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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Discovery Silver Corp | TSXV:DSV | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.33 | 1.33 | 1.40 | 0 | 01:00:00 |
Discovery is focused on advancing a portfolio of silver projects in historic mining districts in northern Mexico, including the Cordero project in Chihuahua state, and the Puerto Rico, Minerva and Monclova projects in Coahuila state.
Q3 2019 OPERATING HIGHLIGHTS:
RECENT DEVELOPMENTS:
Cordero project:
Cordero is an advanced stage exploration project located in one of Mexico’s premier mining districts. Prior to the Transaction, Levon had completed a Preliminary Economic Assessment on Cordero (issued April 18, 2018 and available on Levon’s SEDAR profile and Discovery’s website)1. Based on more than 132,000 meters of drilling, Levon estimated an Indicated Mineral Resource of 990 million tonnes grading 32 g/t AgEq1 (13 g/t Ag, 0.37% Zn, 0.17% Pb, and 0.04 g/t gold (“Au”)) and an Inferred Mineral Resource of 282 million tonnes grading 56 g/t AgEq1 (21 g/t Ag, 0.75% Zn, 0.30% Pb and 0.04 g/t Au).1 With the completion of the Transaction, advancing Cordero has become the main focus of the Discovery’s exploration and development spending.
Since completion of the Transaction, Discovery has:
Coahuila projects:
Q3 2019 FINANCIAL HIGHLIGHTS:
The following selected financial data is summarized from our unaudited condensed interim financial statements and related notes thereto (the “Interim Financial Statements”) for the three and nine months ended September 30, 2019.
A copy of the Interim Financial Statements is available on the Company’s website at www.dsvmetals.com or on SEDAR at www.sedar.com.
Select financial information for the period ended September 30, 2019 is as follows:
Net loss | Q3 2019 | Q3 2018 | Q3 YTD 2019 | Q3 YTD 2018 | ||||||||
(a) Total(A) | $ | (3,876,582 | ) | $ | (1,983,699 | ) | $ | (5,478,163 | ) | $ | (5,646,043 | ) |
(b) basic and diluted per share | $ | (0.03 | ) | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.09 | ) |
Net loss & total comprehensive loss | $ | (4,017,681 | ) | $ | (1,934,797 | ) | $ | (5,636,627 | ) | $ | (5,607,998 | ) |
Total weighted average shares outstanding | 134,258,418 | 65,043,998 | 88,200,293 | 65,043,998 |
A. Net loss for the three and nine months ended September 30, 2019 includes non-cash share-based compensation expense of $1,614,616 and $1,718,504, respectively, and a non-cash impairment charge of $1,000,710 on IVA receivable.
September 30, 2019 | December 31, 2018 | |||
Cash and cash equivalents(2) | $ | 9,974,045 | $ | 4,691,676 |
Total assets | $ | 39,074,676 | $ | 7,216,714 |
Total current liabilities | $ | 514,414 | $ | 230,090 |
Total liabilities | $ | 613,693 | $ | 230,090 |
Total Shareholders’ equity | $ | 38,460,983 | $ | 6,986,625 |
B. Cash and cash equivalents balance does not include the $19,000,000 gross proceeds from the non-brokered private placement that closed on November 5, 2019.
At September 30, 2019, the Company had an aggregate Mexican value added tax (“IVA”) recoverable balance of $2,743,721 including $1,743,011 acquired in the Levon transaction. Due to the current political environment and changes in Mexico resulting from the government’s ongoing internal restructuring process, the Company evaluated the balance of IVA receivable for indicators of impairment. Due to the short period of operation in Mexico, the Company does not have a history of IVA collection. In addition, there is a high degree of uncertainty surrounding the timing of repayment by the Mexican government. As a result of this assessment, on acquisition of Levon, no value was allocated to the IVA receivable. Additionally, at September 30, 2019, the Company recognized a provision for 100% of its remaining outstanding IVA receivable balance of $1,000,710.
The Company believes that the total IVA receivable balance at September 30, 2019 is legally recoverable in full and is therefore currently assessing options for collection. The Company will continue to provide for 100% of the balance until such time that there are sufficient indicators of collectability.
About Discovery
Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF) is a Canadian exploration and development company headquartered in Toronto, Canada focused on historic mining districts in Mexico. Discovery’s flagship project is its 100%-owned Cordero silver project in Chihuahua State, Mexico. The 35,000-hectare property covers an entire porphyry district that hosts the Cordero deposit and numerous exploration targets for bulk tonnage diatreme-hosted, porphyry-style, and carbonate replacement deposits. In addition, Discovery holds a 150,000-hectare land package containing numerous high-grade carbonate replacement-style silver-zinc-lead exploration projects in Coahuila State, Mexico. The Coahuila project land holdings contain numerous historical direct-ship ore workings and significant underground development.
For further information:
Discovery Metals Corp.(416) 613-9410info@dsvmetals.com
REFERENCES:
1 Cordero Project: NI 43-101 Technical Report: Preliminary Economic Assessment Update, Chihuahua, Mexico, dated March 1, 2018 and issued April 18, 2018, and prepared for Levon. The Cordero Project Indicated and Inferred Mineral Resources use a cutoff grade of 15 g/t AgEq, using metal prices (USD) of $20/oz Ag, $1.20/lb Zn, $1.00 /lb Pb , and $1,250/oz Au. This document is available on Levon’s SEDAR profile and on Discovery’s website.
2 See Company’s news release dated August 8, 2019
3 See Company’s news release dated July 11, 2019.
For References 2 and 3 above, metal equivalents (“Eq”) are calculated using (all USD): $16/oz Ag, $1.15/lb Zn, $0.85/lb Pb, $1,250/oz Au, and do not consider metallurgical or smelting recoveries.
News releases are available at www.dsvmetals.com or under our company profile at SEDAR at www.sedar.com.
TECHNICAL NOTES:
Qualified Person: Gernot Wober, P.Geo, V.P. Exploration, Discovery Metals Corp., is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained in this news release is accurate.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release is not for distribution to United States newswire services or for dissemination in the United States.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking. Although Discovery believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. There can be no assurance that the Private Placement will close on the announced terms. Discovery does not assume any obligation to update any forward-looking statements except as required under applicable laws.
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