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Jason Neal concluded, “I would like to thank the TMAC employees and contractors for their hard work and dedication this year as we have dealt with the unprecedented COVID-19 pandemic and the uncertainties of the Transaction, while concurrently improving our safety performance and productivity. I would also like to thank the Inuit communities and leadership of Nunavut, our business partners and other stakeholders for their patience during the regulatory review process.”
MANAGEMENT CHANGES
Gil Lawson, Chief Operating Officer of TMAC, has left the Company. The Board of Directors would like to thank Mr. Lawson for his dedication to TMAC since joining in this role in August 2017. The Hope Bay operations have been reporting directly to Calum Semple, Executive Vice President, Operations and a Director of TMAC, since he joined the Company in February 2020. With Mr. Lawson’s departure, Calum Semple will now report solely to the President & CEO.
ABOUT TMAC RESOURCES INC.
TMAC operates the Hope Bay property located in Nunavut, Canada. The property and operations are remote but not isolated, serviced by both a port and airstrip. Hope Bay is an 80 km by 20 km Archean greenstone belt that has been explored by BHP, Miramar, Newmont and TMAC over a period spanning more than 30 years. In that time, more than $1.5 billion of expenditures have been spent in exploration and evaluation, surface infrastructure, and mine and process plant development. TMAC began producing gold in early 2017 from Doris, its first mine at Hope Bay, and processed gold at the Doris processing plant which originally had nameplate capacity of 1,000 tpd and expanded to 2,000 tpd midway through 2018. There is potential to grow TMAC’s established deposits considerably at depth, and then grow resources further through the prioritized exploration of the more than 90 other identified regional targets. TMAC is now permitted to produce from both Madrid and Boston.
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 or comparable terminology. Forward-looking information in this release includes, but is not limited to, statements regarding the termination of the Transaction, TMAC’s intentions and expectations regarding its balance sheet, its operations, the potential of the Hope Bay gold belt, mining and processing alternatives, its ability to fund the 2021 sealift and operate until it arrives, and addressing its debt.
