Mine trucks at Newmont’s Porcupine mines. (Image courtesy of Newmont Goldcorp | Flickr).
Discovery Silver (TSX: DSV) climbed to an all-time high on Tuesday after reporting strong results for the most recent quarter and its first as a gold producer.
During the second quarter, the company completed its $425 million acquisition of the Porcupine operation in Ontario from Newmont (NYSE: NEM, TSE: NGT), the world’s leading gold producer. The Porcupine complex covers a 1,400 km2 land package in and near Timmins, and includes the Hoyle Pond and Borden underground mines, the Pamour open-pit mine, and the Dome milling facility.
From April 15, the date of acquisition close, to June 30, the Porcupine complex delivered total gold production of 50,552 oz., at all-in sustaining costs of $2,123 per oz. sold and average realized gold price of $3,337 per oz.
With first production in the books, the Toronto-based…
