13 May 2014
TORONTO, ONTARIO--(Marketwired - May 13, 2014) - TMAC Resources Inc. ("TMAC" or the "Company") is pleased to announce that, following the successful completion of its recent $78 million private placement (the "Offering"), payment of expenses and the repayment of the debt owed to Newmont Mining Corporation, the Company has approximately $71 million in its treasury.
The TMAC Board of Directors has approved a plan and budget for 2014 (the "2014 Plan and Budget") totalling approximately $61 million for the advancement of the Company's 100% owned Hope Bay Gold Project ("Hope Bay") located approximately 685 kilometres northeast of Yellowknife in the Kitikmeot region of Nunavut, Canada. The 2014 Plan and Budget, which commenced April 1, 2014, consists of exploration, engineering, environmental permitting and compliance and completion of a pre-feasibility study.