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Discovery Metals Limited (DME)

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Friday 24 June, 2011

Discovery Metals Limited

Boseto Financing Credit Approval


24 June 2011

                            Discovery Metals Limited

                        ('Discovery Metals' or 'Company)

                        Boseto Financing Credit Approval


  * The US$180m Boseto debt project finance has received credit approval from
    the banking syndicate.
  * The debt syndicate comprises Standard Chartered Bank, Standard Bank, Credit
    Suisse and Caterpillar Finance as Joint Lead Arrangers.
  * The Board of Discovery Metals has approved the debt package.
  * First draw down of debt funding is anticipated in July 2011.
  * The Boseto Copper Project remains on track for commissioning and first
    production in the first half of 2012.

Boseto Debt Finance

Discovery Metals Limited ('Discovery Metals' or 'Company') announces that it has
received confirmation that the banking syndicate credit committees have approved
the Boseto debt facility.  This follows an extensive due diligence process by
the banks.  The debt facility will fund the completion of the Boseto Copper
Project and is subject to normal conditions precedent for financing arrangements
of this nature.  The remaining conditions precedent are expected to be completed
within one month.

Funding will be applied to the Boseto processing plant for US$105 million and
the Boseto mine mobile fleet for US$75 million.  In addition to the US$180
million project and equipment finance, the banking syndicate will provide a
US$25 million overrun and working capital facility plus hedging lines for both
copper and silver production.

The facility will be secured over the Boseto Copper Project assets and 100% of
the shares the Company owns in the project subsidiary entity (Discovery Copper
Botswana Proprietary Limited).

The  Boseto Copper Project is currently under construction and is expected to be
commissioned in the first half of 2012.

The Company will complete its required equity contribution to the Boseto project
by the end of June 2011 and will have in excess of US$70 million in cash
reserves at that time.

Discovery  Metals' Managing Director, Brad  Sampson, commented; "the progress on
the  construction at Boseto is pleasing and the availability of the debt finance
will  allow  the  construction  works  to  continue  in  line with our published
timetable.   Shareholders should gain further confidence that the Boseto project
complies  with the due  diligence requirements of  such a well-credentialed debt

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 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  9,656 km(2)  along  the
Kalahari Copperbelt.

Further information on the Company including Mineral Resources and Ore Reserves
             is available on its website:

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

 Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard  Chartered PLC is  a leading international  bank, listed on the London,
Hong  Kong and Mumbai  stock exchanges.  It  has operated for  over 150 years in
some  of the world's most dynamic markets and earns more than 90 per cent of its
income  and profits in Asia, Africa and  the Middle East.  This geographic focus
and  commitment to developing deep relationships  with clients and customers has
driven the Bank's growth in recent years.
With  1,700 offices  in  70 markets,  Standard  Chartered  offers  exciting  and
challenging  international career opportunities for  around 85,000 staff.  It is
committed  to building a sustainable business over  the long term and is trusted
worldwide   for   upholding  high  standards  of  corporate  governance,  social
responsibility,  environmental  protection  and  employee diversity.  The Bank's
heritage and values are expressed in its brand promise, 'Here for good'.
Standard   Chartered's  Award  Winning  Project  Finance  Solutions  -  Standard
Chartered  offers  project  finance  solutions  ranging from financial advisory,
valuation  and modelling to structuring and underwriting of financing solutions.
ThomsonReuters' Project Finance International (PFI) magazine most recently named
Standard  Chartered the Bank for the Year 2010.  Deals led by the Bank have also
won  several awards  including Americas  Mining Deal  of the Year 2010, which is
testament  to the strength of the Bank's  franchise in mining and metals project

For    more    information    on    Standard    Chartered,    please   visit:

Caterpillar  Financial (Zurich) is the structured  trade and project finance arm
of Cat Financial.  For nearly 30 years, Cat Financial, a wholly-owned subsidiary
of  Caterpillar Inc., has been providing  a wide range of financing alternatives
to  customers and Caterpillar dealers for  Cat machinery and engines, Solar® gas
turbines  and other  equipment and  marine vessels.   Cat Financial  has offices
located  throughout the Americas, Asia,  Australia and Europe, with headquarters
in Nashville, Tennessee in the U.S.A.

About Standard Bank
Rooted  in Africa  with strategic  representation in  key sub-Saharan  and other
emerging  markets, Standard Bank is  a bank with a  global sweep.  A mainstay of
South  Africa's financial system for over 145 years, its international expansion
has  taken it to 17 countries on  the African continent and 15 countries outside
Africa including Brazil, Russia and China.  Its headquarters are in Johannesburg
and  it is listed on the Johannesburg Stock Exchange.  Standard Bank's Corporate
and  Investment Banking division is a  leading global emerging markets corporate
and  investment bank and  offers its clients  banking, trading, investment, risk
management  and advisory services in developing economies throughout the world.
It  has specific  sector expertise  in mining  & metals;  oil, gas & renewables;
telecommunications  & media; power & infrastructure and financial institutions.
In  Turkey, Standard  Ünlü (a  member of  the Standard  Bank Group)  is a market
leader in corporate finance transactions specializing in cross border merger and
acquisitions,  disposals, formation  of strategic  alliances and joint ventures,
and  public  offers.  Standard  Bank  Plc  in  London  is  the  bank's principal
international  subsidiary.   It  is  authorized  and  regulated by the Financial
Services  Authority, and is  a member of  the London Stock  Exchange, the London
Bullion  Market Association, the London Metal  Exchange, the London Platinum and
Palladium Market and the New York Mercantile Exchange (COMEX Division).
For further information, visit:

About credit Suisse
Credit  Suisse AG is one of the world's leading financial services providers and
is  part of the  Credit Suisse group  of companies (referred  to here as 'Credit
Suisse').   As an  integrated bank,  Credit Suisse  offers clients  its combined
expertise  in  the  areas  of  private  banking,  investment  banking  and asset
management.   Credit Suisse provides  advisory services, comprehensive solutions
and  innovative products to companies,  institutional clients and high-net-worth
private  clients globally, as well as  to retail clients in Switzerland.  Credit
Suisse  is headquartered in Zurich and operates in over 50 countries worldwide.
The  group employs approximately 50,500 people.  The registered shares (CSGN) of
Credit   Suisse's  parent  company,  Credit  Suisse  Group  AG,  are  listed  in
Switzerland and, in the form of American Depositary Shares (CS), in New York.

Further information about Credit Suisse can be found at:

For further information contact:

Discovery Metals Limited

Brad Sampson

Managing Director

Tel: +617 3218 0200

Fairfax I.S. PLC

Ewan Leggat / Laura Littley

Tel: +44 (0)20 7598 5368


Jos Simson/Emily Fenton

Tel: +44 (0) 207 9203150

Mobile: +44 (0)7899 870 450

Further information on the Company is available on its website:

This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
Source: Discovery Metals Limited via Thomson Reuters ONE


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