H.L. Kerr explored the Larder Lake area in 1904, but did not find gold. He returned with his partner Bill Addison in 1906, and discovered traces of gold near the north arm of Larder Lake, next to Robert Reddick's claims. Within months, 40 gold mining companies were established, and there was tremendous optimism and financial speculation. A mining investment company published an advertisement in the Ottawa Citizen in 1907 stating: "The Larder Lake district is believed to be the richest gold country ever known, and it is just now being opened up. Soon will commence the most tremendous outpouring of gold known to civilization." Three-thousand men made their way to the area via canoe and portage to look for work, settling in a camp known as "Larder City". Excitement led to disappointment, as no large deposits of gold were found, and most of the town was abandoned by 1911. A mine brought into production between 1907 and 1911 was able to produce just $314 worth of gold, though that small output was used to mint Canada's first $5 gold pieces.