DME Discov. Met

 
TIDMDME 
 
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 km(2)  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 
 
 
 
Attachment: Initial Selene Copper Mineral Resource: 
http://hugin.info/137928/R/1576993/491574.pdf 
 
 
 
 
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#1576993] 
 

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