Discovery Ventures Inc.

Discovery Ventures Inc.

March 01, 2016 08:30 ET

Discovery Ventures Inc. Announces 2016 Underground Development of Willa Gold, Copper, Silver Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2016) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:ODV)(OTCQX:DTVMF) ("Discovery") is pleased to announce the plan of activities on the Willa Gold, Copper, Silver Deposit for 2016. Discovery has received a permit to mine a 10,000 tonne bulk sample and is presently working with the different ministries to apply for a small mines permit. The company plans to initiate a Gap Study immediately to determine what additional work is required to complete the entire permitting process.

Work has already commenced, upgrading and completing road access to Portal 1025. Following the completion of an upcoming engineering study safety berms, truck runway lanes and upgrading erosion and sediment control structures will be completed.

Upon receipt of additional permits the company will begin mobilization of underground, surface and safety equipment necessary for rehabilitation and collaring of both the lower (1025) and upper (1100) portals.

Completion of the portal collars and rehabilitation, the company will:

  1. Rehabilitate ground support 1025 Level
  2. Reposition approximately 1 kilometer of rail tracks
  3. Construct mine water discharge culverts to new settling ponds
  4. Complete permitted 10,000 tonne underground bulk sample from the Main Zone
  5. +1000 metre underground diamond drilling program
  6. Commence full underground operations commence.

The 1025 adit will be used as the main haul way adit with the 1100 adit used for ventilation and escape way.

Once all remaining permits are in place it is estimated that it will take the company 4-5 months to commence full underground operations. The ore will be shipped and processed at their 100% owned Trout Lake Mill Complex located 132 kilometres from site.

Discovery will also initiate a +1000 metre underground diamond drilling program will be completed during the bulk sampling program. The purpose of the program is twofold. Firstly, the majority of the program will be dedicated to upgrading known mineralization from pre-1980 diamond drilling program that is not part of the current resource estimate. Secondly, exploration drilling of potential mineralization in proximity to current underground workings.

Discovery Ventures continual environmental work, consultations, permitting, including further development of metallurgical data and upgrading the Max Mill and tailings pond, the company plans to apply for a small mines permit. Once received, the company can mine up to 75,000 tonnes per calendar year. Forward looking the company hopes to mine the Willa Deposit at a rate of over 450 tonnes/day, which will require a major mine permit.

About Discovery

Discovery Ventures Inc. is a gold, copper and silver mining company focused on the exploration and development of its WillaMAX project that is located in the Kootenay region of British Columbia. The company holds a 100% interest in four mineral properties in B.C., and is currently active in the development of its Willa Property. Discovery's newly acquired Max Mine and Milling facility is located 132km north of the Willa Project site.

On behalf of the Board of Directors,

Akash Patel, President and Director, Discovery Ventures Inc.

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.

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 Discovery, such as statements regarding the terms of the debt settlement. 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 approval from the TSX Venture Exchange. 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.

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