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Discovery Metals Limited (DME)

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Wednesday 24 August, 2011

Discovery Metals Limited

Zeta Mineral Resources Upgrade


24 August 2011

                            Discovery Metals Limited
                        ('Discovery Metals' or 'Company)

                         ZETA MINERAL RESOURCES UPGRADE


  * Mineral   Resources   at   Zeta  increased  by  9 million  tonnes  (25%)  to
    44.1 million tonnes
  * 56% increase in Measured & Indicated Mineral Resources tonnes at Zeta
  * Zeta Measured and Indicated Mineral Resources increased to 17 million tonnes
    @ 1.5% Cu and 25.4 g/t Ag
  * Robustness  of  Zeta  Mineral  Resources  confirmed  by 54 hole infill drill
    programme with mineralisation open at depth
  * Contained Copper in the Zeta Mineral Resource increased by 16%

  * Total   Mineral   Resources  at  the  Boseto  Copper  Project  increased  to
    111.5 Million tonnes @ 1.4% Cu and 17.6 g/t Ag
  * Upgraded  Zeta Mineral Resources form  basis of Definitive Feasibility Study
    for  development of an  underground mine at  Zeta, planned for completion in
    December 2011

Zeta Mineral Resources Upgrade

Discovery Metals Limited ('Discovery Metals' or 'Company') reports an upgrade of
the  Mineral Resources at  the Zeta Deposit,  following re-estimation by Snowden
Mining  Industry Consultants ('Snowden'), which  includes recent infill drilling

The  Managing Director  of Discovery  Metals, Mr  Brad Sampson  commented, "This
upgrade  of the  Zeta Mineral  Resources is  another important  step towards the
completion   of   the   Definitive  Feasibility  Study  for  development  of  an
 underground  mine  at  Zeta  and  further  increases  confidence in the Mineral
Resources  planned for open pit mining, which is expected to commence later this

The  Zeta Deposit, combined with the Plutus and Petra Deposits, form the Mineral
Resources  base for the Company's 100% owned Boseto Copper Project (Figure 1 and
Figure 2) located in north western Botswana.

The  Zeta Mineral  Resources update  includes the  results from  54 infill drill
holes  which provide additional information within  the Mineral Resources at the
interface between the bottom of the planned open pit mining and the area planned
for  underground mining.  The results from three holes drilled by the Company in
late  2009, which  intersected  mineralisation  at  depths of approximately 600
metres below surface, were also included in this estimate.

The Zeta Mineral Resources now comprise:

Measured Mineral Resources  4.6 Mt @ 1.6% Cu and 23.5 g/t Ag
Indicated Mineral Resources 12.4 Mt @ 1.5% Cu and 26.1g/t Ag
Inferred Mineral Resources 27.1 Mt @ 1.2% Cu and 20.0g/t Ag

TOTAL MINERAL RESOURCES 44.1 Mt @ 1.3% Cu and 22.1g/t Ag
All Mineral Resources are reported at a cut off grade of 0.6%Cu.

The Zeta Mineral Resources are compared to those reported in October 2009 are
shown in Table 1 below.

| Resource Category | Zeta Mineral Resources   | Previous (Oct 2009)      |
|                   | Mt   | Cu (%) | Ag (g/t) | Mt   | Cu (%) | Ag (g/t) |
| Measured          | 4.6  | 1.6    | 23.5     | 3.9  | 1.6    | 23.0     |
| Indicated         | 12.4 | 1.5    | 26.1     | 7.0  | 1.5    | 23.8     |
| M&I subtotal      | 17.0 | 1.5    | 25.4     | 10.9 | 1.6    | 23.5     |
| Inferred          | 27.1 | 1.2    | 20.0     | 24.5 | 1.4    | 21.8     |
| Total             | 44.1 | 1.3    | 22.1     | 35.4 | 1.4    | 22.3     |

Table 1: Comparison of new Zeta Mineral Resources to October 2009 Estimate

Measured  and Indicated Mineral Resources (M&I)  at Zeta have increased by 56%.
The  areas classified as M&I, now extend  down dip from that reported previously
(Figure 3), and also now extend below the base of the currently planned open pit
and into the area being considered for underground mining.  Copper grades within
the  M&I  categories  have  changed  by  0.02% Cu  (from  1.55 to  1.53% Cu) and
"rounding off" results in the 0.1% change indicated in the table above.

Long  sections through the Zeta Mineral Resources are shown in Figures 3 and 4.
 Figure  3 shows  the  change  in  boundaries  between  Measured,  Indicated and
Inferred Mineral Resources resulting from this upgrade of the Mineral Resource.

