TORONTO, May 14, 2024 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX:DSV, OTCQX:DSVSF) ("Discovery" or the "Company") today announced financial results for the three months ended March 31, 2024 ("Q1 2024"). The Company also provided a summary of key events since the beginning of 2024, including the release on February 20, 2024, of the feasibility study results (the "Feasibility Study" or "Study") for Discovery's 100%-owned Cordero silver project ("Cordero" or the "Project") in Chihuahua State, Mexico. All figures are stated in Canadian dollars unless otherwise noted. Tony Makuch, CEO, commented: "During Q1 2024, we achieved a major milestone with the release of the Feasibility Study for our Cordero Project. The Study results clearly establish Cordero as one of the world's largest silver development projects both in terms of reserves and estimated production. The Project will average 37 million silver equivalent ("AgEq")1 ounces ("Moz") annually over the first 12 years with low unit costs that will generate attractive economic returns. Very importantly, the Project will deliver substantial socio-economic benefits in Mexico in the form of job creation, skills training, direct investment, the purchasing of local goods and services and tax revenue, and will be developed and operated in a manner that achieves best practice in responsible mining. In addition, we will be bringing valuable technology and infrastructure as part of the Project that will provide important benefits in key areas like water treatment and purification. We will also be continuing our work to build Cordero's presence in the community around Parral, and in Chihuahua State, through ongoing direct participation in, and support for, local initiatives, organizations and institutions. "Another key feature of the Cordero project is the tremendous leverage it provides to the price of silver. The Project's robust economic returns were estimated using a silver price of US$22 per ounce. To date in 2024, the price of silver has increased close to 20%, to over US$28 per ounce, fueled largely by favourable market fundaments with the silver market expected to be in deficit for the fourth consecutive year in 2024 reflecting record demand in key sectors like electric vehicles, solar and other forms of green energy. At current spot metal prices2, the Project's after-tax net present value ("NPV5%") increases by 70%, from US$1.2 billion to US$2.0 billion and reaches US$3.0 billion in Year 4 when the Project reaches final completion to 51,000 tonnes per day. This significant leverage does not include the potential benefit of growth in reserves that could occur at higher prices, with there being 240 million tonnes of Measured and Indicated Resource situated outside the Feasibility Study reserve pit that was estimated using a silver price of US$24 per ounce. "Looking ahead, our work program in 2024 is aimed at further de-risking Cordero, continuing to advance permitting, acquiring or leasing additional surface access rights and making further progress with our community relations program as we work towards completing permitting and financing for the Project." HIGHLIGHTS FROM Q1 2024: 2024 Work Program: Highlights of the 2024 work program were released in January 2024 and included plans to complete Front-End Engineering Design ("FEED") work to permit the ordering of long lead-time items; additional permitting, including a target to submit the Change of Land Use ("Cambio de Uso de Suelo" or "CUS") during the third quarter; engineering and permitting work related to power generation and transmission and water treatment; further progress acquiring or leasing land surface rights; and continuing to advance community relations work in support of the permitting process. Feasibility Study: Results of the Feasibility Study for Cordero were released on February 20, 2024. The results position Cordero as a world-leading silver development project with large-scale, long-life, low-cost production that will generate attractive returns, deliver substantial benefits for Mexico and achieve best practice in responsible mining. Large-scale, long-life, low-cost production: 19-year life-of-mine ("LOM") with average annual production of 33 Moz AgEq LOM and average all-in sustaining costs3 under US$13.50 per AgEq ounce. Attractive returns: Two-stage development plan contributes to favourable economics, with a LOM NPV5% of US$1.2 billion at US$22 per ounce silver, which increases to US$2.2 billion in Year 4 when the Project reaches final completion. Substantial benefits for Mexico: Total investment of US$1.4 billion (including a US$606 million initial investment), 2,500 direct jobs created during construction, peak employment of over 1,000 direct jobs during operation, an estimated US$4 billion of goods and services purchased and expected tax payments of approximately US$1.4 billion within Mexico. Industry-leading environmental standards: Third-party reviews of proposed environmental practices completed to ensure compliance with industry-leading standards; US$130 million budgeted for site restoration and rehabilitation; significant investment included for infrastructure and technology to recycle wastewater with treated water to be the primary source of water for the Project. Land access agreement reached: The Company finalized a land access agreement for the use of 600 hectares of land adjacent to the Project in March 2024, which will be used for the access road to the mine as well as for water storage. The agreement was reached with Ejido Cordero, a local land cooperative, and is part of the Company's ongoing efforts to advance and de-risk the Cordero project. Increase in silver prices: Spot silver prices have increased close to 20% year to date in 2024 (as of May 13, 2024) to US$28.39 per ounce. Higher silver prices largely reflected continued strong market fundamentals, with the Silver Institute4 projecting a market deficit in 2024 of over 200 million ounces, the fourth consecutive year of market deficits and the second highest deficit in over 20 years. According to the Silver Institute, market deficits are being driven by record levels of industrial demand for silver, largely related to the use of silver in electric vehicles, solar panels and other forms of green energy, as well as the emerging use of silver in many artificial intelligence applications. Mine production of silver declined by 1% in 2023, with another slight reduction expected in 2024.  Please see the Technical Disclosure section of this news release for more information related to AgEq production. Current spot metal prices as at May 13, 2024 include silver: US$28.39 per ounce; gold: US$2,346 per ounce, zinc: US$1.34 per pound and lead: US$1.02 per pound versus Feasibility Study prices of silver: US$22.00 per ounce; gold: US$1,600 per ounce; zinc: US$1.20 per pound; lead: US$1.00 per pound. Non-GAAP Measure. Please see the Technical Disclosure and Non-GAAP Measures sections of this news release. Please see the Silver Institute's World Silver Survey 2024, and related news release, available at www.silverinstitute.org. SELECTED FINANCIAL DATA: The following selected financial data is summarized from the Company's unaudited condensed interim consolidated financial statements and related notes thereto (the "Financial Statements") and the Management's Discussion and Analysis ("MD&A") for the quarter ended March 31, 2024. The Company's Financial Statements and MD&A are available at www.discoverysilver.com or on SEDAR at www.sedarplus.ca.   Q1 2024 Q1 2023 Net Loss $