Discovery Lithium Adds James Bay Claims and Appoints Directors

VANCOUVER, British Columbia, Sept. 19, 2023 (GLOBE NEWSWIRE) -- Discovery Lithium Inc. (CSE: DCLI) (OTC: DCLIF) (FRA: Q3Q0) (the "Company," or "Discovery Lithium"), advises that it has entered into a definitive agreement (the "Agreement") with certain arm's-length vendors (the "Sellers") pursuant to which it proposes to acquire a 100% undivided legal and beneficial interest in 303 mineral claims comprising approximately 16,404 hectares located in the northern and eastern regions of Québec (the "Claims") including the prolific lithium district of the James Bay region.

Company President & CEO Michael Gheyle states, "Todays announcement reflects our ambition to build a robust portfolio of prospective lithium claims in the province of Quebec. We are excited by our opportunity for discovery in Nunavik, and equally thrilled to have an opportunity to explore alongside some of the advanced plays in the James Bay region. A diversified portfolio allows us to manage field crews, logistics, and economics as part of a larger strategic plan for the entire region. We also welcome Jaap and Eric to our board who will help build our governance and policy oversight at this critical juncture of growth. We look forward to working with them as we continue to move forward with our efforts to build shareholder value in the domestic lithium sector."

Acquisition Agreement

Pursuant to the Agreement, the Company has agreed to purchase a 100% undivided legal and beneficial interest in the Claims in consideration for the Company making a cash payment of $25,000 and issuing an aggregate of 400,000 common shares of the Company (the "Shares") to the Sellers in accordance with the terms of the Agreement (the "Acquisition"). The Shares will be subject to a 10-month lock-up and the Sellers have agreed not to sell, dispose of or otherwise transfer the Shares until released from lock-up, with 100,000 Shares released four months from the closing date of the Acquisition and an additional 100,000 Shares released every two months thereafter. The Shares will also be subject to a statutory hold period in accordance with applicable securities laws. Closing of the Acquisition remains subject to the satisfaction or waiver of various closing conditions, including the receipt of all necessary regulatory approvals.

Board Updates

The Company is further pleased to announce the appointments of Dr. Jacob (Jaap) Verbaas, P. Geo, and Mr. Eric Negraeff to its board of directors with immediate effect.

Dr. Verbaas is an exploration geologist with an MSc. from Utrecht University and a PhD from Simon Fraser University. His focus has been regional targeting and identification of exploration strategies for discovery-stage projects. He found and staked the HSP nickel-copper project during his time as VP Exploration with Go Metals, a company that drilled the first nickel intercept in the Havre St. Pierre anorthosite complex in Quebec. He was also CEO of CAVU Energy Metals until its merger with Alpha Copper and currently serves as CEO of Gama Explorations. Dr. Verbaas is a registered Professional Geologist with EGBC.

Mr. Negraeff is an accomplished entrepreneur with over 20 years of professional capital markets experience. He is Vice President of Corporate Development at Incite Capital Markets and has built a strong history of success at C.M. Oliver & Company and subsequently at PI Financial. Eric became a successful proprietary trader creating a profitable division designed to take advantage of unique arbitrage opportunities. He then went on to manage a proprietary trading desk where he designed trading strategies and managed credit risk for high net worth and institutional clientele. After spending more than a decade as an investment advisor at PI Financial specializing in helping clients build their portfolio and raising capital for small to mid-size companies (both public and private) across multiple industries, Eric joined Incite Capital Markets. He has spent the past 5 years working with his capital markets clients assisting them with fund raising, strategic planning, investor relations, and corporate communication.

In related news, Mr. Nicholas Houghton has stepped down and is no longer a member of the board. The Company thanks him for his service during the recent transition and offers him best wishes for his other endeavours.

On behalf of the Board of Directors,

Michael Gheyle
President & Chief Executive Officer

The Company would like to welcome investors to visit our website and join our mailing list at www.discoverylithium.com/news-alerts/. By subscribing you will stay up to date with the latest news releases and advancements within our company.

About Discovery Lithium (CSE: DCLI) (OTC: DCLIF) (FRA: Q3Q0)
Discovery Lithium Inc. is a Canadian exploration company focused on advancing mineral resource projects in North America. It holds 100% interest in 1,675 mineral claims in Serindac Lake and 2,113 mineral claims in Vaubert Lake located in the under-explored Nunavik region of Northern Quebec. Additionally, the Company is actively advancing its ESN Project for gold exploration in Nevada and evaluating the Koster Dam Project in Central British Columbia through a joint venture with Cariboo Rose Resources. Find out more at: www.discoverylithium.com and follow us on X (formerly twitter), Facebook, and LinkedIn.

For further information, please contact:

Discovery Lithium Inc.
1450 - 789 West Pender Street,
Vancouver, BC Canada V6C 1H2
Telephone: +1 (778) 868-2226
Email: [email protected]
Web: www.discoverylithium.com

Caution Regarding Forward-Looking Information

Certain statements contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information in this news release includes, but is not limited to, statements regarding the Acquisition, including the anticipated timing and terms of the Acquisition and the satisfaction of all conditions to closing, the Company's plans and expectations regarding the Claims, and other statements regarding the Company's future business plans and objectives. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of counterparty risk, market conditions, regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

Neither the Canadian Securities Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release.