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Discovery Metals Limited (DME)

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Thursday 12 January, 2012

Discovery Metals Limited

Discovery Metals Limited: Initial Selene Copper...

Discovery Metals Limited: Initial Selene Copper Mineral Resource

12 January 2012

Discovery Metals Limited
Initial Selene Copper Mineral Resource

Highlights:

·                Maiden Selene Inferred Mineral Resources totals 16 million tonnes @ 1.0% Cu and 15.9 g/t Ag, above a 0.6% Cu lower grade cutoff.

·                Several higher grade zones of +1% copper identified within the Selene deposit. 

·                Estimate based on 52 exploration drill holes totaling 5,343 metres.

·                The Selene Deposit has a strike length of approximately 7 kilometres, and has been intersected at depths to 200 metres below surface.

·                Mineralisation remains open along strike and at depth.

·                Selene lies within the Boseto Zone, approximately 20 kilometres from Discovery Metals' Boseto concentrator which is currently under construction.

·                Enhances optionality to increase the mine flexibility, scale and/or the life of the Boseto Copper Project.

Selene Copper Mineral Resource Estimate

Discovery Metals Limited ('Discovery Metals' or 'Company') reports the initial Mineral Resource estimate at the Selene Deposit, following the completion of 52 drill holes totaling 5,343 metres.  The estimate has been completed by independent consultants, Xstract Mining Consultants Pty Ltd in accordance with the guidelines of the 2004 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves. 

The Managing Director of Discovery Metals, Mr Brad Sampson commented, "The Selene Mineral Resource estimate is another important step towards defining the ultimate scale of the Boseto Copper Project.  With recent drilling also returning encouraging results at the Zeta North East and the Mango prospects, the Selene Mineral Resource estimate confirms that substantial upside mineral resource potential continues within the Boseto Zone."

The Selene Deposit is located approximately 20 kilometres from the Boseto Copper Concentrator (Figures 1 and 2) in north western Botswana.  The Selene Mineral Resource estimate includes drill hole results from 19 drill sections, spaced approximately 400 metres apart along the strike length of approximately 7 kilometres.  Mineralisation has been intersected at depths between 20 and 200 metres below surface.  The deposit is generally dipping 70° to the northwest and appears constrained within a zone of approximately 3 metres in thickness.  The deposit remains open along strike and at depth.

The Selene Mineral Resource comprises:

Inferred Mineral Resource          15.95 Mt @ 1.0% Cu and 15.9g/t Ag
TOTAL MINERAL RESOURCE        15.95 Mt @ 1.0% Cu and 15.9g/t Ag
(All Mineral Resources are reported above a lower cutoff grade of 0.6% Cu.)

A long section through the Selene Mineral Resources is shown in Figure 3.  Four higher grade zones of mineralisation with grades exceeding 1.0% copper have been delineated, and are separated by mineralisation with grades of 0.6% - 1.0% copper.  These zones of higher grade mineralisation remain open at depth beyond the north eastern limit of drilling.

The development of Mineral Resource at Selene is in line with Discovery Metals' objective to explore for and develop multiple copper deposits within the Boseto Zone.  The Company is progressing planning to expand the scale of the mine and to increase the scheduled mine life at the Boseto Copper Project. 

Work continues to develop new Mineral Resources within the Boseto Zone at prospects such as Zeta North East and Mango (Figure 2).

It is anticipated that new life of mine schedules incorporating portions of the Mineral Resources at the Selene Deposit will be developed later in calendar 2012.

Competent Persons Statement

The information in this report as it relates to the Selene Mineral Resource estimate for the Boseto Copper Project has been compiled by Mr Matthew Readford, who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM).  Mr Readford is employed fulltime by Xstract Mining Consultants Pty Ltd.  Mr Readford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in The JORC Code, 2004. 

Mr Readford consents to the inclusion in the report of the matters pertaining to Selene Mineral Resource estimate based on information provided by him, and in the form and context in which it appears.

Discovery Metals Background

Discovery Metals is an ASX/AIM/BSE listed copper exploration and development company focused on the emerging Kalahari Copperbelt in northwest Botswana.  The Company is a near-term copper producer currently developing its 100% owned Boseto Copper Project towards production in the first half of 2012.

The Kalahari Copperbelt sediment-hosted mineralisation of the Boseto Copper Project is similar in style to the well-known and large deposits of the Central African Copperbelt of Zambia and the Democratic Republic of the Congo.

Discovery Metals has prospecting licences covering 8,877 km2 along the Kalahari Copperbelt.

Forward looking statements

This release includes certain statements that may be deemed "forward-looking statements".  All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that Discovery Metals expects, are forward-looking statements.  Although Discovery Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.  Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions.  Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements.

Further information on the Company including Mineral Resources and Ore Reserves is available on our website:  www.discoverymetals.com

For further information on this release and Discovery Metals Limited, please contact:

Brad Sampson  Managing Director
Ph: +61 7 3218 0222   brad@discoverymetals.com

AIM Nominated Advisor - Fairfax I.S.  PLC, Contact Ewan Leggat/Laura Littley
Ph: +44 20 7460 4389 or 7460 4387

UK PR - Tavistock PR, Contact Jos Simson/Emily Fenton
Ph +44 207 920 3150 or +44 778 855 4035




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Source: Discovery Metals Limited via Thomson Reuters ONE

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