26 October 2012

ASX ANNOUNCEMENT

Mining at Zeta Pit Discovery Metals Limited

ASX/BSE: DML

MARKET CAPITALISATION Shares on Issue 484m Share Price A$1.73

Market Cap A$839m

Cash (19 Oct) US$83m

Debt (19 Oct) US$205m

ABN 29 104 924 423

New Chief Financial Officer Appointed

Discovery Metals is pleased to announce the appointment of its new Chief Financial Officer, Paul Frederiks. In addition, Mr Frederiks has been appointed as the alternative Company Secretary of Discovery Metals.
Mr Frederiks replaces Paul Fulton, who earlier this year notified the Company of his intention to retire from full time employment.
Discovery Metals' Managing Director, Brad Sampson, is delighted that Mr Frederiks has accepted the role and is looking forward to working with him to drive the Company forward through the next exciting phase of the Company's development.
Mr Frederiks has extensive experience in public company financial and commercial management with more than 29 years' experience in the Australian resources sector. He has an extensive knowledge base in listed public company reporting and compliance, financial modelling and forecasting, treasury management, project financing and corporate governance. Mr Frederiks has previously held Chief Financial Officer positions at Geodynamics Limited and Ross Mining NL and has been Company Secretary for Billabong International Limited.
Mr Fulton, as outgoing Chief Financial Officer and alternative Company Secretary, will work through an extensive handover process to ensure a smooth transition to Mr Frederiks.
We also take this opportunity to thank Mr Fulton for his contribution to the
Company over the last 4½ years and wish him a long and enjoyable retirement.

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Zeta Pit

Discovery Metals Background

Discovery Metals is an ASX/BSE listed copper exploration and production company focused on the emerging Kalahari Copperbelt in north-west Botswana. The Company is a copper producer at its 100% owned Boseto Copper Project.

The Kalahari Copperbelt sediment-hosted mineralisation of the Boseto copper project is similar in style to the well-known and large deposits of the Central African Copperbelt of Zambia and the Democratic Republic of the Congo.

Discovery Metals has prospecting licences covering 11,872 km2 along the Kalahari

Copperbelt.

Further information on the Company including Mineral Resources and Ore Reserves is available on our website: www.discoverymetals.com

For further information on this release and Discovery Metals Limited, please contact: Brad Sampson Managing Director Ph: +61 7 3218 0222 brad@discoverymetals.com

UK PR - Tavistock PR, Contact Jos Simson/Emily Fenton

Ph +44 207 920 3150 or +44 778 855 4035

Caterpillar dump truck and dozer

Crushed ore bin and flotation circuit

Bulka bags of bagged concentrate

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