Quarterly Report - 1 April to 30 June 2008 - Discovery Metals Limited

More documents

Recommendations

Info

2. Dikoloti Nickel Project, North East Botswana ‐ (Discovery Metals 85%)There has been no exploration or test work for the Dikoloti nickel project during the quarter.The Dikoloti nickel project comprises four prospecting licences covering an area of 600km2surrounding the three nickel deposits of BCL Limited in the Selebi‐Phikwe region of north eastBotswana. Discovery Metals has earned an 85% interest from Xstrata, which is currently diluting.An inferred mineral resource of 4.1Mt @ 0.7% Ni, 0.5% Cu and 1.2 g/t PGE’s at a cut‐off of 0.5% Nifor 28,700 tonnes of contained nickel has been defined.During 2007 a scoping GEOLEACH TM study was completed and the encouraging leaching results havebeen previously reported.Discovery Metals continues assessing the best strategy for the Dikoloti project.3. Australian Projectsa) Musgrave Project, Western Australia (Discovery Metals 100%)A joint venture agreement is in place with Redstone Resources Limited (Redstone).Surface geochemical studies were undertaken during this quarter.b) Litchfield Project, Northern Territory (Discovery Metals 100%)A joint venture agreement is in place with Trajan Minerals Limited, which has recently changed itsname to Pacific Ore Limited (Pacific). Pacific is yet to commence expenditure to earn‐in an interestin this project.No exploration activities were conducted during this quarter.c) Cat Camp Project, Lake Johnstone, Western Australia (Discovery Metals 100%)No exploration activities were conducted in this quarter.4. Corporate ActivitiesMr Ribson Gabonowe, a Botswana citizen, joined the Board in May as non‐executive director,reflecting the importance to the company of the 24.5% of Discovery Metals’ shares held by thepeople of Botswana and the Botswana investment and pension funds.As a reflection of the company’s community commitment, the name “Boseto Copper Project” wasselected in collaboration with local chiefs, being an amalgam of four local village names ‐ Bo forBodibeng and Bothlathogo, Se for Sehitwa and To for Toteng.At the end of quarter, Discovery Metals held AUD $5.6 million in cash.For further information on this release and Discovery Metals Limited generally, please contact:Brad Sampson MANAGING DIRECTOR Ph: +61 7 3218 0200 or Mob: +61 4 38 771 037brad@discoverymetals.com.auAIM Nominated Advisor – RFC Corporate Finance Limited, Contact Rob Adamson Ph: +61 2 9250 0000AIM Broker – Fox-Davies Capital, Contact Richard Hail Ph: +44 20 7936 5200Australian PR – BBS, Contact Gerard Reilly Ph +61 (7) 3221 6711 Email greilly@bbspr.com.auUK PR – Conduit PR Contact Jane Stacey/Jos Simpson Ph +44 20 7429 6606/ +44 79 2292 3306ASX & BSE: DMLAIM: DMESHARE PRICE: A$0.48 SHARES: 130.1M Market Cap: A$62.4MPage 6 of 8
Competent Persons StatementThe information in this report as it relates to the Plutus and Petra Mineral Resources for the Boseto Copper project wascompiled by Mr Stefan Mujdrica and Mr Jason Hosken, who are Members of The Australasian Institute of Mining andMetallurgy. Mr Mujdrica and Mr Hosken are full time employees of Snowden Mining Industry Consultants. Mr Mujdricahas sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and tothe activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “AustralasianCode for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. The information in this report as itrelates to the Dikoloti Mineral Resource was compiled by Mr Stefan Mujdrica. Mr Mujdrica has sufficient experiencewhich is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he isundertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves”. The information in this report as it relates to the Zeta MineralResources for the Boseto Copper project was compiled by Mr Ferdinando Camisani, who is an Honorary Life Fellow of TheSouth African Institute of Mining and Metallurgy, a recognised overseas professional organisation. Mr Camisani is anAssociate of A&B Global Mining. Mr Camisani has sufficient experience which is relevant to the style of mineralisationand type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person asdefined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and OreReserves”. The information in this report that relates to Exploration Results is based on information compiled by Mr FredNhiwatiwa who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Nhiwatiwa is a full‐time employeeof the company. Mr Nhiwatiwa has sufficient experience which is relevant to the style of mineralisation and type ofdeposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. MrMujdrica, Mr Camisani and Mr Nhiwatiwa consent to the inclusion in the report of the matters based on informationprovided by them and in the form and context in which it appears.Forward Looking StatementsThis release includes certain statements that may be deemed “forward‐looking statements”. All statements in thisdiscussion, other than statements of historical facts, that address future activities and events or developments that thecompany expects, are forward‐looking statements. Although the company believes the expectations expressed in suchforward‐looking statements are based on reasonable assumptions, such statements are not guarantees of futureperformance and actual results or developments may differ materially from those in the forward‐looking statements.Factors that could cause actual results to differ materially from those in forward‐looking statements include marketprices, continued availability of capital and financing, and general economic, market or business conditions. Investors arecautioned that any such statements are not guarantees of future performance and that actual results or developmentsmay differ materially from those projected in forward‐looking statements.Page 7 of 8
Page 1 and 2: ASX RELEASE31 July 2008Quarterly Re
Page 3 and 4: oute to the Boseto Copper Project w
Page 5: Quirinus Prospect Drilling Programm
Page 9 and 10: Appendix 5BMining exploration entit
Page 11 and 12: Appendix 5BMining exploration entit
Page 13: Appendix 5BMining exploration entit

Quarterly Report - 1 April to 30 June 2008 - Discovery Metals Limited

Create successful ePaper yourself

Delete template?

Save as template?