DME Discov. Met

 
TIDMDME 
 
AIM RELEASE 
 
 
 
                            Discovery Metals Limited 
 
                             2011 Financial Report 
 
                                 31 August 2011 
 
 
 
Financials reflect Boseto Construction Progress 
 
 
 
Highlights 
 
  * Total assets grew to US$227.6 million at 30 June 2011. 
  * Total equity increased by 324% during the year to US$204.4 million. 
  * US$137.5 million was raised in equity (net of costs) by Placement and Rights 
    Issue to fund the equity portion of the Boseto construction. 
  * Property, Plant & Equipment grew to US$94.6 million reflecting the 
    construction of the Boseto project for commissioning in first half of 2012. 
  * Cash at 30 June 2011 was US$88.8 million and the Company was debt free. 
  * Since 30 June, the Boseto debt project finance has commenced to be drawn to 
    fund the remaining expenditure on the Boseto construction. 
  * As expect for companies at this stage of development, the Company reported a 
    Loss of US$2.5 million for the year, reflecting the expensing of costs not 
    capitalised in the exploration and construction assets. 
 
 
 
Commentary 
 
Discovery Metals Limited ('Discovery Metals' or 'Company') reports the full year 
financial  results and the Directors' report  for the year ended 30 June 2011. 
The  Company had largely expended the  equity portion of the Boseto construction 
costs at year end and commenced drawing the Boseto debt project finance facility 
in July 2011. 
 
The Managing Director of Discovery Metals, Mr Brad Sampson commented, "Discovery 
Metals continues to advance systematically towards its goal of commissioning the 
Boseto  Copper Project in the first half  of 2012 and to the potential discovery 
of  another Boseto style project  on the Kalahari Copperbelt  within the next 2 
years." 
 
"It  is pleasing to  make exactly the  same comment as  last year as the Company 
transitions  to  a  copper  producer.   Our  4 pronged  Company  Strategy  (each 
separately  resourced)  of  deliver  and  expand  Boseto,  find another 'Boseto' 
project  in  the  Kalahari  Copperbelt,  build  on our presence in Botswana (the 
manganese project) and search more broadly for other value adding opportunities; 
is  driving the Company  forward towards our  goal of being  a mid-capped mining 
company." 
 
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  8,877 km(2)  along  the 
Kalahari Copperbelt. 
 
 
 
Further information on the Company including Mineral Resources and Ore Reserves 
             is available on our website:   www.discoverymetals.com 
 
 
Forward Looking Statement 
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. 
 
 
 
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 
 
 
Tavistock 
 
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: 
www.discoverymetals.com.au 
 
 
 
 
 
 
 
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 
 
[HUG#1542657] 
 

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