Discovery Ventures Inc.

Discovery Ventures Inc.

November 07, 2013 05:00 ET

Discovery Ventures Announces Conditional Approval from TSXV of Proposed Acquisition of Max Mine and Mill

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 7, 2013) - Discovery Ventures Inc. ("Discovery") (TSX VENTURE:DVN) is pleased to announce it has received conditional approval from the TSX Venture Exchange with respect to the binding letter agreement dated November 4, 2013 (the "Agreement"). Pursuant to the terms of the Agreement, Roca Mines Inc. ("Roca") has granted an exclusive option to Discovery to acquire all of the issued and outstanding common shares of FortyTwo Metals Inc., a wholly-owned subsidiary of Roca. As discussed in Discovery's news release dated November 6, 2013, FortyTwo holds, among other assets, the Max Mine which includes an underground molybdenum mine, 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.

Akash Patel, President of Discovery stated, "We are very excited about the proposed acquisition of the Max Mine and Mill complex and the strategic synergies that may result by combining Discovery's existing Willa Project with the Max Mine processing facility."

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Akash Patel, President 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, such as the statement that Discovery may exercise the option, or any stage of the option and acquire any portion or all of the shares of FortyTwo. 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) adverse market conditions; (ii) risks inherent in the mineral exploration industry in general; (iii) the ability of Discovery to exercise one or more stages of the option; (iv) the ability of Discovery to raise sufficient funds to exercise one or more stages of the option; (v) the risk in Roca receiving an offer to sell the shares of FortyTwo that it is willing to accept in substitution of Discovery's option under the Agreement; (vi) the risk in one or more creditors of Roca or FortyTwo placing either entity into bankruptcy; (vii) inability to acquire permits or First Nation support for mining operations with respect to the Willa Project or the Max Mine; and (viii) latent environmental liabilities with respect to the Willa Project or the Max Project. 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.

Contact Information

  • Discovery Ventures Inc.
    Ron Birch
    Investor Relations
    T: (250)-545-0383 or Toll free: 1-800-910-7711