Dikoloti Nickel Project Update
(Thomson Reuters ONE) - AIM RELEASE8 October 2009 DIKOLOTI NICKEL PROJECT EXPLORATION RECOMMENCEMENTDiscovery Metals Limited ("Discovery Metals" or "the Company")(ASX/BSE: "DML", AIM: "DME") is pleased to announce the agreement ofa joint venture exploration programme with the Japan Oil Gas andMetals National Corporation (JOGMEC) for the Dikoloti Nickel Projectin north-east Botswana.The Dikoloti nickel project comprises four prospecting licencescovering an area of 600km2 surrounding the three nickel deposits ofBCL Limited in the Selebi-Phikwe region of north-east Botswana.Discovery Metals has earned an 85% interest from Xstrata. AnInferred Mineral Resource of 4.1Mt (at) 0.7% Ni, 0.5% Cu and 1.2 g/tPGE's at a cut-off of 0.5% Ni for 28,700 tonnes of contained nickelhas been reported in accordance with the guidelines of the JORC(2004) code. On completion of the contemplated exploration programmefor the Dikoloti tenements, the remaining Xstrata interest willconvert to a royalty on future production.During 2007, a scoping study based upon GEOLEACHTM was completedbased upon the encouraging leaching results previously reported testwork. The four Dikoloti prospecting licenses were renewed in August2009 and are subject to the next renewal in mid 2011.The highlights of the agreement are:* The agreement provides for funding by JOGMEC of A$3 million for exploration on the Dikoloti prospecting areas;* Discovery Metals will remain operator of the joint venture during the farm in exploration period and for any future projects or operating phases;* The joint venture will be controlled by a joint operating committee, with representation of both JOGMEC and Discovery Metals.* A number of highly prospective exploration targets have been identified adjacent to the existing Inferred Mineral Resource;* JOGMEC has the right to earn-in a joint venture interest of up to 60%; and* Should the exploration programme prove successful, it would be expected that JOGMEC would assign its interest to another Japanese entity for the development and operating phases.Discovery Metals' Managing Director, Brad Sampson said: "Theagreement with JOGMEC underscores the potential value of the Dikolotinickel project. Dikoloti was the company's first project in Botswanaand, whilst our main focus has changed to the Boseto Copper Project,Dikoloti remains a very interesting nickel sulphide resource withsignificant upside potential. We are delighted to work with such ahighly credentialed joint venture partner in JOGMEC."Further information on the Dikoloti project can be found on theCompany's website www.discoverymetals.com.au.About JOGMECJOGMEC was established on February 29, 2004 as a merger of severalJapanese government agencies. JOGMEC's charter incorporates that ofthe former Metal Mining Agency of Japan, which was in charge ofensuring a stable supply of nonferrous metal and mineral resources.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 as it relates to the Dikoloti Mineral Resource was compiled byMr Stefan Mujdrica and reviewed by David Arnott. Mr Mujdrica is afull time employee of Xstract Mining Consultants and was employed bySnowden Mining Industry Consultants at the time the mineral resourcewas reported. Mr Arnott has sufficient experience which is relevantto the style of mineralisation and type of deposit underconsideration and to the activity which he is undertaking to qualifyas a Competent Person as defined in the 2004 Edition of the"Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserves". The information in this report thatrelates to Exploration Results is based on information compiled by MrFred Nhiwatiwa who is a Member of the Australasian Institute ofMining and Metallurgy. Mr Nhiwatiwa is a full-time employee of theCompany. Mr Nhiwatiwa has sufficient experience which is relevant tothe style of mineralisation and type of deposit under considerationand to the activity which he is undertaking to qualify as a CompetentPerson as defined in the 2004 Edition of the "Australasian Code forReporting of Exploration Results, Mineral Resources and OreReserves". Mr Arnott and Mr Nhiwatiwa consent to the inclusion inthe report of the matters based on information provided by them andin the form and context in which it appears.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 08.10.2009 - 02:17 Uhr
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