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Discovery Silver Reports Q4 2022 Financial Results and Update
TORONTO, March 31, 2023 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce its financial
About this update from Discovery Silver Corp
[{"type":"text","content":" TORONTO, March 31, 2023 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce its financial results for the fourth quarter (“Q4 2022”) and year ended December 31, 2022, and to provide a summary of key events for the quarter and subsequent to year-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. Tony Makuch, CEO, states: “The significant progress we made at Cordero in 2022, culminating in the delivery of a Pre-Feasibility Study (PFS) in early 2023, has demonstrated that Cordero is one of the most exciting development projects in the mining space globally with the potential to become one of the top three largest silver mines and top ten largest zinc mines worldwide. The PFS demonstrates excellent economics and is highly capital efficient through building in phases to minimize the upfront capital for Phase 1 and have the project finance the final build by utilizing operating cash flow to fund Phase 2. Additionally, the PFS incorporates less than 50% of the current known resource tonnes, creating significant leverage and optionality with only a modest increase in metal prices. The design of the reserve pit fitting within the shell of the resource pit also supports this option. There also remains further significant exploration upside, with the deposit still open at depth, and a number of other targets defined elsewhere on the property. “Work on our Feasibility Study, which is expected to be delivered in the first half of next year, is already well underway with recent drilling in and around the pit highlighting further growth potential beyond what was outlined in the PFS. Alongside our Feasibility Study work we remain committed to maintaining our positive working relationships with all local stakeholders and look forward to initiating the construction permitting process next quarter and the commencement of property-wide exploration on our highly prospective land package in the middle of the year.” HIGHLIGHTS FROM Q4 2022 & 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 ...