In their report on the second quarter of this year Hudbay reports they have invested approximately 365 million dollars at the Lalor project to June 30th and have entered into 63 million in commitments for the project. Company President David Garofalo says the work is on schedule and on budget. He says the excellent performance by their workforce at Lalor in advancing underground development is expected to put them in a position to initiate drilling of the copper gold zone from underground for the first time in 2014. He adds this will be approximately one year ahead of schedule and will allow them to start an exploration story that has been dormant for the last three years while they have been building the Lalor mine and gaining them necessary access for deeper exploration.
Meanwhile the Reed Copper Project also near Snow Lake is on track for initial production by the fourth quarter of this year and full production of approximately 13 hundred tonnes of ore per day by the first quarter of 2014 subject to receipt of required regulator permits.