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Discovery Silver Reports Q1 2023 Financial Results and Update
TORONTO, May 08, 2023 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce its financial re
About this update from Discovery Silver Corp
[{"type":"text","content":" TORONTO, May 08, 2023 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce its financial results for the first quarter (“Q1 2023”) ended March 31, 2023, and to provide a summary of key events for the quarter and subsequent to quarter-end. All figures are stated in Canadian dollars (“C$”) unless otherwise noted. Discovery’s flagship project is the 100%-owned Cordero silver project (“Cordero” or the “Project”) located in Chihuahua State, Mexico. HIGHLIGHTS FROM Q1 2023 & SUBSEQUENT EVENTS: Completion of our PFS on Cordero that outlined an 18-year mine life with average annual production of 33 Moz AgEq at an average AISC of $12.80/oz AgEq in Years 1 to 12. The after-tax NPV5% was US$1.2 B and the IRR was 28% at base case metal prices of Ag - US$22.00/oz, Au - US$1,600/oz, Pb - US$1.00/lb and Zn - US$1.20/lb. The appointment of Tony Makuch as the Chief Executive Officer; Mr. Makuch has more than 35 years of development, operational and leadership experience. Most recently he was CEO of Kirkland Lake Gold Ltd. where, under his five-year tenure, annual gold production grew from 315,000 oz to over 1,400,000 oz and Kirkland Lake’s share price increased over 500%. Completion of a “marketed” public offering for aggregate gross proceeds of approximately C$51.75 million putting the Company in a strong position to deliver on key de-risking milestones as well as the Feasibility Study on Cordero. The graduation to the main board of the Toronto Stock Exchange reflecting the Company’s maturity and growth with Cordero now having advanced to the feasibility study stage. As of March 31, 2023, we had a cash and cash equivalents balance of $37 million. LOOKING AHEAD: The Company is currently focused on advancing its Feasibility Study (“FS” or “the Study”) with the objective of delivering the Study in the first half of 2024. Feasibility Study drilling, consisting of engineering drilling, resource upgrade drilling, and reserve expansion drilling, is progressing well with initial drill results highlighting the potential to further grow reserves within and on the margins of the open pit. The sample selection for the metallurgical testwork program is now finalized. This program will target the potential reduction of reagent costs and improved metallurgical performance through furthe...