DISCOVERY PROVIDES UPDATE ON BUSINESS CONTINUITY PLANS IN RESPONSE TO COVID-19
March 19 2020 - 4:15PM
Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF)
(“Discovery” or the “Company”) announces that it has begun
implementing business continuity plans and procedures at its
Mexican operations and corporate office in Toronto in response to
developing concerns around COVID-19.
Taj Singh, President and CEO, states: “Ensuring
the health and safety of our workforce is Discovery’s highest
priority. There have not been any confirmed or suspected cases of
COVID-19 at any of our operations however the Company has begun
implementing various precautionary measures aimed at reducing the
risk of COVID-19 impacting employees, their families, local
communities and all stakeholders.”
In response to ongoing concerns around COVID-19
Discovery has chosen to decelerate exploration activity at the
Cordero Project (“Cordero”) to one drill rig in order to limit the
number of employees at site. Additional health and safety protocols
have also been implemented and the Company has also restricted
international travel to site.
The Company is committed to remaining engaged
with our local stakeholders during this uncertain period. The
Company will continue to closely monitor the directives of all
levels of government in both Mexico and Canada as well as the
relevant health authorities and will take necessary action should
the situation escalate.
Mr. Singh, further states: “Although slowing
down our activities at Cordero has been a difficult decision for
the Company to make, we believe it is a prudent measure that will
ensure we retain our key employees and preserve our capital
structure so that we can quickly ramp up activities when the
current risks subside. In the meantime, we will continue to advance
our target generation and resource modelling work through
integrating the historical data with the excellent results
collected from the 17,000m of drilling we have completed to
date.”
The Company had a cash balance of C$24 million
as at December 31, 2019.
About DiscoveryDiscovery Metals
Corp. (TSX-V: DSV, OTCQX: DSVMF) is a Canadian exploration and
development company headquartered in Toronto, Canada, and focused
on historic mining districts in Mexico. Discovery’s flagship is its
100%-owned Cordero silver project in Chihuahua State, Mexico. The
35,000-hectare property covers a large district that hosts the
announced resource as well as numerous exploration targets for bulk
tonnage diatreme-hosted, porphyry-style, and carbonate replacement
deposits. In addition, Discovery is also exploring multiple
high-grade carbonate replacement-style silver-zinc-lead showings in
a land package of approximately 150,000 hectares in Coahuila State,
Mexico. The land holdings contain numerous historical direct-ship
ore workings and significant underground development, but no
drill-testing has ever been carried out on them.
For further information contact:
Forbes Gemmell, CFAVP Corporate Development
& Investor
Relationsforbes.gemmell@dsvmetals.com416-613-9414
On Behalf of the Board of Directors,
Taj Singh, M.Eng, P.Eng, CPA, President, Chief
Executive Officer, and Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
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.
Cautionary Note Regarding Forward-Looking
Statements
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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