Discovery Harbour Resources Corp.

Discovery Harbour Resources Corp.

February 12, 2015 15:02 ET

Discovery Harbour Announces Letter of Intent for US$1,000,000 Sale of Joint Venture Interest

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2015) - Discovery Harbour Resources Corp. (TSX VENTURE:DHR) ("Discovery" or the "Company") announces execution of a Letter of Intent for the sale of its fifty-one percent (51%) Participating Interest in the Wabassi Joint Venture to Great Lakes Resources LLC ("GLR"), for a One Million United States Dollars (US$1,000,000) cash payment. GLR is a private company owned by Richard Gilliam, a Director and significant shareholder of the Company. GLR currently holds the remaining forty-nine percent (49%) Participating Interest in the Wabassi Joint Venture. The Wabassi project is a base and precious metals project located in northwestern Ontario that is comprised of 165 unpatented blocks of 2,640 claim units for a total of 38,720 hectares.

Proceeds from the sale will be used to fund continued exploration and development of the Company's 2Bar copper/silver project in Nevada USA and for general working capital purposes. The sale of the Company's interest in the Wabassi Joint Venture is subject to, among other things, entry into a definitive agreement for the purchase and sale of the interest, approval of a majority of the disinterested shareholders of the Company, and approval of the TSX Venture Exchange. The Company does not anticipate paying any finder's fees in connection with this transaction.


"Frank D. (Bruno) Hegner"

F. D. Hegner

President, CEO and Director

This news release is not an offer of securities of the Company for sale in the United States. The above described issuances of securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. This news release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there by any sale of the above described securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Disclaimer for Forward-Looking Information

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "will", "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the sale of the Company's interest in the Wabassi Joint Venture to GLR, the purchase price for such interest, the proposed use of the proceeds of the sale, entry into a definitive agreement for such purchase and sale, and the approvals needed for such purchase and sale. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that a definitive agreement may not be entered into, that the sale of the Company's interest in the Wabassi Joint Venture may not be completed as set out in this news release or at all, that the proceeds of such sale will be used differently than as stated in this news release, that the transaction may not obtain the requisite approvals, and such other factors beyond the control of the Company. Except as required by law, the Company expressly disclaims any obligation, and does not intend, to update any forward-looking statements or forward-looking information in this news release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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