Discovery Completes Acquisition of Porcupine Complex, Emerges as New Canadian-Based Gold Producer [Canadian Business Journal (Canada)]
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Source: Canadian Business Journal
TORONTO, April 16, 05 (GLOBE NEWSWIRE) —Discovery Silver Corp.CompanyTransactionNewmontPorcupine ComplexTony Makuch, Discovery’s CEO, commented: “With the closing of the Porcupine acquisition, Discovery moves forward as a diversified North American precious metals company, combining growing gold production in a highly prolific gold camp in Northern Ontario, Canada, with our Cordero project, one of the world’s largest silver development projects based on reserves and expected production.“The Porcupine Complex has produced approximately 70 million ounces of gold since 1910. Included in acquired Porcupine assets are:“Our recently released technical report (the “Report”) estimated average annual production of over 85,000 ounces of gold for the next 10 years, with total production extending to 046. We expect to improve on the estimates in the Report by investing in the assets to grow production, extend mine life and lower costs at existing operations. We also have a strong commitment to ex
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