Discovery Minerals and Northern Iron Sign Sampling Agreement on 66
Million Tons of Tailings
RENO, Nev., March 26, 2013 /PRNewswire/ -- Discovery
Minerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTCPink: DSCR)
has taken samples from the Griffith Mine tailings dump and those
results warrant further sampling and testing of the dump to
determine whether an economic case can be made to extract residual
metals and rare earth minerals from the 66 million tons of crushed
material. Tailings are the waste materials produced from the
extraction process.
The agreement, which was signed on February 5, 2013, is for
twelve months and makes provision for a tailings material
processing agreement where Discovery has the right to extract any
metals and minerals from the dump subject to a number of
conditions.
The basic conditions to the agreement are:
- Any proposed Discovery operations will not interfere with any
activity on the Griffith Mine ground by Northern Iron, either
planned or actual.
- Discovery will be solely responsible for the cost of any
activity and the permitting process.
- Northern Iron will receive 2.5% of the net proceeds of
Discovery's operations.
Based on the encouraging results Discovery received from the
initial sampling program, plans are in motion to take further
samples and conduct a series of metals extraction tests on the
known material as soon as weather permits this spring.
Discovery Minerals is a U.S.-based metals exploration and
development company focused on projects in the Western United States and California in particular. The Company is
led by an experienced board of directors and management team with
extensive corporate, exploration, mine development and production
operation records in the US and Australia.
About Discovery Minerals Ltd.:
Discovery Minerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTC
Pinksheets: DSCR) is a production stage company formed to acquire
and develop natural resource properties. Activities include gold,
precious metals and minerals, including rare earth minerals
production and sales. The Company has 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.
Company Contact Information:
Mr. Henry Manayan, Esq., Chief
Operating Officer
Discovery Minerals, Ltd.
429 West Plumb Lane
Reno, Nevada 89509
Telephone: 1.408.656.0143
SOURCE Discovery Minerals Ltd.