Discovery Harbour Announces Entry Into Wabassi Purchase Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 13, 2015) - Discovery Harbour Resources Corp. (TSX VENTURE:DHR) (the "Company") announces that it has entered into a definitive purchase agreement (the "Agreement") with Great Lakes Resources LLC ("GLR") relating to the previously announced sale of the Company's 51% interest in the Wabassi Joint Venture to GLR for a US$1,000,000 cash payment on the terms and conditions of the Agreement (collectively, the "Transaction"). 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.
Completion of the Transaction remains subject to, among other things, receipt of the requisite approval of the shareholders of the Company at the special meeting of shareholders of the Company to be held on April 17, 2015 to approve the Transaction, and final approval of the TSX Venture Exchange. Proceeds from the sale of the Interest are expected to be used to fund continued exploration and development at the Company's 2Bar copper/silver project in Nevada, USA and for general working capital purposes. GLR is a private company owned by Richard Gilliam, a director and significant shareholder of the Company. GLR currently holds the remaining 49% participating interest in the Wabassi Joint Venture.
ON BEHALF OF THE BOARD OF Discovery Harbour Resources Corp.
F. D. Hegner, President, CEO and Director
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 in this press release includes, but is not limited to, statements regarding expectations of management regarding the Transaction, the proposed use of the proceeds, and the approvals needed for such Transaction. 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 the Transaction 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 herein, that the Transaction may not obtain the requisite approvals, and 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 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.
Contact
Discovery Harbour Resources Corp.
Kieran Magee
(778) 945-2958
kieran@discoveryharbour.com
www.discoveryharbour.com
