TORONTO--(BUSINESS WIRE)--The Nunavut Water Board (“NWB”) in consultation with the Nunavut Impact Review Board (“NIRB”) has issued a new Type B Water Licence for the Madrid North and Madrid South deposits which are situated on the Company’s Hope Bay property located in the Kitikmeot region of Nunavut, Canada.
The receipt of the Type B Water Licence for Madrid North and Madrid South will allow TMAC to conduct advanced exploration programs at both deposits, including establishing underground infrastructure for exploration and collection of bulk samples for testing at the Doris Mill Complex. The Madrid North deposit is approximately eight km south of TMAC’s Doris North Mine and Mill Complex, and is connected to Doris by an all-weather road.
Dr. Catharine Farrow, Chief Executive Officer of TMAC, stated: “Receipt of these licences will allow the Company to proceed as planned to advance the testing of the Madrid deposits and, should the testing be successful, to provide ore feed to the Doris Mill Complex starting in 2020. This is another important milestone for TMAC as we transition from developer to producer.”
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.