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TMAC Resources: 2Q Gold Production Rises From Year Ago

Kitco News

(Kitco News) - TMAC Resources Inc. (TSX: TMR), which operates in the Hope Bay gold district in Nunavut, Canada, reported a rise in second-quarter gold production to 38,520 ounces from 23,140 in the same period a year ago.

However, the April-June tally was 1,530 ounces less than the first quarter, TMAC said late Monday. The company reported a mining rate of 1,160 tonnes per day with a grade of 11.4 grams of gold per tonne.

“In the processing plant, the gravity project is now complete with the second surge bin in full operation on July 1…,” said Jason Neal, president and chief executive officer. “We processed an average of 1,940 tonnes per day in May and June combined, including a 21-day period that averaged more than 2,000 tonnes per day to close out the quarter.

“We are now confident that the plant has the capability to consistently process 2,000 tonnes per day on average, a key 2019 target achieved sooner than expected.”

Nevertheless, the CEO said the company is disappointed that it was not able to advance on another key 2019 target of 90% recovery, instead experiencing second-quarter recoveries of 80%.

However, he later added, “The scavenger columns to treat solution tails, which have been in design since the beginning of the year, will be installed during the third quarter and are expected to materially improve concentrate treatment plant recovery.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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