The  distribution of grades within the Zeta  Mineral Resource is shown in Figure
4. A central core of high grade copper mineralisation (+1.2% Cu) is apparent. It
is  this "central core" that contains the  open pit Ore Reserves that formed the
basis  for mining in the Bankable Feasibility Study and upon which the Company's
development efforts are currently focused.

It  now  appears  that  the  latest  drilling  programme  has closed off further
potential  for underground  Mineral Resources  to both  the south west and north
east of the central high grade zone.

Potential remains for high grade copper silver mineralisation to extend down dip
below the areas drilled to date.

The Mineral Resources currently forming the basis for the Definitive Feasibility
Study for underground mining at Zeta are situated within this central high grade
area, below the base of the currently planned open pit.

The  Mineral Resources  defined within  the underground  portion of  the Mineral
Resources are shown in Table 2.

| Resource Category | Mt   | Cu (%) | Ag (g/t) |
| Measured          | 1.2  | 1.5    | 28.5     |
| Indicated         | 10.8 | 1.5    | 26.8     |
| Inferred          | 19.0 | 1.4    | 24.3     |
| Total             | 31.0 | 1.4    | 25.3     |

Table 2: Zeta Underground Mineral Resources at cut off grade of 0.6% Cu

The  distribution of grades within this area  is shown in long section in Figure
4 and   high   grade  zones  (>1.2%  Cu)  represent  significant  potential  for
underground exploitation.

The previous Zeta Underground Inferred Mineral Resources reported in conjunction
with  the Underground Scoping study results  in March 2010 were 25Mt @1.4%Cu and
23.1g/t Ag at a 0.6%Cu cut off grade.

This  upgrade of  the Zeta  Mineral Resources  has resulted in categorization of
Measured  & Indicated  underground mineral  resources of  12.0 Mt @  1.5% Cu and
26.9 g/t  Ag and increased the total  underground mineral resources to 31.0 Mt @
1.4% Cu and 25.3 g/t Ag at a 0.6% Cu cut off grade.

The  results of this re-estimation of the  Zeta Mineral Resources are being used
to  progress work on the Definitive Feasibility  Study for the development of an
underground  mine at  Zeta.  This  study is  now planned  for completion late in
December 2011.

No additional drilling is planned at depth in the Zeta Deposit for the remainder
of  2011.  Further  drilling  is  anticipated  upon completion of the Definitive
Feasibility Study and development of detailed mine plans.

Boseto Copper Project Mineral Resources
The  total Mineral Resources at the Boseto  Copper Project are shown in Table 3

|Mineral       |Zeta                |Plutus and Petra    |Total                |
|Resources     |                    |                    |                     |
|              |Mt  |Cu (%)|Ag (g/t)|Mt  |Cu (%)|Ag (g/t)|Mt   |Cu (%)|Ag (g/t)|
|Measured      |4.6 |1.6   |23.5    |0.1 |1.3   |11.4    |4.7  |1.6   |23.2    |
|Indicated     |12.4|1.5   |26.1    |11.5|1.4   |14.1    |23.9 |1.5   |20.3    |
|Subtotal M&I  |17.0|1.5   |25.4    |11.6|1.4   |14.1    |28.6 |1.5   |20.8    |
|Inferred      |27.1|1.2   |20.0    |55.8|1.4   |14.8    |82.9 |1.3   |16.5    |
|Total         |44.1|1.3   |22.1    |67.4|1.4   |14.7    |111.5|1.4   |17.6    |

Table 3: Boseto Copper Project Mineral Resources at cut off grade of 0.6% Cu

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 km2 along the Kalahari

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

Competent Persons Statement
The  information in this report that relates  to Exploration Results is based on
information  compiled by Mr Fred  Nhiwatiwa who is a  Member of the Australasian
Institute  of  Mining  and  Metallurgy  (MAusIMM).   Mr Nhiwatiwa is a full-time
employee  of the Discovery  Metals Ltd.  Mr  Nhiwatiwa 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 (CP) as defined in  the 2004 Edition of the "Australasian Code
for  Reporting of Exploration Results, Mineral  Resources and Ore Reserves" (The
JORC  Code,2004). The  information in  this report  as it  relates to  the Zeta,
Plutus and Petra Mineral Resources for the Boseto Copper Project was reviewed by
Mr  David Arnott, who  is a MAusIMM.  Mr Arnott is  employed fulltime by Snowden
Mining  Industry Consultants Pty Ltd.  Mr Arnott 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 CP as
defined  in  The  JORC  Code,  2004. Messrs  Nhiwatiwa and Arnott consent to the
inclusion in the report of the matters based on information provided by them and
in the form and context in which it appears.

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

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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