Discovery Metals (ASX: DML, AIM: DME) announced that it had successfully renewed its seven prospecting licences in Botswana for a further two years. As part of the renewal process, the company relinquished some area within the tenements not considered prospective, but nonetheless retained over 10,000 square kilometres of land and 1,300 strike kilometres of "prospective mineralisation".
The Government of Botswana requires the relinquishment of up to 50% of exploration tenements that have not been converted into mining leases after three years to prevent speculators from holding land without meeting development targets.
Discovery Metals Managing Director, Brad Sampson said "We are appreciative that the Government of Botswana has recognised the remarkable work achieved by Discovery Metals in outlining substantial copper resources of 50.4M tonnes at 1.3% Cu and 17.6g/t Ag* and commencing a bankable feasibility study in less than three years. The Government of Botswana has shown its support for the continued development of the tenements by granting our application as submitted."
"Within the extension period, we expect to complete the bankable feasibility study, receive our mining license and be well into construction of the Boseto copper mine and concentrator."