Tuesday, June 13, 2017 5:20:09 PM
Discovery Harbour Resources Corp. has provided the following update on its agreements relating to the Caldera project and to the Jersey Valley project, further to its news releases dated April 4, 2017, Feb. 27, 2017, and Nov. 23, 2016.
The Caldera Project is an epithermal gold project located in Nevada, approximately 37 km from the Kinross Round Mountain Gold Mine (the "Caldera Project"). Pursuant to an Exploration License and Option to Purchase Agreement dated November 18, 2016 as amended February 17, 2017 and March 30, 2017 (collectively, the "Caldera Agreements") between the Company and Genesis Gold Corporation ("Genesis Gold"), the Company was granted a license to explore the Caldera Project and an option to acquire the same on the terms and conditions of the Caldera Agreements. Under the Caldera Agreements, the Company will receive title to the Caldera Project upon the payment by the Company to Genesis Gold of the aggregate sum of US$400,000 in advance royalty payments which are payable as follows: US$5,000 on entry into the initial Caldera Agreement (paid), US$15,000 payable on June 30, 2017, US$30,000 payable on November 18, 2017, US$50,000 payable on November 18, 2018, US$75,000 payable on November 18, 2019, US$100,000 payable on November 18, 2020 and US$125,000 payable on November 18, 2021. Genesis Gold has retained a 2% net smelter return royalty with respect to the Caldera Project. The Company will also pay rentals for the unpatented mining claims to keep the property in good standing during the term of the Caldera Agreements. The Company also issued 500,000 common share purchase warrants (collectively, the "Caldera Warrants") to Genesis Gold on June 12, 2017 pursuant to the terms of the Caldera Agreements, which Caldera Warrants are each exercisable into one common share in the capital of the Company at an exercise price of CAD$0.05 per share until June 12, 2020. The Caldera Warrants are the shares issuable upon exercise thereof are subject to a hold period expiring on October 13, 2017.
The Jersey Valley Project is an epithermal gold project located in Nevada, approximately 45km southwest of the Phoenix Deposit (Newmont Mining) and approximately 29km southwest of the Cove-McCoy Deposits (Premier Gold Mines) in the Battle Mountain mining district (the "Jersey Valley Project"). Pursuant to an Exploration License and Option to Purchase Agreement dated November 18, 2016 as amended February 17, 2017 (collectively, the "Jersey Valley Agreements") between the Company and Genesis Gold, the Company was granted a license to explore the Jersey Valley Project and an option to acquire the same on the terms and conditions of the Jersey Valley Agreements. However, as disclosed in the Company's news release dated April 3, 2017, the Company has decided to terminate the Jersey Valley Agreements so that it can focus its resources on the Caldera Project. Prior to termination, US$5,000 was paid to Genesis Gold on signing of the initial Jersey Valley Agreement. On termination, the Company's obligation to issue 100,000 common share purchase warrants (collectively, the "Jersey Valley Warrants") to Genesis Gold remained outstanding; all other payment obligations were terminated. On June 12, 2017, the Company issued the Jersey Valley Warrants to Genesis Gold, each of which is exercisable into one common share in the capital of the Company at an exercise price of CAD$0.075 per share until June 12, 2020. The Jersey Valley Warrants and the shares issuable upon exercise thereof are subject to a hold period expiring on October 13, 2017.
Recent DHR News
- Danaher Launches Collaboration with Johns Hopkins University Aiming to Improve Neurological Diagnosis • PR Newswire (US) • 05/09/2024 11:00:00 AM
- Danaher to Present at Bank of America Securities Healthcare Conference • PR Newswire (US) • 05/07/2024 08:45:00 PM
- Danaher Announces Quarterly Dividend • PR Newswire (US) • 05/07/2024 08:15:00 PM
- Curiox Biosystems and Beckman Coulter Life Sciences Announce a Partnership Combining C-FREE™ Technology with DURA Innovations for Hands-Free Washed Sample Preparation for Flow Cytometry • PR Newswire (US) • 05/03/2024 01:06:00 PM
- Danaher Reports First Quarter 2024 Results • PR Newswire (US) • 04/23/2024 10:00:00 AM
- Danaher Schedules First Quarter 2024 Earnings Conference Call • PR Newswire (US) • 03/21/2024 08:15:00 PM
- Danaher to Present at TD Cowen Health Care Conference • PR Newswire (US) • 02/27/2024 09:15:00 PM
- Danaher Commits to Set Science-Based, Net-Zero Greenhouse Gas Emission Reduction Targets • PR Newswire (US) • 02/22/2024 09:15:00 PM
- Danaher Announces Quarterly Dividend • PR Newswire (US) • 02/21/2024 09:15:00 PM
- Danaher Launches Collaboration with Cincinnati Children's Hospital Medical Center Aiming to Improve Patient Safety in Early Drug Development • PR Newswire (US) • 02/05/2024 12:30:00 PM
- Danaher Reports Fourth Quarter and Full Year 2023 Results • PR Newswire (US) • 01/30/2024 11:00:00 AM
- Danaher, Jennifer Doudna, and Innovative Genomics Institute Launch Danaher-IGI Beacon for CRISPR Cures with Aim to Address Hundreds of Diseases Using Gene-editing Platform Solution • PR Newswire (US) • 01/09/2024 12:30:00 PM
- Danaher Says 4Q Adjusted. Revenue to Fall by Less Than Forecast • Dow Jones News • 01/08/2024 09:57:00 PM
- Danaher CEO to Comment on Financial Performance • PR Newswire (US) • 01/08/2024 09:15:00 PM
- Danaher to Present at J.P. Morgan Healthcare Conference • PR Newswire (US) • 01/02/2024 10:00:00 PM
- Danaher Schedules Fourth Quarter 2023 Earnings Conference Call • PR Newswire (US) • 12/21/2023 09:30:00 PM
- Codexis and Aldevron Enter Exclusive Licensing Agreement for Codex® HiCap RNA Polymerase • GlobeNewswire Inc. • 12/13/2023 09:06:00 PM
- Danaher Completes Acquisition of Abcam • PR Newswire (US) • 12/06/2023 12:30:00 PM
- Danaher Cuts Quarterly Dividend to 24 Cents • Dow Jones News • 12/05/2023 10:14:00 PM
- Danaher Announces Quarterly Dividend • PR Newswire (US) • 12/05/2023 09:30:00 PM
- Danaher to Present at Evercore ISI HealthCONx Conference • PR Newswire (US) • 11/21/2023 09:15:00 PM
- Danaher on Track for Largest Percent Increase in Almost a Year -- Data Talk • Dow Jones News • 11/21/2023 07:22:00 PM
- Danaher appoints Christopher Riley to Executive Vice President for Biotechnology • PR Newswire (US) • 10/31/2023 11:30:00 AM
- Danaher 3Q Earnings, Sales Decline but Beat Estimates • Dow Jones News • 10/24/2023 10:41:00 AM
- Danaher Reports Third Quarter 2023 Results • PR Newswire (US) • 10/24/2023 10:00:00 AM
FEATURED Element79 Gold Corp Reports Exceptionally High-Grade Results from Lucero • May 14, 2024 7:00 AM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM