TORONTO--(BUSINESS WIRE)--TMAC Resources Inc. (TSX:TMR) (“TMAC” or the “Company”) is pleased to announce that commercial production has been achieved, effective May 15, 2017, at its Doris Mine and Mill Complex situated on the Company’s Hope Bay property located in the Kitikmeot region of Nunavut, Canada.
The Processing Plant has operated at an average in excess of 60% of its 1,000 tonnes per day (“tpd”) name plate capacity over a 45-day period, and at an average of over 80% of capacity from May 4 to 15. The Company continues to make improvements and optimizations to operations that will enable ramp up to steady state throughput of 1,000 tpd. As the throughput increases in the Processing Plant, the tonnes of ore brought to surface from underground mining will also be increased. In addition, the Company is focusing on optimizing recoveries, which have yet to reach expected levels. As improved recoveries are achieved, a transition to higher grade feed from the currently blended, lower grade stockpile ore will be fed to the processing plant.
Catharine Farrow, CEO of TMAC Resources stated: “Achieving commercial production is a significant achievement of which our entire team is proud. It is a great step toward achieving steady state operations at our Doris Mine and Mill Complex, which is the first step in our plans to funding the development of the Madrid and Boston deposits. We are proud of the work and dedication of our employees, contractors and consultants as we complete the transformation of TMAC to a producing company and position ourselves for the next phase of growth at Madrid.”
ABOUT TMAC RESOURCES
TMAC holds a 100% interest in the Hope Bay Project located in Nunavut, Canada. TMAC is a fully financed, emerging gold producer with the Doris Mine pouring first gold in the first quarter of 2017 and achieving commercial production in the second quarter of 2017. The Madrid and Boston properties are expected to commence production in 2020 and 2022, respectively. The Company has an experienced, expert board of directors combined with exploration, development and operating teams with extensive track records of discovering, developing and operating high grade, profitable underground mines. TMAC’s shares trade on the Toronto Stock Exchange under the trading symbol TMR.
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 timing for bringing Madrid and Boston into production and the rate of ramp up at Doris throughout 2017.
Forward-looking information is not a guarantee of future performance and management bases forward-looking statements on a number of estimates and assumptions 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 plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s Annual Information Form dated February 23, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks.