TMAC Resources Inc.

TMAC Resources Inc.
Kitikmeot Inuit Association

Kitikmeot Inuit Association

October 04, 2013 09:48 ET

TMAC Resources and KIA Sign Commercial Lease and AANDC Minister Approves Type 'A' Water Licence

TORONTO, ONTARIO--(Marketwired - Oct. 4, 2013) - TMAC Resources Inc. ("TMAC" or the "Company") and the Kitikmeot Inuit Association ("KIA") are pleased to announce that they have agreed to a 5 year renewal of the Commercial Lease Agreement for the Doris North Mine and related facilities at Robert's Bay and the Doris North site. In addition, the renewal of the Type 'A' water licence for the Doris North Project for a 10 year period has received final approval from both the Nunavut Water Board ("NWB") and the Minister of Aboriginal Affairs and Northern Development Canada ("AANDC"). The renewal of the Commercial Lease and the Type 'A' water licence allows for the commencement of production from the Doris Mine and Mill. As part of the Commercial Lease agreement, TMAC and the KIA have also entered into a General Securities Agreement ("GSA") as security for TMAC's closure and reclamation obligations under the Commercial Lease.

Dr. Catharine Farrow, Chief Executive Officer of TMAC, commented, "We are very pleased to have successfully reached agreement to renew the Commercial Lease with the KIA and for the KIA's acceptance of a GSA as security for the continuing practice of 'over or double bonding' on Inuit Owned Lands in Nunavut. This allows TMAC to apply all available funds towards the aggressive advancement of the Hope Bay Project. The renewal of both the Commercial Lease and the Type 'A' water licence for Doris North allows us to begin production as soon as possible, thereby further de-risking the project. Dr. Charlie Evalik, KIA President, and the KIA staff, as representatives of the Inuit of Kitikmeot, continue to support TMAC as strategic and important stakeholders as we work to develop the Hope Bay Greenstone Belt into what we believe could be Canada's next major gold district."

Dr. Charlie Evalik, President of the KIA stated, "The KIA is very pleased to enter into a five year Commercial Lease agreement with for the Doris North gold mine located at Hope Bay. This lease agreement and water license renewal lays the foundation for the future development of the Hope Bay Project. The anticipated development and operation of Doris North will provide substantial employment opportunities within the Kitikmeot region for beneficiaries. KIA looks forward to future co-operation with TMAC in furthering the development of the Hope Bay Project."

Cautionary Statements

This release contains "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws that are intended to be covered by the safe harbors created by those laws. "Forward-looking statements" or "forward-looking information" include 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, statements regarding the potential development and production, at the Hope Bay Project, and other statements that are not historical facts. While such forward-looking statements are expressed by TMAC, as stated in this release, in good faith and believed by TMAC to have a reasonable basis, they are subject to important assumptions, risks and uncertainties including, without limitation, approvals of applicable governmental or regulatory authorities and market conditions. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. TMAC is not a reporting issuer and does not undertake any obligation to release publicly revisions to any forward-looking statement. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at investors' own risk. Statements with respect to the potential of the Hope Bay Project should not be interpreted to mean that an economic analysis has been completed by TMAC. No economic analysis has been completed to date.

Contact Information

  • TMAC
    Terry MacGibbon
    416-520-3516

    TMAC
    Catharine Farrow
    705-669-7900

    KIA
    Paul Emingak
    867-983-2458