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TMAC Resources Reports Q2 2020 Results for Production, Operating Metrics

Reviewed

Jul 20 2020

TMAC Resources Inc. ("TMAC" or the "Company") reports second quarter 2020 results for production and certain operating metrics.

Second Quarter 2020 Production Summary

Production: 28,970 ounces of gold produced, and 32,830 ounces of gold poured
Sales: 27,870 ounces of gold sold
Mining: 630 tonnes per day ("tpd"), with a grade of 11.6 grams per tonne ("g/t") Au
Processing: 1,330 tpd, with a feed grade of 8.8 g/t Au, and 84% recovery
Development metres: 600 metres at Doris

Jason Neal, President and Chief Executive Officer of TMAC, stated, "The second quarter was the first full quarter of reduced operations at Hope Bay in response to COVID-19. Despite the reduced operating capacity, we produced 28,970 ounces of gold in the second quarter and 61,260 ounces in the first half of 2020. Second quarter gold recovery was 84% on 1,330 tpd processing rate and a feed grade of 8.8 g/t."

Jason Neal continued, "We continue to operate Hope Bay at reduced rate in response to COVID-19 in order to provide a safe working environment and manage resultant business risks. We have slowed the mining rate significantly under this reduced staffing plan. Mine production in the second quarter achieved a rate of 630 tpd at a grade of 11.6 g/t, meaning half of the processing plant feed was sourced from established stockpiles. We expect to be able to continue operating at a reduced level for the foreseeable future. We continue to monitor and evaluate the progression of the COVID-19 pandemic and its potential effects on the operations, liquidity and the workforce at Hope Bay."