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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 Dome underground has deferred closure activities, which were previously scheduled for mid-2016. With the recent increase in gold prices and operating cost reductions that have resulted in higher margins, the site is determining options to extend mine life that have the highest net asset value.
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. Since completion,
travel time has been reduced by two hours per shift, and together with increased
production levels in 2016 has resulted in an additional 100 meters of
development per month. Further production increases beyond the current
1,000 tonnes of ore per day are expected as development expands and
efficiencies from the new infrastructure are leveraged.
A key target of 2016 drilling is on the extensions of the S vein and of the newly-discovered XMS Vein near the 1600-meter level at Hoyle Pond.
* Due to rounding, numbers may not add up.