International mining giant Placer Dome Inc. signed an option agreement with Moneta Porcupine Mines Inc. to explore a property between the Dome and the former Hollinger gold mine in Timmins. With the Dome mine expected to be exhausted within the next two years, Placer is searching for a new ore body for its South Porcupine operation. The search led the company to the nearby Kayorum gold property owned by Moneta. Located in Tisdale and Deloro Townships inside the city limits, the agreement covers 35 claim units. The Dome mine is Canada's longest-operational gold producer - since 1910 - and supplies the company with 80 per cent of its production.
