Canadian Mining Journal

News

GOLD: TMAC keeps Hope Bay on time and on budget



NUNAVUT – TMAC Resources of Toronto continues to advance its Hope Bay gold project – on time and on budget – 65 km east of Bathurst Inlet. Commissioning is to begin by the end of this year.

To the end of June 2016, the company says it has spent $249 million of the required $334 million preproduction capital. But there remains much to do, as the company listed in a recent news release:

  • Deliver the processing plant, mobile equipment and diesel fuel in the 2016 sealift;
  • Complete erection of the mill building and the installation of associated services;
  • Complete the installation of and initiate commissioning of the processing plant;
  • Complete preparation of the tailings impoundment area (TIA) to receive tailings;
  • Stockpile by Dec. 31, 2016, 110,700 tonnes of ore with an estimated 55,600 oz of contained gold that, at a 94% recovery rate, amounts to 52,300 oz of recoverable gold;
  • Obtain the amended Doris permits;
  • Complete and submit the draft environmental impact statement on the Madrid and Boston deposits; and
  • Deploy approximately $23 million of the net proceeds of approximately $56.5 million from the recent bought deal financing, with the balance of $33.5 million to be spent in 2017, for the development of an exploration ramp to access and delineate additional ounces at the Doris BTD zone.

The Doris deposit contains proven and probable reserves of 14.2 million tonnes grading 7.6 g/t Au and containing 3.5 million oz of gold. Additional information is posted at www.TMACresources.com.