March 26, 2013 at 07:45 AM EDT
Discovery Minerals and Northern Iron Sign Sampling Agreement on 66 Million Tons of Tailings

Discovery Minerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTCPink: DSCR) has taken samples from the Griffith Mine tailings dump and those results warrant further sampling and testing of the dump to determine whether an economic case can be made to extract residual metals and rare earth minerals from the 66 million tons of crushed material. Tailings are the waste materials produced from the extraction process. 

 

The agreement, which was signed on February 5, 2013, is for twelve months and makes provision for a tailings material processing agreement where Discovery has the right to extract any metals and minerals from the dump subject to a number of conditions. 

 

The basic conditions to the agreement are:

-Any proposed Discovery operations will not interfere with any activity on the Griffith Mine ground by Northern Iron, either planned or actual.

-Discovery will be solely responsible for the cost of any activity and the permitting process.

-Northern Iron will receive 2.5% of the net proceeds of Discovery's operations.

 

Based on the encouraging results Discovery received from the initial sampling program, plans are in motion to take further samples and conduct a series of metals extraction tests on the known material as soon as weather permits this spring.

 

Discovery Minerals is a U.S.-based metals exploration and development company focused on projects in the Western United States and California in particular.  The Company is led by an experienced board of directors and management team with extensive corporate, exploration, mine development and production operation records in the US and Australia.

 

About Discovery Minerals Ltd.: Discovery Minerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTC Pinksheets: DSCR) is a production stage company formed to acquire and develop natural resource properties. Activities include gold, precious metals and minerals, including rare earth minerals production and sales.  The Company has initiated a new program to evaluate undervalued assets, including clean tech and alternative energy investments, for potential addition to its portfolio.

 

Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.

 

Company Contact Information:  Mr. Henry Manayan, Esq. , Chief Operating Officer Discovery Minerals, Ltd. 429 West Plumb Lane Reno, Nevada 89509 Telephone: 1.408.656.0143

 

 

SOURCE Discovery Minerals Ltd.

 

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