NUNAVUT – TMAC Resources of Cambridge Bay, NT, and the Kitikmeot Inuit Association (KIA) have entered into a memorandum of understanding whereby the KIA consents to transfer all of the Hope Bay gold project near Cambridge Bay. TMAC purchased the deposit from Newmont Mining after the latter spent millions at the site and then mothballed it last year.
The MoU allows the transfer of surface leases, land use licences, the Inuit impact benefit agreement, and water compensation, capacity and traditional knowledge agreements from Hope Bay Mining to TMAC. In addition, both TMAC and the KIA have agreed to work together to approach federal organizations to address the current practice of 'over or double bonding' on lands privately owned by the KIA.
TMAC is a privately held mineral exploration and development company comprised of former senior executives of FNX Mining and headed by Terry MacGibbon. He may be reached at 416-520-3516.
MacGibbon has been quoted as saying the mine could reopen as early as 2015.