TORONTO--(EON: Enhanced Online News)--TMAC Resources Inc. (TSX: TMR) (“TMAC” or the “Company”) announces that today the Honourable Dr. Caroline Bennett, Minister for Indigenous and Northern Affairs Canada, approved TMAC’s amended Type A Water Licence for the Doris mine issued by the Nunavut Water Board on November 4, 2016. 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.
In addition to obtaining amendments to the Doris Project Certificate and the Doris Water Licence, both of which have now been received, TMAC has been working on a Draft Environmental Impact Statement required to initiate permitting of operations at the Madrid and Boston sites. This document is in its final stages of preparation and is expected to be submitted shortly.
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 expected to achieve commercial production in the first quarter of 2017. 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 commissioning of the Processing Plant at Doris by the end of 2016 and that the cash on hand will be sufficient to fully fund the Hope Bay Project to commercial production in early 2017.
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.