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Discovery Announces a New Board Director Who Will Manage the Mongolia Gold Project
LOS ANGELES, CA. , May 22, 2018 (GLOBE NEWSWIRE) -- Discovery Minerals Ltd. ( OTC:DSCR ) signs agreement for Mongolia Gold Project.
The Board of Directors is pleased to announce that after several months of negotiations an agreement has now been executed with Canadian company Meritus Minerals Limited.
Discovery will now embark on an intense program to bring the project into production as soon as possible. This will include refreshing the existing Geological, Metallurgical and Feasibility Reports and integrating them into a single comprehensive document leading into a full-scale Feasibility Study and Mining Plan.
The Project has already been granted a 30 year Mining Permit which will shorten the lead up time to go into bullion production.
Considerable geological field work has been carried out around this gold occurrence showing strong indications of further economic resources. Further delineation of these areas will be made easier by having a permanent camp from which to conduct such exploration activities.
Below is an excerpt from an internal Geological Report prepared for Meritus in 2016. The author, T.E.Bates MSc ( Geol ) F.Aus IMM, has given his consent for the use of this extract in this press release.
“The drilled target at Gutain Davaa has a resource that has excellent potential to be expanded to about 500,000 ounces of gold and possibly more. Other targets on the mining license have potential to add resources of similar grade.
District wise there is excellent potential to locate substantial gold resources of similar nature to those at Toordogiin Shil, or possibly large tonnage lower grade resources similar to those at Boruu and Gasurt. There is a high chance of the district turning into a new gold camp.
Providing MMGL is able to work with the Soum authorities and enter into arrangements with them that are of distinct benefit to the local community, there is an excellent probability that MMGL will be able to establish itself as the preferred operator within Batshireet Soum and have advantages in obtaining new exploration titles.” End of Quoted Material.
The Board of Discovery Minerals is pleased to welcome Mr. Girvan Jackson as a Director of the Company and as the Project Manager of the Mongolian gold project.
Mr. Jackson has vast experience in precious metals and base metal mining projects around the world and is renowned for bringing in complex mine development projects within schedule and frequently under budget.
At this stage Mr. Jackson plans to conduct supervision of all mine development and construction from the mine site. He states that doing so will allow him to remain focused on the rapid daily changes on site and to be available to technical consultants and construction contractors immediately when needed.
About Discovery Minerals Ltd:
Discovery Minerals Ltd., ( OTC PINK : DSCR ) is an acquisition and development company that targets natural resource properties and cutting edge technology opportunities through its subsidiaries. The Board of Directors has determined that these activities be continued with an emphasis on early positive cashflow from any projects undertaken.
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.
Website : www.discoveryminerals.com
Authorized by Russell Smith. Discovery Minerals Ltd.