VANCOUVER, BRITISH COLUMBIA – (Marketwired – Jan. 22, 2016) – Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:0DV)(OTCQX:DTVMF) (“Discovery”) is pleased to announce that it has entered into a debt settlement agreement with Genex Mining Company Ltd. (“Genex”) whereby Discovery will settle a judgment in the amount of $900,000 Genex obtained against the Company’s wholly-owned subsidiary, FortyTwo Metals Inc., through the payment of $450,000 and the issuance of 1,666,667 common shares of the Company at a deemed price of $0.15. All securities issued in the debt settlement are subject to a statutory hold period expiring four months and one day after the issuance of the common shares. The proposed debt settlement is subject to the approval of the TSX Venture Exchange.
Back where it all started, Genex Mining Company Ltd. is planning its new shop and HQ in Silverton. Preparing for the future, Genex will have several employees there, including office staff and mechanics.
Village council has approved the project and says it is pleased to have a mining company back in Silverton once more.
UPDATE- Max mine contract: Genex Crews have excavated 2200m. of combined decline and lateral underground development.
6/1/2008- Genex completed the 1402m #2adit tunnel for Roca Mines Inc.