AUD$13.1M Capital Raising
(Thomson Reuters ONE) - AIM RELEASE23 October 2009AUD$13.1M Capital Raising to Fund Completion of Boseto Copper Project Bankable Feasibility Study* Discovery Metals Limited has completed a placement with brokers in Australia and the UK raising AUD$13.1 million* The funds raised will be primarily applied towards the completion of the Bankable Feasibility Study at the Boseto Copper ProjectDiscovery Metals Limited ("Company") (ASX/BSE:'DML')(AIM:'DME') ispleased to announce it has placed a total of 29,100,000 shares atAUD$0.45 (approx UK 22.5 pence) each to raise AUD$13,095,000 (beforeexpenses) to institutions and sophisticated investors. The placementwas jointly managed by RBS Morgans Corporate Limited and BlackswanEquities Limited in Australia and Fairfax I.S. PLC in the UK.Funds raised from the placement will be applied towards completingthe Company's Bankable Feasibility Study at the Boseto Copper Projectand for on-going corporate costs.Discovery Metals' Managing Director, Mr Brad Sampson said "It is verypleasing to receive continued support from investors and strongrecognition for the economic strength of the Boseto Copper Project.""Our continued positive news flow during October, including theBoseto Copper Project Bankable Feasibility Study Economics Update,the Dikoloti Project Joint Venture and Upgrade of the Copper-Silverresource at our Zeta Prospect, is evidence of our continued progressand commitment to completing our projects in Botswana"."We are now well placed to complete the Bankable Feasibility Study inMarch 2010 and progress to the funding and project stage of theBoseto Copper Project."Application has been made for 29,100,000 new ordinary shares of nilpar value in the Company to be admitted to trading on AIM, withdealings expected to commence on 28 October 2009.Following the above placing, the Company will have 223,178,380 votingshares in issue.Boseto Project 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:60.4 Mt (at) 1.4% Cu and 19.5 g/t Ag containing 846 kt copper metal and38 Moz silver consisting of:Measured Mineral Resource of 3.9 Mt (at) 1.6% Cu and 23.0 g/t AgIndicated Mineral Resource of 7.8 Mt (at) 1.5% Cu and 22.8 g/t Ag and,Inferred Mineral Resource of 48.7 Mt (at) 1.4% Cu and 18.7 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.Competent Persons StatementThe information in this report as it relates to the Zeta, Plutus andPetra Mineral Resources for the Boseto Copper project was compiled byMessrs Jason Hosken and Matthew Nimmo; and reviewed by David Arnott.Messrs Hosken and Arnott are both Members of The AustralasianInstitute of Mining and Metallurgy. Mr Nimmo is a member of theAustralian Institute of Geoscientists. At the time of preparing thereported Mineral Resource Messrs Hosken and Nimmo were 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 inthis report that relates to Exploration Results is based oninformation compiled by Mr Fred Nhiwatiwa who is a Member of theAustralasian Institute of Mining and Metallurgy. Mr Nhiwatiwa is afull-time employee of the Company. Mr Nhiwatiwa 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". Mr Arnott and MrNhiwatiwa consent to the inclusion in the report of the matters basedon information provided by them and in the form and context in whichit 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: 23.10.2009 - 00:44 Uhr
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