Discovery Ventures Inc. Receives Conditional Approval of Willa Option Agreement

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 23, 2013) – Discovery Ventures Inc. (“Discovery”, “DVN” or the “Company”) (TSX VENTURE:DVN) wishes to announce that the Company has received conditional acceptance of the acquisition of mineral claims located in the Slocan mining district of British Columbia known as the Willa deposit. The mineral property consists of 5,328 hectares and is located south of the town of Silverton, B.C. (the “Property”). In furtherance of TSX Venture Exchange approval of share issuances to the optionors of the Property subsequent to the completion of the Phase 2 and 3 work programs under the option agreement, the Company is seeking shareholder approval at its AGM scheduled for February 15, 2013 for share issuances that would increase the shareholdings of the optionor above 20% of the issued shares of the Company.

The Company’s submission of the acquisition included a NI43-101 Geological Technical Report completed by Wayne M. Ash, P.Eng of Ash & Associates Consulting Ltd. and David K. Makepeace, P.Eng. of Micon International Limited.

The deposit has been extensively explored and developed by several operators, including Noranda, Rio Algom, BP Minerals, Bethlehem Resources Corp., Northair Mines Ltd. and Hudson Bay Mining & Smelting. An extensive database is under review which covers work that includes 596 drill holes totaling 189,000 feet (57,250 metres) of core drilling and 8,500 feet (2,575 metres) of underground workings, extensive geophysics and sampling consisting of 17,150 analyses for gold, copper and silver.

Bench-scale metallurgical test-work was conducted by three companies including Lakefield Research, Gary Hawthorn (Northair Group) and PRA Labs between 1985 and 2005. The results of locked-cycle tests indicated recoveries of 81% Au and 93% Cu. A concentrate grading 24% Cu was projected from a mineral head grade in the order of 7.0 g Au/t and 0.9% Cu.

The Company has initiated the permitting process in anticipation of the final TSX-V approval and initiating work at Willa in early spring. Work will include determination of all the permits required for further exploration and development at the Property and bulk sampling, and also include commencement with permit applications and negotiations.

Company president Akash Patel comments, “With the Willa deposit having had historical exploration expenditures of approximately CDN$ 18 million to develop it to its present status, we believe the project will offer Discovery Ventures shareholders significant value in today’s exciting gold market.”

http://www.discoveryventuresinc.com/category/2013/