RENO, Nev., Aug. 30, 2012 -- 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