Discovery Minerals LTD (DSCR)

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Discovery Minerals and Northern Iron Sign Sampling Agreement on 66 Million Tons of Tailings

This deal is by noways dead and IMO will be hearing news on this shortly.


RENO, Nev., March 26, 2013 /PRNewswire/ -- Discovery Minerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTCPink: DSCR) has taken samples from the Griffith Mine tailings dump and those results warrant further sampling and testing of the dump to determine whether an economic case can be made to extract residual metals and rare earth minerals from the 66 million tons of crushed material. Tailings are the waste materials produced from the extraction process.

The agreement, which was signed on February 5, 2013, is for twelve months and makes provision for a tailings material processing agreement where Discovery has the right to extract any metals and minerals from the dump subject to a number of conditions.

The basic conditions to the agreement are:

Any proposed Discovery operations will not interfere with any activity on the Griffith Mine ground by Northern Iron, either planned or actual.
Discovery will be solely responsible for the cost of any activity and the permitting process.
Northern Iron will receive 2.5% of the net proceeds of Discovery's operations.
Based on the encouraging results Discovery received from the initial sampling program, plans are in motion to take further samples and conduct a series of metals extraction tests on the known material as soon as weather permits this spring.

Discovery Minerals is a U.S.-based metals exploration and development company focused on projects in the Western United States and California in particular. The Company is led by an experienced board of directors and management team with extensive corporate, exploration, mine development and production operation records in the US and Australia.

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