GOLD: TMAC pushes Hope Bay toward production this year

NUNAVUT – Toronto-based TMAC Resources is pushing forward with development of the $325-million Hope Bay gold project 65 km east of Bathurst Inlet. Production is scheduled to begin late this year. “We remain on track and on budget for both initiating the commissioning of the processing plant and the stockpiling of over 100,000 tonnes of high grade (approximately 15 g/t) ore we plan to mine by the end of 2016," said CEO Dr. Catharine Farrow in a news release. Underground development is progressing at the Doris deposit. The stockpile is estimated to contain 34,000 tonnes of ore grading 13.6 g/t Au or 14,900 oz of gold. About 14,000 oz of the gold will be recoverable based on an estimated recovery rate of 94%. Foundation work has been completed for the mill building. Steel for the building is on site and erection has begun. The Gekko system is almost complete at the manufacturer in Australia, and it will arrive with the 2016 sealift. The plant will initially treat 1,000 t/d of ore and ramp up to 2,000 t/d in 2018. Following is a link to a video showing the mill building construction site as it appeared on Monday, May 9, 2016 www.YouTube.com/watch?v=_5VYTetgwOw&feature=youtu.be.