Discovery Enters into Asset Purchase Agreement to Acquire Certain Timmins Mineral Properties from McEwen Inc.
Discovery Mining Ltd. (TSX: DSV, OTCQX: DSVSF) (“ Discovery ” or the “ Company ”) is pleased to announce that its wholly owned subsidiary has entered into an asset purchase agreement (the “ Agreement ”) to acquire, through wholly-owned subsidiaries of McEwen Inc. (collectively the “ Seller ”) certain mineral properties adjacent to the Dome Mine, including the Fuller project, as well as the Seller’s 60% interest in the Paymaster Joint Venture (the “ Purchased Assets ”) for total consideration of $55 million, payable $50 million in common shares of the Company and $5 million in cash (the “ Transaction ”). All amounts are in US dollars unless otherwise specified.