Discovery Minerals announced that they have completed a joint venture with the owners of the War Eagle Mountain Project.
Image: A gold rock. Photo: courtesy of PHGCOM/Wikipedia.
Discovery Minerals is an acquisition and development Company that targets natural resource properties primarily in precious metals and mining operations.
Under the terms of the Joint Venture Discovery Minerals will be the operator of the mine and receive 50% of all net proceeds. The Owners have contributed their mining claims as well as the existing Mill Facility located on Silver City Road.
Russell Smith, CEO of Discovery Minerals, stated; “It has been a pleasure working with the owners of the War Eagle Mountain Project. War Eagle Mountain is a proven resource for Gold and Silver deposits and we are truly benefiting from the extensive historical operation reports and geology already completed as well as the owners’ knowledge of this rich project. The inclusion of the Mill Facility in the Joint Venture was extremely important as it will allow us to focus resources on commencing mining operations. Now that the Joint Venture agreement has been fully documented we will look to accelerate completion of the first phase mining plan. As previously announced our initial mining target is an extension of the Ore Fino Vein with approximately 70,000 tons of near surface ore. Girvan Jackson, Project Manager, and myself have already scheduled an immediate site visit with the geologists and mill engineer with a view to expedite the mining and precious metal production plan. We look forward to reporting compilation of the mining plan on schedule in April 2019 as well as other considerations to expand early operations and continue to create long term shareholder value.”
Source: Company Press Release