TMAC Meets Critical Milestone on Path to Production -- Processing Plant Safely Offloaded at Hope Bay Project
TORONTO, ON--(Marketwired - August 29, 2016) - TMAC Resources Inc. (TSX: TMR) ("TMAC" or the "Company") announces that the processing plant fabricated by Gekko Systems Pty of Ballarat, Australia ("Gekko") has been safely offloaded at the Hope Bay Project in Nunavut, Canada.
Dr. Catharine Farrow, Chief Executive Officer of TMAC, stated, "We remain on track to advance the Hope Bay Project towards commercial production in early 2017. As of this week, the mill building is nearing full completion with the steel erected, the wall panelling and roofing installed and only some civil work remaining. We have initiated the movement of the recently offloaded processing plant components into the mill building. With this critical portion of the 2016 sealift behind us we are now totally focused on assembling and commissioning the processing plant as planned. Additionally, the underground mining continues to advance smoothly. We remain on plan and budget and are making excellent progress toward building the first gold mine in what we believe to be Canada's next gold mining district."
The motor control centres ("MCCs") were fabricated early in 2016 and shipped in April from Gekko's fabricating plant in Ballarat, Australia to Vancouver, and then trucked to Yellowknife, and flown from there to site via C-130 Hercules aircraft. The early shipment of the MCCs allowed them to be installed on the mezzanine level during construction of the mill building and are now awaiting the installation and commissioning of the processing plant components. Other vital plant components, including thickeners, select conveyors and filter presses, arrived at site in an east coast freighter that offloaded at Hope Bay earlier in August.
Planning of the detailed installation and commissioning schedule for the processing plant was completed in early July and now that all of the processing plant components are on site, TMAC, Gekko and various contractors have begun the work necessary to assemble the processing plant inside the mill building.
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 on target 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.
FORWARD-LOOKING INFORMATION
This release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, bringing the Hope Bay Project into production,
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made, Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's AIF dated February 25, 2016 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
SOURCE TMAC Resources Inc.
Contact
For further information please contact:
TMAC Resources Inc.
Catharine Farrow
Chief Executive Officer
416-628-0216
Ann Wilkinson
Vice President, Investor Relations
416-628-0216
www.tmacresources.com
Renmark Financial Communications Inc.
Daniel Gordon
dgordon@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com
