RENO, Nev., Aug. 30, 2012 /PRNewswire/ -- Dhanoa Minerals
Ltd. (OTC Pink Sheets: DHNA) is pleased to announce that as of
today, August 30, 2012, the Company
has changed its name to Discovery Minerals Ltd. and will be
trading under the symbol DSCR (OTCPK: DSCR). There is no
need or requirement for current shareholders to surrender their
shares issued under the old name, Dhanoa Minerals Ltd., in exchange
for new shares in the name of Discovery Minerals Ltd.
Discovery Minerals entered into a lease-option agreement on
January 24, 2012, which was
formalized into a lease-purchase agreement in May 2012 on certain copper claims in San Bernardino County, California (Turquoise
Mountain Project). The Company agreed to spend $450,000 under this purchase agreement for the
development of the property to either sell the property or continue
into production. The Company as of June 30, 2012 has paid $76,939 on this purchase and development
contract. Discovery Minerals now owns these leases outright
and has agreed to carry the expenditures needed to further develop
this property.
Discovery Minerals has a total of $450,000 committed costs to assess and develop
the property known as the Turquoise Mountain Project. Based
on extensive data acquired from previous owners' exploration
operations during the 1950s and '60s, the Company intends to
re-evaluate the promising results obtained then, in light of the
much higher metal prices and the newer production technologies now
available. Comparisons with nearby mineral occurrences &
properties would put the value of the leases in excess of
$5,000,000. The Turquoise
Mountain Project will require additional funding before it can
begin generating revenues.
Discovery Minerals is a U.S.-based metals exploration and
development company focused on projects in the Western United States and California in particular. The Company is
led by an experienced board of directors and management team with
extensive corporate, exploration, mine-development and production
operation backgrounds in the US and Australia.
About Discovery Minerals Ltd.:
Dhanoa Minerals Ltd. (Frankfurt WKN: A0LB3X) (Kurzel: D7Z) (OTC
Pink Sheets: DHNA) is a production-stage company formed to acquire
and develop natural resource properties. Activities include gold,
precious metals and minerals, including rare earth minerals
production and sales. The Company has initiated a new program
to evaluate undervalued assets, including clean-tech and
alternative energy investments for potential addition to its
portfolio.
Safe Harbor: This release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 27E of the Securities Act of 1934. Statements contained in
this release that are not historical facts may be deemed to be
forward-looking statements. Investors are cautioned that
forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected
or suggested herein due to certain risks and uncertainties
including, without limitation, ability to obtain financing and
regulatory and shareholder approval for anticipated actions.
Company
Contact Information
|
Mr. Henry
Manayan, Esq., Chief Operating Officer
|
Discovery
Minerals, Ltd.
|
429 West
Plumb Lane,
|
Reno,
Nevada 89509
|
Telephone:
1.408.656.0143
|
http://www.dhanoaminerals.com
|
SOURCE Dhanoa Minerals Ltd.