August 16, 2019, Toronto, Ontario - Discovery Metals Corp. (TSX-V: DSV) (“Discovery” or the “Company”) announces that it has granted to certain officers, directors, employees and/or consultants of the Company an aggregate of 5,300,000 options to acquire common shares of the Company (“Options”). The Options have an exercise price of $0.48 per share, have a five-year term from the date of grant, and vest according to the following schedules:

1. Management and employees: annually in equal thirds beginning on the date of grant;
2. Consultants: quarterly in equal eighths beginning three months after the date of grant; and
3. Directors: immediately on the date of grant.

Any common shares issuable upon exercises of Options will, in accordance with applicable securities laws, be subject to a hold period expiring four months and one day from the date of grant.

For further information contact: Discovery Metals Corp., #701 - 55 University Ave, Toronto, ON Canada M5J 2H7, info@dsvmetals.com.

On Behalf of the Board of Directors

“Taj Singh”

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

ABOUT DISCOVERY METALS

Discovery is exploring one of the world’s largest silver resources at its 100%-owned Cordero Project in Chihuahua State, Mexico. The 37,000 hectare property covers an entire porphyry district that hosts the announced resource and numerous exploration targets for bulk tonnage diatreme-hosted, porphyry-style, and carbonate replacement deposits. In addition, Discovery is focused on discovering and advancing high-grade silver-zinc-lead deposits in a land package of approximately 150,000 hectares covering a historic mining district in Coahuila State, Mexico. The portfolio of three large-scale, drill-ready projects and several earlier-stage prospects, all with shallow, high-grade 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, but there was no modern exploration or drill testing on the properties prior to the work carried out by Discovery.

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.