DME Discov. Met

TIDMDME

RNS Number : 8655N

Discovery Metals Limited

08 September 2011

Discovery Metals Limited

8 September 2011

Director's Shareholding & Issue of Equity

Discovery Metals Limited ("the Company") today advises that it has issued 2,013,750 ordinary shares of no par value in the Company following the exercise of options by Ribson Gabonowe, Non-executive Director and another option holder.

The details of the exercise of the options is as follows:

Mr Gabonowe - total of 513,750 options exercisable at 50 cents each, with an expiry date of 12 December 2011.

Other - 500,000 options exercisable at 43 cents each, with an expiry date of 25 March 2012; 500,000 options exercisable at 37.5 cents each, with an expiry date of 1 November 2013; and 500,000 options exercisable at 54 cents each, with an expiry date of 25 March 2013.

The Company was also informed today that, on 8 September 2011, Ribson Gabonowe, Non-executive Director disposed of 300,000 shares at a price of AU$1.4296 per share.

Following the exercise of options and disposal of shares as described above, Mr Gabonowe is now interested in 700,000 ordinary shares in the Company (which represents approximately 0.16% of the issued share capital of the Company) and has an indirect interest in 750,000 ordinary shares in the Company pursuant to the Company's Employee and Directors Share Plan (which was approved by shareholders at a general meeting on 24 February 2010). The issue of these shares to Mr Gabonowe is subject to certain vesting conditions.

The new ordinary shares issued by the Company today will rank pari passu with existing ordinary shares in the Company and application has been made for these new ordinary shares to be admitted to trading on AIM, which is expected to occur on 14 September 2011.

As a consequence of the exercise of the share options and the issue of shares detailed above, the Company's issued capital now comprises 439,128,231 ordinary shares of no par value.

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 information is provided by RNS

The company news service from the London Stock Exchange

END

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