TORONTO, June 06, 2022 (GLOBE NEWSWIRE) — Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) announces that Taj Singh, President and Chief Executive Officer, has stepped down from his position as President and Chief Executive Officer and has resigned from the Board of Directors for personal reasons. The Company wishes to thank Mr. Singh for his efforts during his five-year tenure with the Company and wishes him all the best in the future.
Tony Makuch, an independent director of the Company has been appointed Interim Chief Executive Officer, effective immediately. Mr. Makuch is a professional engineer with over 35 years of significant industry and leadership experience and is well positioned to advance the Company’s strategy through this period of transition with the support of the Board of Directors and the Company’s management team. Mr. Makuch was most recently Chief Executive Officer of Kirkland Lake Gold Ltd., a leading senior global gold company with operations in Ontario and Australia.
Murray John, Chairman, stated: “We welcome Tony as Interim CEO. His well-recognized experience in operations, resource development and capital markets will be a great asset. Tony brings stability and leadership to an already strong executive management team at a particularly exciting time in Discovery’s development.”
Tony Makuch commented that; “In taking this role, I am very excited about the prospects for the Company and the Cordero Project, and see significant opportunity in working with the Board and Management. Discovery Silver’s Cordero Project is a world class deposit with industry leading scale, cost performance, manageable capex and financial results as demonstrated in the recently released Preliminary Economic Assessment. As the Company progresses through the next stages of both a Prefeasibility and Feasibility study, we expect to demonstrate with a high level of confidence the excellent economics of the Project and realize significant value for all stakeholders.”
Discovery’s flagship project is its 100%-owned Cordero project, one of the world’s largest silver deposits and one of the very few that offers the combination of margin, size and scaleability. Cordero is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico, and is supported by an industry leading balance sheet with approximately C$70 million available for aggressive exploration, resource expansion and future development. Discovery was a recipient of the 2020 TSX Venture 50 award and the 2021 OTCQX Best 50 award.
On Behalf of the Board of Directors,
Chairman of the Board
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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 statements. Forward-looking statements including, but not limited to Discovery’s future plans and objectives with respect to the Cordero project, estimates of future mineral reserves, mineral resources, mineral production, development potential and, future exploration activities planned, plans and objectives in the areas of sustainable development, health, safety, environment, community development, the Cordero, Puerto Rico, Minerva and Monclova projects, and the prospect of further discoveries there, all of which constitute forward looking information that involve various risks and uncertainties. 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. Discovery does not assume any obligation to update any forward-looking statements except as required under applicable laws.