Discovery Announces 2024 Work Program for Cordero

TORONTO, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to outline its 2024 work program for its Cordero project (“Cordero” or “the Project”) located in Chihuahua State, Mexico.

Tony Makuch, President and CEO, states: “2024 is expected to be a transformational year for the Company. Our Feasibility Study is nearing completion and is on track to be delivered later this quarter. The study will incorporate an additional 35,000 m of drilling that highlighted the potential to extend the mine life beyond the 18 years outlined in the Pre-Feasibility Study, as well as the results from recent metallurgical testwork that demonstrated higher silver payabilities and reduced reagent consumption.

“The Feasibility Study is expected to position Cordero as the only silver development stage asset in the industry that will produce more than 30 million ounces of silver-equivalent production annually once built. This impressive scale is accompanied by a long mine life, excellent capital efficiency due to staged expansions of the process plant and operating costs in the bottom half of the cost curve, emphasizing the strategic importance of Cordero within the silver space. In 2024, we also look forward to moving our way through the permitting and project financing process with the objective of reaching a construction decision in late 2024 or early 2025. We remain well funded to deliver on our key milestones this year with a cash balance at the end of 2023 of approximately C$60 million.”

ENGINEERING & PROJECT DEVELOPMENT

The Feasibility Study (“FS” or the “Study”) is expected to be delivered later this quarter. The FS will incorporate staged expansions of the processing facility to maximize the capital efficiency of the Project and will include an additional 35,000 m of reserve definition and expansion drilling, the results from the FS metallurgical testwork program as well as additional geotechnical and hydrogeology data collected in 2023. The Company will also provide an updated resource estimate concurrent with the results of the Study.

Following the delivery of the FS the Company plans to commence Front-End Engineering Design (“FEED”) work for the Project. This engineering work consists of early project planning and will enable the Company to place orders for long lead-time items and to award the EPC/EPCM contract for the development of the Project.