In its fourth quarter 2013 report Hudbay reports continued investment in the Lalor and Reed mines near Snow Lake. President David Garofalo reports at the Lalor project they have invested approximately 381 million dollars to December 31st and have entered into an additional 32 million in commitments with the underground mine on schedule and on budget. He says at Lalor they plan to develop an underground exploration ramp starting at the 955 meter level. He adds this development will allow resumption of the exploration drilling of the copper-gold zone in the fourth quarter of this year. Garofalo says there are 4500 meters of exploration core drilling planned for late 2014 to test the continuity of the copper-gold zone, the first underground drill program focused on the zone approximately one year ahead of previous expectations.
At the Reed project Hudbay has invested approximately 63 million dollars to December 31st with the project on budget and on schedule to reach commercial production by the second quarter of this year.