|By PR Newswire||
|September 21, 2012 09:01 AM EDT||
RENO, Nev., Sept. 21, 2012 /PRNewswire/ -- Discovery Minerals is pleased to announce that the Board of Directors has approved the appointment of Michael Silver as Chairman. Mr. Silver is an industry veteran with more than 30 years experience in mining activities that have included gold, coal, copper, tin, sapphires, iron ore, mineral sands, phosphates for fertilizer, building sand and stone quarries. The Board approved the appointment of Mr. Silver as part of its long-term commitment to the mining projects currently underway.
Mr. Silver has held board positions in publicly-listed companies for over 30 years. These positions included both executive and non-executive roles in a number of Australian and British companies including Murchison Central Mines Ltd, Quest Mining and Exploration Ltd., Southern Goldfields Ltd., Nickel Rim Mines Ltd., and Drillsearch Energy Ltd. amongst many others. As a Chief Executive of several of these companies Mr. Silver was responsible for their business development and the mines and projects these companies developed.
Mr. Silver joins an experienced management team which includes Russell Smith, CEO, Fred Schiemann, CFO, and Henry Manayan, COO. Discovery Minerals entered into a lease-option agreement in January 2012, later formalized into a lease-purchase agreement in May 2012 on certain copper claims in San Bernardino County, California (Turquoise Mountain Project). The Company agreed to spend $450,000 under the purchase agreement for the development of the property to either sell the property or continue into production. As of June 30, 2012 the company has paid $76,939 on this purchase and development contract. Discovery Minerals now owns the leases outright and has committed to the expenditures needed to further develop the property.
Discovery Minerals committed a total of $450,000 to assess and develop the property known as the Turquoise Mountain Project. Based on extensive data acquired from previous owners' exploration operations during the 1950s and '60s, the Company intends to re-evaluate the promising results obtained then, in light of today's higher metals prices and the newer production technologies now available. Comparisons with nearby mineral occurrences & properties would put the value of the leases in excess of $5,000,000. The Turquoise Mountain Project will require additional funding before it can begin generating revenues.
Discovery Minerals is a US-based metals exploration and development company focused on projects in the Western United States and California. The Company is led by an experienced board of directors and management team with extensive corporate, exploration, mine development and production operations in the U.S., Australia, Asia and the United Kingdom.
About Discovery Minerals, Ltd.: (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTC Pinksheets: DSCR)
Discovery Minerals, Ltd. (formerly Dhanoa Minerals, Ltd.) 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
SOURCE Discovery Minerals, Ltd.