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Silver Bear: Updated FS for Mangazeisky pegs posttax NPV of US$123M

An updated feasibility study for Silver Bear Resources Inc.'s Vertikalny deposit at its preproduction-stage Mangazeisky silver property in the Republic of Sakha, Russia, defined a posttax net present value of US$123.1 million, using a 5% discount rate, with an internal rate of return of 81.9%, the company said Oct. 4.

Initial CapEx increased slightly to US$49.9 million from US$48.6 million, while total cash costs decreased slightly to US$10.98 per ounce from US$11.32 per ounce of silver previously.

The 1.3-year payback period remains unchanged.

At full production, the operation will process 110,000 tonnes of ore per year, producing 18.9 million ounces of silver over a 7.3-year mine life, or about 2.5 million ounces per year.

Silver Bear President and CEO Graham Hill noted that the updated feasibility study indicates the company will be able to realize the increased value in the recently updated Vertikalny resource estimate while highlighting the project's "extremely robust economics."

"The better defined and even higher grade ore zones have allowed us to refine the open pit and underground designs to maximize operating cash flow, particularly in the first half of the mine life," Hill said in the statement.

The company is on track to start steady state production in the first quarter of 2017 with commissioning targeted to begin by the end of 2016.