Gold is glittering even more these days, hitting a record price of $4,000 US per ounce.
The steadily climbing price in recent years has already seen boom times for gold towns in northeastern Ontario and the opening of new mines.
Earlier this year, Discovery Silver purchased gold mines in the Timmins and Chapleau area from Newmont.
“We would have been happy with $2,250 gold. Price of gold where it is now is definitely beneficial in terms of helping us,” said president and CEO Tony Makuch.
“Really, a big part of what these gold prices do is it gives us access to investment and it’s a 100-year-old mining camp and you need to get re-investment into some of the assets, re-investment in exploration.”
Makuch grew up in Timmins the son of a gold miner before going onto a career as a mining engineer, and knows well the ups and downs of the metals market.
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