Discovery Harbour Announces Closing of Sale of 51% Interest Wabassi Property
Vancouver, British Columbia--(Newsfile Corp. - April 27, 2015) - Discovery Harbour Resources Corp. (TSXV: DHR) (the "Company") announces that it has completed the sale of its 51% interest in the Wabassi Joint Venture and certain related assets (collectively, the "Purchased Assets") to Great Lakes Resources LLC ("GLR") in accordance with the Purchase Agreement dated April 10, 2015 (the "Agreement") between the Company and 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.
Proceeds from the sale of the Purchased Assets are 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. The Transaction received the requisite approval of the shareholders of the Company at the special meeting of shareholders of the Company held on April 17, 2015. GLR is a private company owned by Richard Gilliam, a director and significant shareholder of the Company. Prior to completion of the Transaction, GLR held the remaining 49% participating interest in the Wabassi Joint Venture. Upon closing of the Transaction, GLR holds a 100% participating interest in the Wabassi Joint Venture.
For further information, contact Kieran Magee by telephone at (778) 945-2958 or by email at kieran@discoveryharbour.com
ON BEHALF OF THE BOARD OF
Discovery Harbour Resources Corp.
"Frank D. (Bruno) Hegner"
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 and the proposed use of the proceeds. 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 proceeds of such Transaction will be used differently than as stated herein, 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.
