Discovery Ventures Inc. Acquires 100% Interest in the Willa Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 17, 2015) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:0DV)(OTCQX:DTVMF) ("Discovery") is pleased to announce that it has entered into an amending agreement with the owners of the Willa property (collectively, the "Optionors") to amend the terms of the assignment, assumption, and framework agreement (the "Assignment Agreement") dated April 15, 2014, as amended June 16, 2014, September 26, 2014, and November 26, 2014.
Under the amended Assignment Agreement, Discovery has paid a sum of $130,000 to the Optionors to exercise the option and has acquired a 100% interest in the Willa property, consisting of 5,328 hectares located in the Slocan Mining Division, British Columbia, south of the town of Silverton, B.C., subject to a 2.5% net smelter royalty (the "NSR"). Discovery agreed to pay the Optionors an advance royalty payment, which will be credited against the NSR, of $144,000 each year until Discovery commences commercial production on the Willa property. If Discovery fails to commence commercial production by September 2020 or defaults for three months on the advance royalty payments, Discovery must transfer the Willa property back to the Optionors.
"We are pleased to announce this acquisition for our shareholders," said Dan Omeniuk. "Discovery and the Optionors have both reached a favourable agreement to advance to the WillaMAX Project."
About Discovery
Discovery is an exploration and development stage company focused on the WillaMAX project that is prospective for gold. The WillaMAX project would combine the Willa copper-gold resource with processing facilities at the MAX Mine, both located in southeast BC.
On behalf of the Board of Directors,
Dan Omeniuk, Chief Executive Officer and Director, Discovery Ventures Inc.
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.
