Vancouver, B.C. – February 27, 2017 – Discovery Harbour Resources Corp. (“DHR” or the “Company”) (TSX-V:DHR) is pleased to announce that it has reached an agreement with Genesis Gold Corporation (“GGC”) to extend the term of the Exploration License and Option To Purchase Agreement (the “Agreement or Option”) to acquire a 100% interest in two gold projects in the State of Nevada, USA (the “Projects / Project or Properties / Property”).
As was set forth in the original Agreement, DHR was allowed ninety days from November 18, 2016, during which it was to raise capital for exploration of the Caldera and Jersey Valley gold projects. The ninety day anniversary of the signing (February 18, 2017) also required the Company to pay the second Advance Royalty payment of US$15,000.00. On February 17, 2017, the Company entered a three month extension Agreement with GGC for the purpose of funding these projects and to extend the date of the second royalty payment to May 18, 2017. The remaining terms of the original Exploration License and Option To Purchase Agreement, announced in a press release dated November 23, 2016 and may be viewed on SEDAR at: http://www.sedar.com/, remain unchanged.
DHR continues to search for available funding sources and the scope of DHR’s 2017 exploration program are subject to the Company’s ability to raise additional capital.
Michael J. Senn, a licensed professional geologist, is the Qualified Person for DHR as described in National Instrument 43-101 and has reviewed and approved the technical contents of this release.
ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.
F. D. Hegner
Disclaimer for Forward-Looking
Information Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the grant and exercise of the option to acquire a 100% interest in the property, the timing and payment of the option payments, the Company’s plans and timing for exploration of the property and testing of samples collected during the proposed exploration program on the property, the approval of the option by the TSX Venture Exchange, and other activities the Company may see appropriate to advance the exploration on its projects. . Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that the TSX Venture Exchange may not approve the grant and/or exercise of the option, the Company may not have the funds necessary to make its option payments pursuant to the Agreement, the proposed exploration program on the property may not be completed as and when expected or at all, such other risks as are customarily associated with mineral exploration activities, and such other factors beyond the control of the Company. Except as required by law, the Company expressly disclaims any obligation, and does not intend, to update any forward-looking statements or forward-looking information in this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.