Highlights of the Zgounder Silver Mine PFS Study include:
? An anticipated mine life of 6 years with the current established reserves and an internal rate of return of 128
per cent;
? Net present value of US$27.9 million (discounted at 6.5 per cent) at a silver price of US$20.50 per ounce;
? First year silver production of 582,600 ounces, followed by two years at 885,400 ounces, and the final three
years at 914,000 ounces per year;
Management’s Discussion and Analysis
For the three months ended March 31, 2016
7
? Mill feed grade estimated at 317 g/t Ag;
? Total operating cost of US$109.50 per tonne (averaged over the expected mine’s life);
? Additional capex requirements totalling US$3.8 million, which include the proposed concentrator expansion;
? The Zgounder PFS was prepared strictly for an underground mine and based solely on the measured and
indicated mineral resources reported on February 19, 2014.
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