Discovery Harbour Granted Option to Acquire Additional 24% Interest in Wabassi Joint Venture, Northwest Ontario and a 2,800 Meter Drill Program Continues at Wabassi

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[{"type":"text","content":"\n\n\nVANCOUVER, Nov. 14, 2013 /CNW/ - Discovery Harbour Resources Corp.\n (TSXV:DHR) (\"Discovery\" or the \"Company\") announces that its joint\n venture partner, Northern Shield Resources Inc. (\"Northern Shield\")\n (TSXV:NRN), has entered into an option agreement (the \"Option\n Agreement\") with Great Lakes Resources LLC (\"Great Lakes\"), a private\n US based company, whereby Northern Shield granted Great Lakes an option\n (the \"Option\") to acquire a 24% interest in the Wabassi Joint Venture\n (the \"Interest\") by paying $400,000 to Northern Shield on signing of\n the Option Agreement, incurring $1.5 million in exploration\n expenditures by December 31, 2014, and paying a further $600,000 to\n Northern Shield on exercise of the Option.  Upon Great Lakes exercising\n the Option, the Wabassi Joint Venture will be jointly held by the\n Company (51%), Northern Shield (25%) and Great Lakes (24%), and it is\n expected that Northern Shield will continue as contracted provider of\n logistics and staff to the Wabassi joint venture (the \"JV\").\n\n\nConcurrent with entry into the Option Agreement, Great Lakes entered\n into an option agreement (the \"Re-Option Agreement\") with the Company\n whereby Great Lakes granted the Company an option to acquire the\n Interest (the \"Re-Option\").  The Re-Option is exercisable until\n February 28, 2014 by the Company paying Great Lakes the aggregate\n amount Great Lakes has paid Northern Shield under the Option Agreement\n up to the date on which the Re-Option is exercised.\n\n\nThe Company, Great Lakes and Northern Shield also entered into a\n tri-partite agreement which sets out the terms and conditions on which\n the parties will operate the Wabassi Joint Venture. If the Re-Option is\n exercised such that the Company holds a 75% interest in the Wabassi\n Joint Venture and Northern Shield holds a 25% interest, the parties\n will revert to the terms of the option and joint venture agreement\n between the Company and Northern Shield dated as of March 16, 2010.\n\n\nA 10 to 11 hole drill program totaling 2,800 meters is underway at\n Wabassi; up to four of these holes will test the extension of the\n copper-zinc-silver mineralization at Anomaly E while the remaining\n holes will test regional targets with similar geophysical signatures to\n Anomalies E and A2, the two volcanogeni...

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