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The Porcupine operation is located in Timmins, Ontario, one of the world's great gold producing camps. In 2015, Porcupine marked its 105th year of continuous mine and mill operations and has produced more than 67 million ounces of gold since production began. For 2015, gold production totaled 274,300 ounces.
The focus at Porcupine in 2016 is on asset optimization and cost reduction efforts. The Hoyle Deep project was completed early in the second quarter of 2016 and has allowed for more efficient movement of personnel and material to the lower levels of the mine.
Dome Century a new project at Porcupine was recently announced and a concept study for a potential new large-scale open pit mine is currently underway. The project has a gold indicated mineral resource of 4.5 million ounces (130.6 million tonnes grading 1.07 grams per tonne) and 0.9 million ounces (35.0 million tonnes grading 0.81 grams per tonne) of gold mineral resource. A recent update to the geological model for Porcupine's Dome open pit revealed additional mineralization as a halo to high grade material which was previously mined from underground. The dimensions of this mineralized envelope and a preliminary analysis indicate the potential to further extend open pit mining well below the existing pit. With the completion of the resource estimate, the concept study will evaluate the development of an expanded open pit on this zone. The concept study is expected to be completed in the first quarter of 2017 and, with positive results expected, will proceed for internal approval to fund a pre-feasibility study.
* Due to rounding, numbers may not add up.