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In addition, significant exploration potential remains at Ixtaca.Figure 1 shows the preliminary economic assessment's most important numbers: after tax NPV5 and iPhone Cases IRR (Almaden Nov. 2016 presentation)What is really interesting about this project is how the management drove the initial CAPEX from $500 million in 2014 to the actual $100 million. Capital cost savings at Ixtaca were primarily driven through engineering optimization work and alternate mine scenarios (with the introduction of a ramp up model that defers a part of the CAPEX).The strategic acquisition that helped reduce CAPEX the most was securing an option to purchase the Rock Creek mill.

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