TMAC Resources (TMR-T) Nov 7, '16 announces that late on November 4, 2016 the Nunavut Water Board issued TMAC’s amended Type A Water Licence for Doris to the Honourable Dr. Caroline Bennett, Minister for Indigenous and Northern Affairs Canada 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.
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TMAC Resources Inc.
Catharine Farrow, 416-628-0216
Chief Executive Officer
or
Ann Wilkinson, 416-628-0216
Vice President, Investor Relations
www.tmacresources.com
or
Renmark Financial Communications Inc.
Daniel Gordon, 416-644-2020 or 514-939-3989
dgordon@renmarkfinancial.com
www.renmarkfinancial.com |
