Discovery Ventures Inc. (DVN.V) Signs a Letter of Discovery Ventures Inc. (DVN.V) Signs a Letter of Intent to Acquire the Willa Gold Deposit
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2012) - Discovery Ventures Inc. ("Discovery", "DVN" or the "Company") (TSX VENTURE:DVN) is pleased to announce it has signed a Letter of Intent to enter into negotiations and to complete technical due diligence with the intent of acquiring up to 80% interest in the mineral claims located in the Slocan Mining District of British Columbia known as the Willa Deposit. The mineral property consists of 5,328 Hectares and is located south of the town of Silverton B.C.
The deposit has been extensively explored and developed to by several operators including Noranda, Rio Algom, BP Minerals, Bethlehem Resources Corp. Northair Mines Ltd. and Hudson Bay Mining & Smelting. An extensive data base is under review which covers work that includes 596 drill holes totalling 189,000 feet (57,250 meters) of core drilling and 8500 feet (2,575 meters) of underground workings, extensive geophysics and sampling consisting of 17,150 analyses for Au, Cu, and Ag.
The Willa deposit is primarily identified as a sub-volcanic breccia-hosted type deposit (L01, B.C. Mineral Deposit Profiles). A sub-volcanic intrusive is located near or above a porphyry hydrothermal system. This creates a pyrite and silica-rich mineralized stockwork breccia closely spaced to sheeted veins with local massive to disseminated replacement zones. The mineralization is usually polymetallic (Cu-Ag-Au [As-Sb]).
This Letter of Intent will serve as the basis for negotiating a definitive agreement. Company President Akash Patel comments that "We believe the Willa Project will offer Discovery Ventures shareholders significant value in today's exciting gold market".
The agreement may be effected in one of several different ways, most likely an option to acquire the Claims by Discovery Ventures Inc. from 0951719 B.C. Ltd. The parties will jointly determine the optimum structure for the Transaction in order to best satisfy regulatory and other considerations, including mutually agreed upon performance based milestones.The agreement purchase payable by Discovery to 0951719 B.C. Ltd. shall consist of an agreed upon consideration by both parties. The closing conditions will include the completion of a National Instrument 43-101 compliant technical report on the Willa Property and subsequent approval by the Exchange. The due diligence period shall be a maximum of thirty days.
About Discovery Ventures Inc.
Shares issued: 23,641,749
Discovery Ventures' mission is to explore for and develop gold, silver, and copper mineral deposits in the province of British Columbia, Canada. The Company is currently focused on three core assets including the Redbird/Rabbitt claims located in southern British Columbia in the Similkameen Mining Division; The Bralorne claims located in southern British Columbia in the Lillooet Mining Division who's mining camp historic gold production totalled 4.15 million ounces of gold from 52 separate veins; and the Big Creek property located approximately 47 kilometres north east of the Taseko Mines Prosperity Porphyry copper deposit.
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ON BEHALF OF THE BOARD
AKASH PATEL, President