Halfway between McFlauld's Lake and Nakina, ON - Discovery Harbour (DHR-V) to sell Wabassi JV interest
Feb 12, '15 - NR
Discovery Harbour Resources Corp. (TSX VENTURE:DHR) ("Discovery" or the "Company") announces execution of a Letter of Intent for the sale of its fifty-one percent (51%) Participating Interest in the Wabassi Joint Venture to Great Lakes Resources LLC ("GLR"), for a One Million United States Dollars (US$1,000,000) cash payment. GLR is a private company owned by Richard Gilliam, a Director and significant shareholder of the Company. GLR currently holds the remaining forty-nine percent (49%) Participating Interest in the Wabassi Joint Venture. The Wabassi project is a base and precious metals project located in northwestern Ontario that is comprised of 165 unpatented blocks of 2,640 claim units for a total of 38,720 hectares.
Proceeds from the sale will be used to fund continued exploration and development of the Company's 2Bar copper/silver project in Nevada USA and for general working capital purposes. The sale of the Company's interest in the Wabassi Joint Venture is subject to, among other things, entry into a definitive agreement for the purchase and sale of the interest, approval of a majority of the disinterested shareholders of the Company, and approval of the TSX Venture Exchange. The Company does not anticipate paying any finder's fees in connection with this transaction.
ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.
"Frank D. (Bruno) Hegner"
F. D. Hegner
President, CEO and Director |
