TORONTO--(BUSINESS WIRE)--TMAC Resources Inc. (TSX: TMR) (“TMAC” or the “Company”) announces that late on November 4, 2016 the Nunavut Water Board (“NWB”) issued TMAC’s amended Type A Water Licence for Doris to the Honourable Dr. Caroline Bennett, Minister for Indigenous and Northern Affairs Canada (“INAC”) for review and signature. Upon receipt of the Minister’s signature the amended licence supports an extended mine life (from approximately 1.5 years to the current reserve life of 6 years) at the Doris mine and an associated increase in tailings deposition from 458,000 tonnes to 2,500,000 tonnes into the tailings impoundment area.
The Nunavut Waters and Nunavut Surface Rights Tribunal Act (the “Act”) provides the INAC Minister has 45 consecutive days to review the recommendation; however, the Minister may extend the 45 days referred to above for a further forty-five consecutive days should the Minister deem it to be necessary, for a total of 90 days, by notifying the NWB of the extension within the first 45 consecutive days. The Act further provides that, if the Minister does not make a decision within the forty-five or ninety days referred to above, respectively, the Minister is deemed to have approved the amendment of that Type A Water Licence.
ABOUT TMAC RESOURCES
TMAC holds a 100% interest in the Hope Bay Project located in Nunavut, Canada. TMAC is a fully financed, gold development company. During 2015, TMAC significantly de-risked the Hope Bay Project financially by securing equity and debt financing for gross proceeds of over $350 million providing full funding for the Company to achieve its Path to Production plan, beginning with the Doris Deposit, by the end of 2016. The Company has a board of directors with depth of experience and market credibility and an exploration and development team with an extensive track record of developing high grade, profitable underground mines.
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, beginning with the timing of the construction of the Processing Plant, the commissioning of the Processing Plant at Doris by the end of 2016, the availability of funds under the Debt Facility, and that the cash on hand and drawdowns under the Debt Facility will be sufficient to fully fund the Hope Bay Project and the objectives of the exploration program.
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 25, 2016 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.