AIM RELEASE

15 January 2010


                            Discovery Metals Limited

                     Issue of Equity - Exercise of Options

Discovery Metals Limited ("the Company") announces that today it issued a total
of 500,000 new ordinary shares of no par value each in the Company, following
the exercise of options by certain shareholders of the Company. The options were
exercised at a price of AUD$0.30 per share.

The new ordinary shares will rank pari passu with existing ordinary shares in
the Company and application has been made for these new ordinary shares to be
admitted to trading on AIM, which is expected to occur on 21 January 2010.

As a consequence of the exercise of share options as detailed above, the
Company's issued capital now comprises 230,957,453 ordinary shares of no par
value.

Enquiries:

For further information contact:

Discovery Metals Limited
Brad Sampson
Managing Director
Tel: +617 3218 0200

Fairfax I.S. PLC
Ewan Leggat / Laura Littley
Tel: +44 (0)20 7598 5368

Conduit PR
Jos Simson/Emily Fenton
Tel: +44 (0) 20 7429 6603
Mobile: +44 (0)7899 870 450


Further information on the Company is available on its website:

www.discoverymetals.com.au <http://www.discoverymetals.com.au>


[HUG#1373850]