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Discovery Silver Reports Q2 2023 Financial Results and Update
TORONTO, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce its financial r
About this update from Discovery Silver Corp
[{"type":"text","content":" TORONTO, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce its financial results for the second quarter (“Q2 2023”) ended June 30, 2023, and to provide a summary of key events for the quarter and subsequent to quarter-end. All figures are stated in Canadian dollars (“C$”) unless otherwise noted. Discovery’s flagship project is the 100%-owned Cordero silver project (“Cordero” or the “Project”) located in Chihuahua State, Mexico. Tony Makuch, CEO, states: “We have made excellent progress on our Feasibility Study (FS) during Q2 2023 and subsequent to quarter end. The reserve expansion and definition program component of our FS drill program is now complete with results demonstrating the potential to expand reserves at Cordero at what is already one of the world’s largest undeveloped silver reserves of 266 million ounces. Engineering drilling is ongoing and our metallurgical testwork program, focused on achieving higher recoveries with lower reagent consumption, should be completed by the end of this quarter. We have also made significant progress on critical de-risking items including securing the surface rights for the open pit and key infrastructure locations and identifying the potential sources of water for the Project. We also plan on initiating the construction permitting process later this month with the submission of our Environmental Impact Statement (“Manifesto de Impacto Ambiental” or “MIA”) to the Mexican Federal Environmental Department (“SEMARNAT”). Our balance sheet remains exceptionally strong with a cash balance of $68 million at the end of the quarter and no debt putting us in an excellent position to successfully advance Cordero through the completion of the FS and the permitting process.” HIGHLIGHTS FROM Q2 2023 & SUBSEQUENT EVENTS: Release of the Company’s 2022 Environmental, Social and Governance (“ESG”) report highlighting the Company’s current practices and priorities going forward. Completion of a “marketed” public offering for aggregate gross proceeds of approximately C$51.75 million putting the Company in a strong position to advance the Project to a construction decision. Delivered significant progress on critical key de-risking milestones including securing surface rights covering the proposed open pit and key inf...