Discovery Advances to Final Stages of Land Re-Designation Process at Its Puerto Rico Project

Highlights:

• The re-designation is now in the final stages, awaiting the preparation of the Land Management Plan by CONANP and subsequent submission and approval;

• Discovery has been granted membership to the Board of the Maderas del Carmen Reserve and will act as lead of the newly-created mining sub-committee.

TORONTO, April 03, 2019 - Discovery Metals Corp. (TSX-V: DSV) (“Discovery” or the “Company”) is pleased to announce significant steps towards the re-designation of its Puerto Rico Project claims (“Puerto Rico” or “Project”, located in Coahuila State, Mexico) to allow for mining activities as a result of a meeting of the members of the Board of the Maderas del Carmen Reserve (the “MDC Board”) held on March 28, 2019. The MDC Board is comprised of 18 members representing stakeholders from all levels of government (federal, state, municipal), local ejidos, leading public companies from various industries currently operating in the area, as well as non-governmental organizations (together, the “Members”). Each of the Members is entitled to a vote concerning matters related to the Maderas del Carmen Reserve (the “Reserve” or “Maderas del Carmen”).

In the March 28 meeting, the MDC Board approved the creation of a mining sub-committee which will work alongside the National Commission for Nature Protected Areas (“CONANP”) in the review of the necessary changes to the Land Management Plan (the “Plan”). Once complete, the Plan will be presented to the MDC Board for final approval before being submitted to the federal government to be enacted into legislation.

In addition, the MDC Board granted the Company membership and voting rights, through its newly created “mining sector representative” role. In its position on the MDC Board, the Company will act as lead of the mining sub-committee.

Puerto Rico claims are located in the sub-zone of the Reserve, a buffer area bordering the Reserve. Mining activities occurred at the Project from the late 1800s through to the 1970s. In 1994 the Project claims became encompassed within the newly designated sub-zone and subsequently there was a restriction placed on mining activities. The ejidos who occupy the land and who have representation on the MDC Board are open supporters of the Company and bringing mining back to the area for the social and economic benefit of the community.

Over the course of the past year, the Company has maintained ongoing and positive communication with the MDC Board, CONANP and other relevant federal, state and municipal government officials (the “Authorities”). During that time, Discovery carried out a significant work program at the Project, focusing on the environment and the communities at and around the Project area. A series of technical reports prepared by the Company based on the work were provided to and reviewed by the Authorities. As a result of the continuous and open dialogue between stakeholders, CONANP has requested the Company’s support in reviewing the final documentation required for the re-designation.

Once the Land Management Plan is submitted and approved at the federal level, the legal change will be published as a formal decree in the National Gazette. The Company will then be able to apply for the standard drill permits for the Project.

Taj Singh, President and CEO states, “The Project claims lie within the Maderas Del Carmen sub-zone, so the legal re-designation to allow for mining activities on claims within the sub-zone of the Reserve will be a material milestone for the Company and is one of most important final steps in the permitting process for Puerto Rico. We are excited with the MDC Board’s decision to grant the Company membership and voting rights which demonstrates their commitment for a successful outcome. We are also pleased with MDC Board’s approval of a newly formed mining sub-committee to assist in the review process of the final documentation required for re-designation. This demonstrates a mutual respect, willingness and commitment by both the Company and stakeholders in Mexico, to work together towards a mutually beneficial outcome.”

Other key projects:

As the Puerto Rico project continues through its final stages of re-designation and subsequent permitting, the Company continues to finalize plans to drill-test, for the first time ever, its two other high-priority projects, Minerva and Monclova, both also located in Coahuila State.

The interpretation of airborne geophysics at the Minerva project, which is fully permitted for drilling, has just been completed and, in combination with the extensive mapping / sampling program completed at the project, shows several compelling surface / shallow CRD-style targets within a 3km by 300m corridor.

At Monclova, mapping / sampling and geophysics have been completed and drill planning is focused at / around a 1.5km-long, at-surface contact breccia; the Company submitted its drill permit application for Monclova early in Q1 and is awaiting receipt of approval.

On Behalf of the Board of Directors

“Taj Singh”

Taj Singh, M.Eng, P.Eng, CPA
President, Chief Executive Officer, and Director

For further information contact:

#701 - 55 University Ave
Toronto, ON Canada, M5J 2H7
info@dsvmetals.com

ABOUT DISCOVERY METALS

Discovery Metals is focused on discovering and advancing high grade polymetallic deposits in a recently assembled land package of approximately 200,000 hectares over a large and historic mining district in northern Coahuila State, Mexico. The portfolio of three large-scale, drill-ready projects and several earlier-stage prospects, all with shallow high-grade silver-zinc-lead mineralization, is situated in a world-class carbonate replacement deposit belt that stretches from southeast Arizona to central Mexico. The land holdings contain numerous historical direct-ship ore workings with several kilometers of underground development. No modern exploration or drill testing has been ever been carried out on the properties prior to Discovery’s time on the projects.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements
This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, delays in receipt of required permits, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under applicable laws.