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Additional information
Additional Information
Market: ASX / AIM
Sector: General Mining
Epic: DML
News: Latest news
Web Site: Discovery Metals
Other Articles: 27-04-201020-04-201013-04-2010 
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Thursday July 29, 09:30Specialist Energy Group Lays Out a Compelling Blueprint for Growth

After a difficult start to life as a stock market listed company, the company now stands at the threshold of a much brighter future. Legacy issues have been dealt with and the turnaround programme initiated by CEO Ewan Lloyd-Baker is gaining traction.

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Wednesday July 28, 11:30Silver Lake Resources boosts high grade gold resource by 70% to 2.5m ounces

Silver Lake Resources has added over 1 million ounces of gold to its resource inventory during the year after mining 66,700 ounces and expects further encouraging results at its  Mount Monger and Murchison projects.

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Thursday July 15, 02:10Henan Yuguang Lead & Gold investment in Kimberley Metals receives all clear from FIRB

Kimberley Metals (ASX: KBL) has reported that on 12 July the Australian Government Foreign Investment Review Board (FIRB) had no objections to Henan Yuguang Lead & Gold Co. Ltd's [...]

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Discovery Metals

Discovery Metals

Discovery Metals combines a portfolio of mineral assets in Africa and joint ventures in Australia. Discovery Metals is focused on developing the Boseto Copper Project (100% owned) in north west Botswana and to create shareholder wealth through discovery and development of economic mineral deposits. The Company’s major asset and current focus is its Boseto Copper Project (100%) in north west Botswana. The company also controls the Dikoloti Nickel Project (85%) in north east Botswana. There are two smaller Australian projects which are joint ventured with the JV partners potentially earning into 51 percent equity.

The Company commenced a pre-feasibility study on the Boseto Copper Project in north west Botswana in August 2007 and announced the outcomes of the study in July, 2008. A Bankable Feasibility Study is currently being undertaken and is planned for completion mid 2009, with first copper production currently targeted for early 2011.

Wednesday, March 10, 2010

Discovery Metals H1 results show ongoing progress as it moves towards mine development

In its first-half results statement, Discovery Metals Limited (ASX: DML, AIM: DME) said it has made significant progress and is on the cusp of moving from being an exploration company to becoming a mine development company. In the six months ended 31 December, it continued to focus its activities on the Boseto copper project in north-west Botswana. During the period, Discovery also signed a joint exploration agreement with the Japanese government agency, JOGMEC, to develop its Dikoloti nickel project in eastern Botswana.

By the half-year end, the company had increased its total assets by 51% to A$49.1m and similarly total equity increased by 53% to A$47.4m. The company also noted that it raised a further A$15.5m through its placement and a share purchase plan in the first half.

For the six-months, the exploration company reported a loss of A$1.8, and Discovery’s held cash was A$17.6m

"Discovery Metals continues to advance towards its goal to commission Botswana's largest copper mine in late 2011", Discovery MD Brad Sampson commented. “[We] expect to realise the first development of the Kalahari Copper Belt in north-west Botswana.  The year ahead is full of excitement and plenty of hard work".

Additionally, since the end of the period Discovery has made substantial progress at Boseto, most notably with yesterday’s announcement of a new strategic partner, Transamine. The raw-material trading company has signed an off-take agreement for Boseto and agreed a A$19m equity-based financing, to partially facilitate the project’s development into production.

The agreement will cover 100% of the Boseto concentrate for a minimum five year period. According to Discovery, the deal minimises its risk exposure and enhance working capital.  Transamine will subscribe for 25 million Discovery Metals’ shares at A$0.7623 per share, which is an 11% premium to the 4 week VWAP. The A$19 million will be paid by Transamine within 5 business days.

The Bankable Feasibility Study for the Boseto copper project is nearing completion and remains on track for end of March 2010.

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