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(CNN) - The overall death rate from cancer has dropped 20 percent from its peak in 1991, according to new statistics from the American Cancer Society.

That translates to nearly 1.2 million deaths from cancer that were avoided during that time.

According to the report, death rates continue to decline for lung, colon, breast and prostate cancers, which are responsible for the most cancer deaths.

The report also includes grim news.

The ACS estimates 1.6 million Americans will be diagnosed with cancer this year and more than 580,000 will die from the disease.

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