TMAC achieves a significant permitting milestone at Hope Bay
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 nal 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 1 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.”
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