exploration and development stage company focused on the WillaMAX project that is prospective for gold. The WillaMAX project consists of the exploration and development of the Willa property and the refurbishment the Max mill.
On behalf of the Board of Directors,
"Dan Omeniuk"
Dan Omeniuk, Chief Executive Officer and Director, Discovery Ventures Inc.
This press release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Discovery, including without limitations the statements regarding mineralization and recoveries from mineral samples on the Willa project, anticipated mineralization, plans and anticipated results of future sampling, production potential. There are numerous risks and uncertainties that could cause actual results and Discovery's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) the results of the historical testing and current metallurgical testing prove to be inaccurate or not to be indicative of wider mineralization at the Willa project; (ii) risks inherent in the mineral exploration industry in general; (iii) the ability of Discovery to complete additional testing in the future; and (iv) such other risks and uncertainties which may not be known to Discovery at this time. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery does not intend to update these forward-looking statements.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
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