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DVN

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Share Name Share Symbol Market Type
TSXV:DVN 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% 0 -

Discovery Ventures and Roca Mines Announce Partial Payment and Extension of Payment Terms with Respect to Acquisition of Max ...

08/01/2014 9:02pm

Marketwired Canada


Discovery Ventures Inc. (TSX VENTURE:DVN) ("Discovery") and Roca Mines Inc.
("Roca") are pleased to announce they have amended the letter agreement dated
November 4, 2013 (the "Agreement") with Roca and FortyTwo Metals Inc., a
wholly-owned subsidiary of Roca ("FortyTwo"). Pursuant to the original letter
agreement, Roca granted an exclusive option to Discovery to acquire all of the
issued and outstanding common shares of FortyTwo. FortyTwo holds, among other
assets, the Max Mine which includes an underground molybdenum mine, crushing,
milling and concentrating facilities, tailings storage facilities, mineral
claims, mining leases, licenses and other holdings located near Trout Lake in
the Revelstoke mining division of the Province of British Columbia. The Max Mine
is located approximately 135 kilometres from Discovery's Willa Project and is a
formerly producing molybdenum mine that operated from 2007 until November 2011
when depressed metal prices led to its closure.


Discovery has exercised the first stage of the option and is working towards the
exercise of the second stage of the option. Originally, the Agreement required
that Discovery pay $950,000 to Roca on or prior to January 5, 2014, following
which the second stage of the option would be deemed exercised and Roca would
transfer an additional 19% of the share capital of FortyTwo to Discovery.


Pursuant to the amendments, the parties agreed to restructure the second stage
of the option. As a result, Discovery is required to pay $250,000 to Roca on or
prior to January 8, 2014 and pay the remaining $700,000 for the second stage of
the option to Roca on or prior to March 6, 2014, following which the second
stage of the option will be deemed exercised.


Akash Patel, President and Director, Discovery Ventures Inc.

This press release contains forward-looking information that involves various
risks and uncertainties regarding future events. Such forward-looking
information can include without limitation statements based on current
expectations involving a number of risks and uncertainties and are not
guarantees of future performance of the Discovery, such as the statement that
Discovery may exercise the option, or any stage of the option and acquire any
portion or all of the shares of FortyTwo. There are numerous risks and
uncertainties that could cause actual results and Discovery's plans and
objectives to differ materially from those expressed in the forward-looking
information, including: (i) adverse market conditions; (ii) risks inherent in
the mineral exploration industry in general; (iii) the ability of Discovery to
exercise one or more stages of the option; (iv) the ability of Discovery to
raise sufficient funds to exercise one or more stages of the option; (v) the
risk in Roca receiving an offer to sell the shares of FortyTwo that it is
willing to accept in substitution of Discovery's option under the Agreement;
(vi) the risk in one or more creditors of Roca or FortyTwo placing either entity
into bankruptcy; (vii) inability to acquire permits or First Nation support for
mining operations with respect to the Willa Project or the Max Mine; and (viii)
latent environmental liabilities with respect to the Willa Project or the Max
Project. Actual results and future events could differ materially from those
anticipated in such information. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of management on
the dates they are made and are expressly qualified in their entirety by this
notice. Except as required by law, Discovery does not intend to update these
forward-looking statements.


Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange Inc.) accepts
responsibility for the adequacy or accuracy of this press release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Telephone: (604)-818-1706
Investor Relations: Ron Birch
T: (250)-545-0383
Toll free: 1-800-910-7711

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