TORONTO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX:DSV, OTCQX:DSVSF) ("Discovery" or the "Company") today announced financial results for the three months ("Q2 2024") and six months ("YTD 2024") ended June 30, 2024. The Company also provided a summary of key events in 2024 related to 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: "Discovery's most significant milestone to date in 2024 was the release of the Cordero feasibility study (the "Feasibility Study") results in February and subsequent filing of the technical report at the end of the first quarter. The Feasibility Study clearly established Cordero as one of the world's largest and most valuable silver development projects with a reserve of 302 million ounces of silver, expected annual silver equivalent ("AgEq")1 production of 37 million ounces ("Moz") over the first 12 years, low unit costs in the bottom half of the industry cost curve that will drive attractive economic returns and tremendous leverage to higher silver prices. "Two very important components of the Cordero project are the substantial socio-economic benefits the Project will deliver to Mexico, and the contribution Cordero can make in supporting the country's efforts to link sustainable development and energy transition. For Mexico, Cordero means the creation of thousands of high-quality jobs that pay well above average wages, considerable training and skills development that will have multi-generational benefits and billions of dollars in investment, local purchasing and tax revenue. In terms of energy transition, we want to make Cordero the mine of the future, with our goal being to establish the Project as one of the lowest carbon footprint open-pit mines in the world. To achieve our goal, and as part of our ongoing efforts to optimize the Project, we are evaluating the use of solar farms, battery electric vehicles, trolley assist using electrification, the installation of 5G Wireless Networks for automation and digitization and investments in AI applications wherever possible.   "Finally, as we continue to work through the permitting process, we have progressed with our 2024 work program, which is primarily aimed at further de-risking the Project.  We are also advancing project finance discussions with multiple banks, investment firms, corporations and other financial entities and have been very pleased with the level of interest in supporting our world-class silver asset." FEASIBILITY STUDY HIGHLIGHTS: Feasibility Study: Results of the Feasibility Study for Cordero were released on February 20, 2024. Large-scale, long-life, low-cost production: 19-year life-of-mine ("LOM") with average annual production of 37 Moz AgEq in Years 1 – 12, and average all-in sustaining costs2 under US$12.50 per AgEq ounce in Years 1 – 8. Attractive returns: Net present value ("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 to 51,000 tonnes per day. Tremendous leverage to silver prices: NPV5% increases 50%, to US$1.8 billion, using current metal prices as of August 12, 20243 and grows to US$2.8 billion in Year 4 (4.6x initial capital expenditures). 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$1.9 billion within Mexico (at current metal prices as of August 12, 2024). 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; and significant investment to promote green energy sources and to bring infrastructure and technology to improve water treatment with treated water to be the primary source of water for the Project.                    Please see the Technical Disclosure section of this news release for more information related to AgEq production. Non-GAAP Measure. Please see the Technical Disclosure and Non-GAAP Measures sections of this news release. Current spot metal prices as at August 12, 2024 include silver: US$27.95 per ounce; gold: US$2,473 per ounce, zinc: US$1.25 per pound and lead: US$0.93 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. 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 three and six months ended June 30, 2024. The Company's Financial Statements and MD&A are available at www.discoverysilver.com and on SEDAR+ at www.sedarplus.ca.   Q2 2024   Q2 2023     YTD 2024     YTD 2023   Net Loss $ (7,031,192 ) $ (3,879,721 ) $ (7,711,998 ) $       (7,879,439 ) Basic and diluted per share $ (0.02 )