Issue of Equity

AIM RELEASE 4 FEBRUARY 2008 ISSUE OF NEW SHARES AND OPTIONS Discovery Metals Limited (AIM:DME) today issued: * 750,000 new shares resulting from the exercise of options at 30 cents each and 750,000 new shares resulting from the exercise of options at 35 cents each * 500,000 unlisted Employee options at an exercise price of 36 cents each. The first tranche of 250,000 options will vest on 1 October 2008, with an expiry date of 1 October 2010. The second tranche of options will vest on 1 October 2009, with an expiry date of 1 October 2011. The Company now has on issue 129,902,195 fully paid ordinary shares. NOTE: For further information contact Jeremy Read Managing Director Tel: +617 3218 0202 Mobile: 0409 484322 Email: jeremy@discoverymetals.com.au Jamie Wright RFC Corporate Finance Ltd (Nomad) Tel: +618 9480 2508 Email: Jamie.Wright@rfc.com.au Richard Hail Fox-Davies Capital Ltd (AIM Broker) Telephone: +44(0) 20 7936 5200 Email: Richard.Hail@fdcap.com Further information on the Company is available on its website: www.discoverymetals.com.au ---END OF MESSAGE---