Discovery Joint Venture Prepares for Upcoming Industrial Hemp License
MARINA DEL REY, Calif., June 11, 2014 /PRNewswire/ -- Discovery Minerals Ltd. (OTC PINK: DSCR) (PINKSHEETS: DSCR) is pleased to announce that the joint venture project, AB AGRO TECHNOLOGIES INC. (Herein "AB AGRO"), has been advised by Health Canada that all of the necessary application requirements have been met and that its application for a license (application number A0068) to cultivate Industrial Hemp is expected to be processed this week.
In light of this news, AB AGRO has secured a supply of pedigreed Hemp seed from an accredited Health Canada seed provider in the Province of Manitoba. The CRS-1 cultivar, or variety, has been chosen for the inaugural growing season. AB AGRO has been advised by the Company's agricultural consultants that the 160 acres being licensed will require a seeding rate of 23 lbs per acre for a total of approximately 3,700 lbs of Hemp seed. The typical seeding rate can commonly range from 20-40 lbs per acre depending on a wide array of variables.
The CRS-1 variety was chosen specifically for its high yielding, early maturity and medium height properties along with its exemption from mandatory THC testing analysis in the Province of Alberta. AB AGRO believes that these particular attributes will provide an abundant amount of harvested grain (seed for consumption), fiber and straw. The fiber and straw will be used as the cellulose bio-mass supply for the forthcoming ethanol fermentation pilot project with Syngar Technologies Inc.
Currently, Discovery and the new CPA firm are diligently completing the most recent quarterly financial statements and anticipate them to be filed shortly. The delay has predominantly been attributed to the preparation for the upcoming audit and the transition in CPA firms. In the Company's opinion, the additional time taken should ultimately reduce the time and costs involved in the auditing process.
About Discovery Minerals LTD.:
Discovery Minerals Ltd., (OTC PINKSHEETS: DSCR.PK) is an acquisition and development company that targets natural resource properties through its subsidiaries. These properties fall within two primary channels, precious metals/mining and industrial hemp. Discovery subsidiaries engage in activities that include the cultivation, product development, and distribution of industrial hemp; Gold, silver and precious metals. In addition, the Company is pursuing clean tech and alternative energy investments to be integrated into these business channels.
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.
Contact Person:
Russell Smith
1-310-961-4654
At: info@discoveryholdingscorp.com
SOURCE Discovery Minerals Ltd.
