TMAC announces Q4 2019 operating results

20 January 2020

TMAC Resources Inc. reports fourth quarter 2019 results for production and certain operating metrics.

FOURTH QUARTER 2019 PRODUCTION SUMMARY

• Production: 24,650 ounces of gold produced
• Sales: 24,650 ounces of gold sold
• Mining: 1,560 tonnes per day (“tpd”), with a grade of 7.0 g/t Au
• Processing: 1,440 tpd, with a feed grade of 7.1 g/t Au, and 82% recovery
• Doris underground development metres: 2,080 metres

Jason Neal, President and Chief Executive Officer of TMAC, stated, “In the fourth quarter we produced 24,650 ounces of gold, which was the low end of our expectations. As previously disclosed, available grade in the fourth quarter was negatively impacted by the deferral of mining the BTD East Limb due to rehabilitation work, which has been the most significant driver of the fourth quarter being weak. While December recovery achieved was 85% on 11.3 g/t Au, plant throughput in December was poor at 1,140 tonnes per day largely due to unplanned power generator maintenance, which required us to run only one of two concentrator lines for 14 days. The improvement in December recoveries included the initial benefits of the scavenger column project. Low throughput in December brought down average throughput for the quarter and put the lowest weighting on our best month for plant recovery.”
Jason Neal continued, “The improved development rates achieved in the third quarter were sustained in the fourth quarter. Our mining rate for the fourth quarter was 1,560 tpd at 7.0 g/t Au, which included 1,240 tonnes from Doris at 7.6 g/t Au and 29,100 tonnes at 5.0 g/t Au from surface mining the Madrid North Naartok East crown pillar. By the end of the fourth quarter, we were mining in the high-grade Doris BTD East Limb, which will contribute to first quarter production and available plant feed in 2020.”
 

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