TMAC Resources Nears Production at Hope Bay

3 November 2016

11/03/2016

TORONTO--(BUSINESS WIRE)-- TMAC Resources Inc. (TSX:TMR) (“TMAC” or the “Company”) filed its Condensed Interim Financial Statements and Management’s Discussion & Analysis (“MD&A”) for the periods ended September 30, 2016, which documents can be found on the Company’s website at www.tmacresources.com or on SEDAR at www.sedar.com. The highlights provided below are derived from these documents and should be read in conjunction with them.

THIRD QUARTER 2016 HIGHLIGHTS

Hope Bay Project

  • Mining and mine development, productivity and ore production were on target. Mining and mine development continued with 83,800 tonnes having been mined in the third quarter of 2016, compared with the planned 72,400 tonnes. Productivity increased to above 0.5 metres per man-shift, exceeding the estimates published in the Pre-Feasibility Study (“PFS”). Ore production was 32,200 tonnes at an estimated grade of 16.1 grams of gold per tonne (“g/t”) of gold.
  • Including ore mined in late 2015 and ore mined by the previous operator, the stockpile is estimated to contain 89,100 tonnes of ore at a gold grade of 14.7 g/t, or 42,100 ounces of gold of which 39,500 ounces of gold are recoverable at the estimated recovery rate of 94%.
  • The processing plant (the “Processing Plant”) fabricated by Gekko Systems Pty of Ballarat, Australia (“Gekko”) was successfully and safely delivered to Hope Bay by August 30, 2016 and installation thereof is progressing in line with plan.
  • All remaining essential mining equipment, diesel fuel, materials and supplies, and reagents required for production of gold in early 2017 were delivered to Hope Bay in the 2016 sealift.
  • Construction of the building that will house the Processing Plant (the “Mill Building”) progressed with 100% of the Processing Plant enclosure constructed at September 30, 2016. The cladding for the crushed ore stockpile enclosure was completed in October 2016.
  • As part of the Nunavut Impact Review Board’s (“NIRB”) and Nunavut Water Board’s (“NWB”) regulatory review process of the application to amend the Doris environmental permits (the “Doris Permit Amendments”), TMAC received the amended NIRB Project Certificate on September 23, 2016 and an amended Water Licence is expected to be provided by NWB to the Minister for Indigenous and Northern Affairs Canada (“INAC”) in early November 2016 for review.
  • Staffing and recruiting is proceeding as planned.

In connection with the assembly of the Processing Plant we have posted a video to YouTube and invite interested parties to access it at the following link https://youtu.be/5meL6KbtKsc. 

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