Discovery Lithium Inc. Acquires Grove Lake and Whitefish Lake Mining Claims

Discovery Lithium Inc. (CSE:DCLI) has entered into a definitive agreement to acquire mining claims in Northwestern Ontario. The claims, named Eagle Lake and Whitefish Lake, are about 350 km northwest of Thunder Bay. They cover 2,923 mineral claims over approximately 61,093 hectares.

The acquisition terms include a cash payment of $432,778.50 to Zimtu Capital Corp. within 180 days post-closing and 2,000,000 common shares of Discovery Lithium issued at closing. Additionally, Zimtu Capital will receive a 1% net smelter returns royalty interest on future minerals produced from these claims.

The transaction's completion is subject to approval by the Canadian Securities Exchange. The newly issued shares will have a hold period expiring four months and one day after closing.