TMAC Resources Achieves Significant Permitting Milestone at Hope Bay with the Nunavut Impact Review Board’s Recommendation for Production at Madrid and Boston
TORONTO--(BUSINESS WIRE)--TMAC Resources Inc. (TSX: TMR) (“TMAC” or the “Company”) announces that the Nunavut Impact Review Board (“NIRB”) has recommended to the Minister of Crown-Indigenous Relations and Northern Affairs that TMAC’s proposed Madrid-Boston Project proceed. The Madrid-Boston Project proposes the construction and commercial mining at three separate gold deposits at Hope Bay; Madrid North, Madrid South and Boston. This recommendation has come 45 days after the completion of final public hearings in Cambridge Bay and is the result of extensive public and government consultation and support. This is a significant permitting milestone for TMAC indicating that all environmental and socio-economic effects of the Project have been adequately addressed to the satisfaction of the NIRB. TMAC looks forward to developing these additional deposits while operating our existing Doris mine.
Mr. Jason Neal, President and Chief Executive Officer of TMAC said, “We are pleased that the permitting process is proceeding smoothly. This progress is in large part a testament to the proactive and diligent work by the Kitikmeot Inuit Association and our environmental affairs team during the NIRB process. We look forward to working with the Kitikmeot Inuit Association, Kitikmeot communities and government departments during the balance of the NIRB and NWB coordinated review process that is anticipated to provide TMAC with new Project Certificates later in 2018 and Water Licences in 2019.”
Mr. Neal went on to say, “It’s important to note TMAC already has an exploration permit to conduct surface exploration over the entire 80 kilometre by 20 kilometre Hope Bay gold belt. In addition, TMAC has advanced exploration permits that allow for a bulk sample program at Madrid, funding dependent, and to do further surface and underground exploration at Boston where we have an exploration camp and 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 process up to 6,000 tonnes per day at Hope Bay.”
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 Hope Bay Project into production,
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management 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 future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s AIF dated February 22, 2018 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.