Boseto Copper Project, Botswana

The Boseto copper mine situated Ngamiland Kalahari copper belt north-west Botswana. mine 100% owned Australia-based Discovery Metals being developed using methods.

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Results pre-feasibility mine announced Discovery Metals July 2008 confirmed economic viability project. bankable feasibility (BFS) completed August 2010 further confirmed results.

The Botswana Government environmental approval project June 2010. license awarded December 2010 15 years.

Production concentrate expected 2012 annual production 35,000t copper 1Moz silver. steady production expected quarter 2012. production expected cease 2026.

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The project expected create employment 250 additional indirect contractor jobs.

Geology

The Boseto copper mine consists prospects – Zeta Plutus Petra. mine Ghanzi-Chobe fold belt 140km-wide zone deformation.

"Underground expected Zeta prospect 2014."

Mineralisation

The mine copper mainly chalcocite. Minor amounts bornite copper sulphides found. copper occurs steeply dipping areas width 2m-20m.

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Malachite chrysocolla mineralisation shallow depths. stockpiled not processed 15 years.

Reserves

Mineral resources Boseto estimated 102.8Mt graded 1.4% Cu 17.3g/t Ag containing 1.4Mt copper 57Moz silver. Measured resources estimated 4Mt graded 1.6% Cu 22.7g/t Ag.

Indicated resources estimated 18.5Mt graded 1.4% Cu 17.8g/t Ag. Inferred resources estimated 80.3Mt graded 1.4% Cu 16.9g/t Ag.

Mining processing

Open method years mining. Underground expected Zeta prospect 2014 production expected 2015.

Ore processing

A 3mtpa conventional copper silver concentrator constructed processing minerals. concentrator include comminution circuit wherein undergo stage followed ball milling grinding.

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The converted into slurry processed sulphide flotation circuit oxide flotation circuit. slurry processed sulphide oxide circuits blended dewatered using filter copper-silver concentrate.

Costs

As per BFS costs estimated $3/lb copper $17/oz silver.

Financing

A syndicate banks including Standard Chartered Bank Standard Bank Credit Suisse Caterpillar Financial providing debt finance $180m project financial arrangers.

"The Boseto copper mine consists prospects."

Caterpillar Financial joined syndicate March 2011 provide finance project.

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The funds used construction copper silver concentrator ($105m) fleet ($75m). Caterpillar supply majority fleet operations.

In addition syndicate provide $25m towards cost overruns working capital hedge lines.

Transport handling

Concentrate produced packed into 1t-2t bags transported African smelters international shipping port.

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Discovery Metals signed agreement Transamine March 2010 100% offtake Boseto concentrate. agreement reduce Discovery Metal's risk exposure improve its working capital.

Contractors

In June 2010 Sedgman awarded engineering procurement construction contract worth $85m project. scope includes design construction copper silver concentrator borefield development.

GRD Minproc carried BFS project.

Environment

The environmental studies carried project concluded negative environmental social impacts. resources not expected impacted project.

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Any potential impacts termed manageable Discovery Metals expected undertake mitigation strategies deal impacts.

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