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DISCOVERY HARBOUR ANNOUNCES CLOSING OF SALE OF 51%

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Sam Dan Member Level  Monday, 04/27/15 10:53:36 AM
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DISCOVERY HARBOUR ANNOUNCES CLOSING OF SALE OF 51% INTEREST WABASSI PROPERTY

Discovery Harbour Resources Corp. has completed the sale of its 51-per-cent interest in the Wabassi joint venture and certain related assets to Great Lakes Resources LLC, in accordance with the purchase agreement dated April 10, 2015, between the company and Great Lakes Resources for a $1-million (U.S.) cash payment on the terms and conditions of the agreement. 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 of the Purchased Assets are to be used to fund continued exploration and development at the Company’s 2Bar copper/silver project in Nevada, USA and for general working capital purposes. The Transaction received the requisite approval of the shareholders of the Company at the special meeting of shareholders of the Company held on April 17, 2015. GLR is a private company owned by Richard Gilliam, a director and significant shareholder of the Company. Prior to completion of the Transaction, GLR held the remaining 49% participating interest in the Wabassi Joint Venture. Upon closing of the Transaction, GLR holds a 100% participating interest in the Wabassi Joint Venture.For further information, contact Kieran Magee by telephone at (778) 945-2958 or by email at kieran@discoveryharbour.com


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