Financials reflect substantial progress at Boseto
(Thomson Reuters ONE) - AIM RELEASE18 September 2009 Discovery Metals Limited (AIM: DME) (ASX/BSE: DML) fINANCIALS REFLECT SUBSTANTIAL PROGRESS AT THE BOSETO COPPER PROJECTDiscovery Metals Limited ("Discovery Metals" or "Company") (ASX/BSE:"DML", AIM: "DME") is pleased to report its financial results for the2008/09 Financial Year, with a more than 75% increase in both totalassets and total equity.Financial highlights from the 2008/09 Financial Year included:* Total Assets grew to AUD$30.9 million at 30 June 2009.* The Exploration Asset in Botswana grew from AUD$12.3 million to AUD$22.8m reflecting the significant amount of money spent progressing the infill drilling programme and the feasibility study for the Boseto Copper Project in north-west Botswana.* The Company is solely Botswana focussed at present, with the Boseto Copper Project feasibility study scheduled for completion in March 2010.* The Company reported a loss of AUD$4.4 million for the year, principally due to the exploration and project feasibility nature of the Company.* The last two Australian exploration areas are being relinquished, accounting for AUD$0.7 million of the loss for the year.* Receipts of interest were reduced due to lower market interest rates throughout the year in Australia and Botswana.* The Company reclassified the funding to Botswana as an Equity investment by the parent company, replacing the previous loan classification.* Cash at 30 June was AUD$8.7 million, with continued support from major shareholders.* The Company remains debt free.Operationally, the focus remains on the bankable feasibility study(BFS) for the Boseto Copper Project, which continues to show strongproject economics and is on track for completion in March 2010.Discovery Metals' Managing Director, Brad Sampson said:"It is pleasing to see the continued progress of the Boseto CopperProject in these results which have been reflected in our marketcapitalisation, increasing fourfold this year.""The BFS is progressing well and remains on track. Along with myteam, I look forward to delivering to the Board and our shareholders,a completed Bankable Feasibility Study for the Boseto Copper Project,securing project funding and to taking the next steps forward tobuilding an exciting copper company."BackgroundDiscovery Metals' Boseto Copper Project (100% owned) is located innorth-west Botswana, approximately 80 km south-west of the town ofMaun, within the district of Ngamiland. A seven tenement package wasgranted to Discovery Metals in September 2005 and fieldwork on thistenement package commenced in October 2005. The Government ofBotswana approved the Company's renewal of these tenements inSeptember 2008 and all prospective areas were retained by theCompany. In June 2008, Discovery Metals was granted an additionalseven tenements extending from the south-west boundary of theoriginal 2005 granted tenements through to the Namibian border,adding 5,700 km2 to the area held under prospecting licenses, tobring the total current tenement area to 10,100 km2. The outer limitof the exploration licence area starts approximately 60 km south-westof Maun and stretches in a south-westerly direction for approximately300 km to the Namibian border.The Boseto Copper Project is located within a belt of significantcopper-silver mineralisation that extends from the well known andmore highly developed Zambian Copper Belt across north-west Botswanaand into Namibia. The poorly explored and undeveloped portion ofthis belt in north-west Botswana is known as the Kalahari CopperBelt.Copper in the Boseto Project area occurs predominantly in chalcocite,with minor amounts of bornite and other copper sulphides present. Atshallow depths, malachite and chrysocolla exist in significantproportions within some areas of the mineral resource.The total Mineral Resource for the Boseto Copper Project, reported inaccordance with The Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves (The JORC Code, "2004Edition") at a cut off of 0.6% Cu is:50.2 Mt (at) 1.5% Cu and 17.8 g/t Ag containing 753 kt copper metal and 29 Moz silverconsisting of Indicated Mineral Resource of 4.7 Mt (at) 1.6% Cu and 24.0 g/t Ag, and Inferred Mineral Resource of 45.5 Mt (at) 1.4% Cu and 17.2 g/t AgA Pre Feasibility Study for the Boseto Copper Project was completedon time and on budget in July 2008. Discovery Metals is currentlyundertaking a Bankable Feasibility Study for the Boseto CopperProject which is planned for completion in March 2010.Further information on the Company is available on its website:www.discoverymetals.com.auCompetent Persons StatementThe information in this report as it relates to the Zeta, Plutus andPetra Mineral Resources for the Boseto Copper project was compiled byMr Jason Hosken; and reviewed by David Arnott, both Members of TheAustralasian Institute of Mining and Metallurgy. At the time ofpreparing the reported Mineral Resource, Mr Hosken was employedfulltime by Snowden Mining Industry Consultants Pty Ltd (Snowden).Mr Arnott is a full time employee of Snowden and has sufficientexperience which is relevant to the style of mineralisation and typeof deposit under consideration and to the activity which he isundertaking to qualify as a Competent Person as defined in the 2004Edition of the "Australasian Code for Reporting of ExplorationResults, Mineral Resources and Ore Reserves". The information in thisreport that relates to Exploration Results is based on informationcompiled by Mr Fred Nhiwatiwa who is a Member of the AustralasianInstitute of Mining and Metallurgy. Mr Nhiwatiwa is a full-timeemployee of the Company. Mr Nhiwatiwa has sufficient experiencewhich is relevant to the style of mineralisation and type of depositunder consideration and to the activity which he is undertaking toqualify as a Competent Person as defined in the 2004 Edition of the"Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserves". Mr Arnott and Mr Nhiwatiwa consent tothe inclusion in the report of the matters based on informationprovided by them and in the form and context in which it appears.For further information contact:Discovery Metals LimitedBrad SampsonManaging DirectorTel: +617 3218 0200Fairfax I.S. PLCEwan Leggat / Laura LittleyTel: +44 (0)20 7598 5368Conduit PRJos Simson/Emily FentonTel: +44 (0) 20 7429 6603Mobile: +44 (0)7899 870 450Further information on the Company is available on its website:www.discoverymetals.com.au---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 18.09.2009 - 07:07 Uhr
Sprache: Deutsch
News-ID 5949
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