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
Telephone: 1.408.656.0143
http://www.dhanoaminerals.com
SOURCE Discovery Minerals, Ltd.