The Hope Bay gold project in Nunavut will soon welcome three more mines – North Madrid, South Madrid and Boston. (Image: TMAC Resources)
NUNAVUT – Toronto-based TMAC Resources is marking another landmark at its Hope Bay gold project 65 km east of Bathurst Inlet. Federal authorities have accepted the positive recommendation of the Nunavut Impact Review Board (NIRB) allowing the Madrid-Boston gold project to proceed to production.
There is to be a final hearing in Cambridge Bay this month to discuss water use, infrastructure and tailings facility requirements. TMAC expects the NIRB to issue an amended Type A water licence for the existing Doris mine by the end of this year and a new Type A water licence for construction and operation of the Madrid and Boston mines next spring.
The Madrid-Boston project involves developing three additional deposits – Madrid North, Madrid South and Boston. The tailings management capacity is to be seriously upgraded. The existing facility at the Doris mine will be expanded to contain 18 million tonnes rather the 2.5 million tonnes it can currently handle. At the Boston mine, a new tailings management facility with a capacity of 5.1 million tonnes will be built.
TMAC recently raised $90 million through an equity issue. Read about all the company’s plans at www.TMACresources.com.