Page 58 expected to increase production to more than 500000 ounces annually beginning in 2019 The Bell Creek Shaft Expansion Proj ect continues on schedule and budget Excavation of the frst two pilot raises is complete and shaft benching to en lar ge to the fnal dimension continues to progress as expected Excavation of the third and fnal pilot raise was initia ted at the bottom level of 1040 metre s Shaft rehabilitation and furnishing continues to progress well and is complete down to a depth of 433 metres with new sets guides and services installed T ahoe owns fve producing mines two in T immins T immins W est and Bell Creek and two in Peru Shahuin do and La Arena Its Guatemala the Escobal is the third biggest silver mine in the world The company has announced updated Mineral Resources and Mineral Re serves for T immins W est in Canada At the T immins W est Mine Measured and Indicated Mineral Resources to tal 102 million ounces of gold The company had signifcant growth in re serves attributable to the initial Min eral Reserve for the 144 Gap deposit Proven and Probable Mineral Re serves at T immins W est increased from 233000 ounces of gold at an av erage grade of 37 gpt as reported Jan 1 2017 to 738000 ounces of gold at an average grade of 32 gpt efective May 15 2017 Capital expenditure estimates for 2017 have also been revised downward Project capital has been decreased by 50 million to an estimated 100 to 1 15 million versus the initial 2017 guidance of 150 to 175 million The reduction in project capital re fects the deferral in timing of certain ancillary capital projects at Shahuin do and T immins and prudent capital management by the company Both major projects the Shahuindo Expansion and the Bell Creek Shaft Project remain within their total project budgets of 80 million respec tively Sustaining capital has been decreased to 100 to 135 million a decrease of 25 million to the lower end of the initial guidance range The decrease in sustaining capital is due to a shift in timing of spending on certain projects at Shahuindo how ever this is not expected to delay pro duction at the gold operations to more than 500000 ounces in 2019 Contd from pg 56 Bell Cr eek Shaft Expansion Pr oject continues on schedule