Highlights? $26 million in cash generated via copper and silver...

Highlights
? $26 million in cash generated via copper and silver hedge unwinds.
? Total Boseto Project Debt reduced to $129 million.
Financial Position
Further to the Discovery Metals’ announcement of 21 May 2013, the Company advises that additional copper and silver hedges have been closed out. This process has generated a total of $26m.
On 24 May 2013, the Company had $37.3m in cash including funds held in the DSRA of $5.5m. The $37.3m cash balance includes $12.4m of hedge close out proceeds with the balance of $13.6m expected to be received by 28 May 2013.
As previously advised, $22m of the hedge closeout cash proceeds will be applied to the prepayment of the June and September 2013 project loan repayments with the balance of $4m transferred to the Debt Service Reserve Account (DSRA). The revised principal repayment schedule is outlined in Table 1.
Total Group interest bearing debt post the hedge unwinds is $154m, comprising the Project Finance (PF) Facility of $129m and a fully drawn corporate working capital facility of $25m. The Company’s remaining hedge book now comprises copper hedging from June to December 2013 of 8,521 tonnes at a weighted average forward price of $8,875 and marked to market value of approximately $13m.