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TOPIC: Discovery Ventures

Discovery Ventures 1 year 11 months ago #10983

Discovery Ventures Inc. (DVN.V) Announces 100% Acquisition of FortyTwo Metals Inc. (Max Mine and Mill)




VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 6, 2015) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:0DV)(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 FortyTwo 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.
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Discovery Ventures 2 years 3 days ago #10958

Discovery Ventures (DVN.V) Announces Release of Agreement With 0951719 B.C. Ltd.




VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 16, 2015) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:ODV)(OTCQX:DTVMF) ("Discovery") is pleased to announce that it has entered into an amendment and release agreement (the "Release Agreement") with 0951719 B.C. Ltd. ("Numberco"), to release Discovery from its obligations owed to Numberco pursuant to the terms of the framework agreement (the "Framework Agreement") dated April 15, 2014 between Discovery, Numberco, and the owners of the Willa property.

The Release Agreement terminates Discovery's obligation to pay an additional $3,050,000 and issue an additional 7,000,000 common shares to Numberco that were due under the Framework Agreement.

"This is big step forward for our company," said Dan Omeniuk. "The funds that we would have used to pay Numberco are anticipated to be used towards advancing the WillaMAX Project and finalizing the 100% acquisition of 42 Metals Inc
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Discovery Ventures 2 years 2 months ago #10883

Discovery Ventures Inc.(TSX VENTURE:DVN) (OTCQX:DTVMF) Appoints New CEO and Chairman of the Board




VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 9, 2015) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:0DV)(OTCQX:DTVMF) ("Discovery") is pleased to announce that it has appointed Dan Omeniuk as Director, CEO and Chairman of the Board of Discovery, effective July 09, 2015. Dan is the president of Trappers Transport, a North American leader in providing temperature controlled transportation services. Dan is the founder of Trappers Transport and has led this company from being a small business to an industry leader over the last 30 years.

"I am honored to have been asked to take on this role, and excited about the possibilities for Discovery's future," said Dan Omeniuk. "Discovery's priority continues to be finalizing the 100% acquisition of 42 Metals Inc. It has created a strategic synergy by combining Discovery's existing Willa Project with the Max Mine processing facility. I look forward to working with the entire Discovery team as we work to carry out Discovery's business plan."

"Discovery is privileged that Dan Omeniuk, a person with such vast knowledge and experience, has accepted the appointment as Director, CEO and Chairman of the Board of Discovery," said Akash Patel, former Chief Executive Officer of Discovery. "We are very pleased that he has agreed to work with Discovery to develop its WillaMAX Project. His entrepreneurial leadership and experience ideally positions him to lead Discovery. I look forward to ensuring a smooth transition for the benefit of our employees and shareholders." Mr. Patel will remain as President of Discovery.

About Discovery

Discovery is an exploration and development stage company focused on the WillaMAX project that is prospective for gold. The WillaMAX project would combine the Willa copper-gold resource with processing facilities at the MAX Mine, both located in southeast BC.

On behalf of the Board of Directors,

Akash Patel, President and Director

Discovery Ventures Inc.
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Discovery Ventures 2 years 2 months ago #10877

Discovery Ventures (TSX VENTURE:DVN) (OTCQX:DTVMF)Makes Formal Application for a 10,000 Tonne Bulk Mine Permit for Willa Project





VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:0DV)(OTCQX:DTVMF) ("Discovery") is pleased to announce that the company has made formal application with the Ministry of Mines for a 10,000 tonne bulk mine permit on Willa Mine project.

The 10,000 tonne bulk sample is recovered under a usual Notice of Work, which entails identifying all works that are proposed, along with detailed plans of the operation, including a Mine Emergency Response Plan (which covers all safety aspects and plans in case of accidents). In addition, a Metal Leaching and Acid Rock Drainage Prediction and Prevention Plan is required. These plans have been initiated by the company.

The permit allows for trenching, blasting, drilling, underground exploration and a 10,000 tonne bulk sample, subject to certain terms and conditions. The 2015 portion of the work will commence in the near future and will include re-opening underground portals for exploration, mine planning and engineering; and rehabilitation of access roads.

The proposed mining method at Willa mining project will utilize long-hole stoping and shrinkage stoping. It is estimated that the majority of the economically-exploitable Mineral Resources will be amenable to long‐hole mining methods, with minimum stoping widths of five metres and maximum widths in some stoping blocks exceeding thirty metres. Shrinkage stoping methods will be applied in cases where the mineral width is less than five metres, but where the grade is sufficiently high to warrant the expected higher unit development and stoping costs. Additional drilling will be conducted during both development and production phases to better define additional mineral blocks.

Once the Notice of Work has been submitted to the Inspector of Mines and has been approved-in-principle, it will be distributed to all parties that may have concerns (i.e. First Nations, Ministry of Environment, Ministry of Transport, Ministry of Forests). All parties then have thirty working days within which to state any concerns they may have (the Thirty Day Referral Period). The Mines Inspector will then pass these concerns on to the applicant, who will then ensure that all concerns are dealt with. Most often, the Mines Inspector will include these as conditions of the Approved Permit. The Notice of Work process will take about sixty working days if no major concerns are identified during the referral process.

Following, or even during the 10,000 tonne bulk sampling, the Company intends to apply for a Small Mines Permit to remove up to 75,000 tonnes per year. This can be done under a Notice of Work to the Mines Inspector. In addition, the Company will apply to have the Mineral Claim converted to a Mineral Lease, which is done by application to the Provincial Government.

Akash Patel, Discovery's current President and CEO stated, "Financing has reinforced Discovery's confidence in our WillaMax project. We are excited to be moving ahead with our business model as planned."

