This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Discovery Gold Corporation Increases Interest In Edum Banso Gold Project To 95%

DENVER, Oct. 22, 2012 /PRNewswire/ -- Discovery Gold Corporation (OTCQB: DCGD) ("Discovery Gold" or the "Company") is pleased to announce that the Company's wholly-owned subsidiary, Discovery Gold Ghana Limited, has increased its interest in the Edum Banso Gold Project in the prolific gold producing Ashanti Gold Belt in Ghana from 70% to 95%.

Discovery Gold's President, Steve Flechner, stated that, "The Company's management and board of directors are extremely pleased to have been able to re-consolidate 95% ownership of the option for the Edum Banso Gold Project for the benefit of Discovery Gold's shareholders, while pursuing other avenues for short term exploration funding."

Pursuant to an earn-in agreement effective January 25, 2012, Discovery Gold Ghana Limited granted a 25% working interest in the Project to North Springs Resources Corp. in exchange for ten million shares of its stock (the "Shares").  The intention was to sell or borrow against the Shares in order to fund exploration of the Project.  However, effective October 1, 2012, the market price of the Shares was less than the price required under the earn-in agreement, and therefore Discovery Gold has returned the Shares and reacquired its 25% interest in the Edum Banso Project.  Discovery Gold also maintains the right to re-purchase half of the remaining 5% working interest not held by the Company.

Mr. Flechner added that, "The geologic consultants, with whom the company is planning its pre-drilling exploration work, returned last week after briefly visiting the project target sites in Ghana, and are now updating their specific recommendations to the Company for the anticipated pre-drilling work program."

Discovery Gold anticipates that further details regarding exploration plans, permitting, financing, and work schedules for the Edum Banso Gold Project will be released shortly.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs