Shares of Tahoe Resources Inc. soared Monday on an encouraging report of exploratory drilling at the company's Escobal project in southeastern Guatemala.

The Vancouver-based company said results of drilling will enhance the mine plan, which currently calls for 317 million silver ounces to be mined over the next 18 years, Brian Brodsky, Tahoe's exploration vice president, said in a statement.

More exploratory drilling will continue until yearend. First production is set for the second half of 2013 with commercial operations expected in the first quarter of 2014.

Tahoe shares rose 62 cents, or 3.26 percent, to $19.62 in late afternoon trading.