Discovery Harbour Amends Caldera Extension Property Acquisition Terms, Shareholders Elect Board of Directors
December 20, 2018
Vancouver, British Columbia – December 20, 2018 – Discovery Harbour Resources Corp. (TSXV:DHR) (the “Company” or “Discovery Harbour”) is pleased to announce that it has entered into amended final agreements for the acquisition of 56 mineral claims (the “Extension Property”) contiguous to its 100% optioned Caldera epithermal gold project in Nevada. The Company initially announced the acquisition on August 15, 2018 and an amendment on September 19, 2018. The acquisition will expand the Caldera project to cover additional gold targets, including extensions of previously identified targets that feature structures, a distinct magnetic trough and alteration patterns consistent with the low sulphidation epithermal system that is the Company’s focus at Caldera.
Under the final terms of the agreements, Discovery Harbour will acquire a 100% interest in the Extension Property, subject to a 2% net smelter royalty (”NSR”) retained by the Vendor that the Company can purchase for $1,000,000 for each one percentage point of the NSR. The Vendor is a non-arm’s length party by virtue of holding beneficial ownership of over 10% of the common shares of the Company. The acquisition is subject to the approval of the TSX Venture Exchange.
The Caldera gold project was initially generated by Don Merrick and John Zimmerman of Genesis Gold Corp., a private Utah company specializing in gold exploration in the western United States (www.genesisgoldcorp.com), the foundation of which are the claims first staked by Zsolt Rosta.
Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.
Annual General Meeting
The Company is further pleased to announce that all of the resolutions put forth at its Annual General Meeting of Shareholders held on December 20, 2018 have been approved. In addition to the approval of the Company’s rolling stock option plan and the appointment of A. Chan and Company, Chartered Professional Accountant as auditor for the ensuing year, the number of directors was set at four and the shareholders elected the following directors of the Company:
- Mark Fields – Interim President and Chief Executive Officer, and Director of the Company since 2009;
- Jason Cubitt – newly elected Director of the Company;
- Richard Gilliam – Director of the Company since 2013; and
- Andrew Hancharyk – Director of the Company since 2010.
For more information, please visit the Company’s website at www.discoveryharbour.com.
ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.
Interim President and Chief Executive Officer
Disclaimer for Forward-Looking Information
This news 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 Harbour, such as statements that Discovery Harbour intends to pursue the Caldera Project and that it will acquire 56 contiguous claims. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) the financial position of the Company; or (iv) the TSXV may not approve the acquisition. 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 Harbour does not intend to update these forward‐looking statements.
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.