Wayne M. Ash, P. Eng., a Qualified Person under NI 43-101 who has an arm's length relationship with the Discovery, has read and approved the scientific and technical disclosure in this news release, and consents to the public filing of this news release.

If you would like to be added to Discovery's news distribution list, please send your email address to This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website located at www.discoveryventuresinc.com.

Akash Patel, President and Director

Discovery Ventures Inc.
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Discovery Ventures 2 years 3 months ago #10847

Discovery Ventures (TSX VENTURE:DVN) (FRANKFURT:0DV)(OTCQX:DTVMF) Announces Positive Results From the Current Metallurgical Test Work Program




VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 16, 2015) - Discovery Ventures Inc. ("Discovery") (TSX VENTURE:DVN)(FRANKFURT:0DV)(OTCQX:DTVMF) is pleased to announce it has received positive results from the current metallurgical test work program, conducted by MetSolve Labs on the intermediate-grade mineral samples from the Willa Mine

Discovery arranged for MetSolve Labs of Langley, British Columbia, an independent arm's length laboratory, to perform metallurgical testing on intermediate-grade gold and copper mineral samples from the Willa Mine to confirm the accuracy of certain historical metallurgical test work conducted in the 1980s and in 2004 as set out in the NI 43-101 compliant Technical Report on the Willa Deposit, issued November 23, 2012 (Table 13.4, page 50). This historical metallurgical test work was based on high-grade mineralization taken from chip and muck samples from one section of the West Zone and indicated metallurgical recoveries ranging from 78.8 to 83% for gold and 86.6 to 93.9 % for copper. A Qualified Person has not done sufficient work to assess the relevance or reliability of the historic samples, or to verify the historic data or assumptions relating thereto.

For the current metallurgical test program, diamond drill core from the 2004 diamond drilling program was taken from holes drilled over a wider range of the West Zone and was broken into three categories: a) Sub-grade ($value less than $115/tonne), Intermediate-grade ($value $115 to $174/tonne) and High-grade ($175/tonne or greater). The dollar values are in Canadian funds, based on a world gold price of US$1,200/ troy oz., a copper price of US$3.00/lb., and a silver price of US$20.00/ troy oz., and taking into account internal and external mine dilution, milling recoveries of 82% for gold, 82% for silver, and 90% for copper, transport of copper concentrate, plus expected smelting and refining costs and losses, and a $Cdn at US$0.90.

The current phase of metallurgical testing of gold and copper mineral samples was conducted on the Intermediate grade mineralization in order to determine the bias, if any, in the historical test results relating to high-grade mineral samples. Discovery expected that the metallurgical recoveries from the Intermediate grade mineral would be lower than the high-grade mineral samples tested historically since generally, lower grade mineral tends to result in lower metallurgical recoveries.

The results of the most recent test current metallurgical test work on the intermediate-grade gold and copper mineral samples, however, indicated recovery of 84.7% for gold and 95.8% for copper, an increase rather than the expected decrease. Discovery believes that the increase in recoveries is due, in part, to the extraction of a gold-bearing pyrite concentrate. Discovery notes, however, that assuming the copper associated with the pyrite concentrate cannot be recovered, the overall recovery of copper would drop to the range of 90 to 92%.

Recovery of the gold-bearing pyrite concentrate resulted in an extremely low sulfide content in the final tailings, a condition seldom met in other tailings deposits.

The sampling was restricted to the diamond drill core recovered from the 2004 drill program, since core from earlier drilling was not available (as discussed in Section 11.4 of the Ni 43-101 Technical Report). The sampling was restricted to the ten holes drilled on the West Zone. In total, 96 only, 2-metre samples were recovered for the test work, including:
• 28 of Sub-grade averaging 1.98 g Au/t, 0.39% Cu and 6.3 g Ag/t ($Cdn value $85/t),
•29 of Intermediate grade averaging 3.40 g Au/t, 0.60% Cu, and 8.6 g Ag/t ($Cdn Value $143/t)
•36 of High grade averaging 9.69 g Au/t, 1.27% Cu, and 27.9 g/t Ag ($Cdn Value $389/t)

The total overall weight to the samples was 295 kg.

The QP personally recovered and logged the samples from the core boxes, bagged and labelled them, and transported them directly to MetSolve, where the samples were categorized and combined into the three grade categories.

To date, the work was restricted to the Intermediate grade category.

The next tests will be conducted on the High grade category of samples, followed by tests on the sub-grade category.

The current test work indicates the tailings discharged to the tailings pond will contain extremely low sulfide content, a condition seldom met by other mining operations.

The tailings effluent toxicity was tested on daphnia magna and surpassed the government regulation requirement of a 50% survival rate.

Akash Patel, Discovery's current President and CEO stated, "We are encouraged by these results. These findings signal a positive outlook for our company's WillaMax project's production potential."

The scientific and technical disclosure in this press release has been reviewed and approved by Wayne Ash, P.Eng., an engineering consultant to Discovery who is a "Qualified Person" as defined by National Instrument 43-101 for this project.

About Discovery

Discovery is an exploration and development stage company focused on the WillaMAX project that is prospective for gold. A summary of the project is provided in a recent WillaMAX Preliminary Economic Assessment (PEA) released May 26, 2014 as amended June 20, 2014 prepared by Wayne M. Ash, P.Eng. The WillaMAX project would combine the Willa copper-gold resource with processing facilities at the MAX Mine, both located in southeast BC.

If you would like to be added to Discovery's news distribution list, please send your email address to This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website located at www.discoveryventuresinc.com.

Akash Patel, President and Director
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