Discovery Metals Gets Environmental Approval For Boseto Project

LONDON, Jun 09, 2010 (Dow Jones Commodities News via Comtex) -- Discovery Metals Ltd. (DME.LN), a resources company, said Wednesday the Boseto Copper Project has received environmental approval, a pre-requisite for the grant of a mining license.

MAIN FACTS:

-The Boseto Project Environment and Social Impact Assessment, or ESIA, has been approved by the Government of Botswana.

-Delivery of a bankable feasibility study, or BFS, has been previously revised to July, but overall project development schedule to be maintained with first production target of Dec. 2011.

-Is well funded to progress the next stages of project development, including placing of deposits on long lead time items, with cash balance at end May in excess of A$40 million.

-Discovery Metals and the Boseto Project economics are unaffected by the proposed Australian resources super profit tax as the project is located in the low tax jurisdiction of Botswana.

-Shares closed at 39 pence Tuesday.