Discovery Harbour Terminates Agreement to Purchase 100% Ownership of Nevada Project.
Vancouver, British Columbia--(Newsfile Corp. - June 20, 2016) - Discovery Harbour Resources Corp. (TSXV: DHR) ("DHR" or the "Company") announces the termination of an agreement for the acquisition of a 100% ownership of the 2BAR project located in the Table Mountain Mining District, Churchill County, Nevada. The Company entered into an Exploration License with Option to Purchase (the "Agreement") a 100% interest in eleven patented mining claims comprising approximately 227.26 non-contiguous acres (91.97 hectares) on June 19, 2014.
The Company's exploration activities at the 2BAR project was comprised of 2 separate drilling campaigns, November, 2014 and June, 2015, an airborne magnetic survey, the staking of 205 unpatented mining claims, the collection of 781 regional soil samples and 78 stream sediment samples, an Induced Polarization geophysical survey, mapping and rock chip sampling. The drilling and Induced Polarization survey were done on the eleven patented claims, the balance of the work was done primarily on the 205 unpatented mining claims.
The Company decided that the exploration results were not sufficient to justify making the annual upcoming option payment of US$50,000.00 for the eleven patented mining claims. DHR did have some positive results from the work on its wholly owned 205 unpatented claims and will decide later this summer whether it will proceed with further work on those claims.
Discovery Harbour is actively pursuing new opportunities for acquisition and is presently doing diligence on an advanced-staged project with an inferred resource in a mining-friendly jurisdiction.
Michael J. Senn, a licensed professional geologist, is the Qualified Person for Discovery Harbour Resources as described in National Instrument 43-101 has reviewed and approved the technical contents of this release.
Please direct questions to Discovery Harbour Resources at (604) 689-1799.
ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.
"Bruno Hegner"
Frank D. Hegner
President, CEO, Corporate Secretary 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 is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the grant and exercise of the option to acquire a 100% interest in the 2BAR property, the timing and payment of the option payments, the Company's plans and timing for exploration of the 2BAR property and testing of samples collected during the proposed exploration program on the 2BAR property, the approval of the option by the TSX Venture Exchange, the Company's plans to stake additional properties contiguous to the 2BAR property, and the Company's plans with respect to its Wabassi property. 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 TSX Venture Exchange may not approve the grant and/or exercise of the option, the Company may not have the funds necessary to make its option payments pursuant to the Agreement, the proposed exploration program on the 2BAR property may not be completed as and when expected or at all, the proposed staking program may not be completed as or when expected or at all, such other risks as are customarily associated with mineral exploration activities, and such 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 statements or 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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER THE UNITED STATES NEWSWIRE SERVICES.