TMAC Resources Makes Important Permitting Step Towards Production at Madrid and Boston
Review of Final Environmental Impact Statement and Water Licence Applications for Madrid and Boston Initiated
TORONTO–(BUSINESS WIRE)–January 18, 2018–TMAC Resources Inc. (“TMAC” or the “Company”) is pleased to report that another milestone has been met on the Company’s path to production at Madrid and Boston. The Nunavut Impact Review Board (“NIRB”) and the Nunavut Water Board (“NWB”) have accepted the Final Environmental Impact Statement and Water Licence applications and are commencing the coordinated review of TMAC’s proposal for development and mining at the Madrid and Boston gold deposits. TMAC looks forward to working with the Kitikmeot Inuit Association, Kitikmeot communities and government departments during the NIRB and NWB coordinated review process that is anticipated to provide TMAC with new Project Certificates and Water Licences in 2018 and 2019 respectively.
Mr. Terry MacGibbon, Executive Chairman of TMAC said, “We are pleased that the permitting process is proceeding smoothly. We already have an exploration permit to conduct surface exploration over the entire 80 kilometre by 20 kilometre Hope Bay gold belt. We also have advanced exploration permits which allow us to go underground at Madrid to extract a bulk sample and to reopen the portal at Boston to extract a bulk sample where we have three kilometres of underground infrastructure. Once the Project Certificates and Type A Water Licenses are obtained we will be able to put both Madrid and Boston into production. In total, we will have permits that will allow TMAC to mine up to 5,600 tonnes per day at Madrid and Boston. 2018 is setting up to be an exciting year as we commence the work necessary to bring our next two mines into production.”
ABOUT TMAC RESOURCES
TMAC holds a 100% interest in Hope Bay located in the Kitikmeot region of Nunavut, Canada. TMAC is a gold producer with the Doris mine achieving commercial production in the second quarter of 2017. The Madrid and Boston properties are expected to commence production in 2020 and 2022, respectively. The Company has an experienced and expert board of directors combined with exploration, development and operating teams with extensive track records of discovering, developing and operating high grade, profitable underground mines. TMAC’s shares trade on the Toronto Stock Exchange under the trading symbol TMR.
This release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, bringing the timing for bringing Madrid and Boston into production and the rate of ramp up at Doris throughout 2018.
Forward-looking information is not a guarantee of future performance and management bases forward-looking statements on a number of estimates and assumptions at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors, which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s Annual Information Form, dated February 23, 2017, filed on SEDAR at www.sedar.com for a discussion of these risks.
TMAC Resources Inc.
Terry MacGibbon, 416-628-0216
Ann Wilkinson, 416-628-0216
Vice President, Investor Relations
Renmark Financial Communications Inc.
Daniel Gordon, 416-644-2020 or 514-939-3989
photo credit: TMAC Resources