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Iron Bear Resources Pre-Feasibility Study for Canada Project Delivers Probable Ore Reserve of Over 3 Billion Tonnes; Shares Gain 3%

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Iron Bear Resources (ASX:IBR) said the pre-feasibility study for its Iron Bear project in Canada delivered a maiden probable ore reserve of 3.3 billion tonnes at over 29% iron, supporting 23 million tonnes per annum of iron ore production over a 44-year life of mine, according to a Wednesday filing with the Australian bourse.

The study also provides a mineral resource estimate of 13.6 billion tonnes at roughly 30% iron, with the current mine plan drawing on less than 25% of that estimate, the company said.

The project has an estimated internal rate of return of more than 15% post tax, with pre-production capital expenditure pegged at $4.2 billion, per the filing.

The company's shares gained about 3% in recent Wednesday trade.

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