Business
Newmont Signs Letter of Intent with TMAC Resources for Proposed Acquisition of Hope Bay Project in Nunavut
Proposed transaction subject to completion of acquisition agreement and other terms DEN...
About this update from Nuvau Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nProposed transaction subject to completion of acquisition agreement and other terms\n\nDENVER, Dec. 17, 2012 /CNW/ - Newmont Mining Corporation of Canada Limited (NMCCL) (\"Newmont\" or \"the Company\") and TMAC Resources Inc. (\"TMAC\") today announced the signing of a binding Letter of Intent (\"LOI\") to acquire Newmont's Hope Bay Project in Nunavut, Canada. TMAC is a privately held mining exploration and development focused company comprised of the former senior executives of FNX Mining Company Inc. and headed by Terry MacGibbon, founder of FNX Mining Company Inc. and Chairman of Torex Gold Resources Inc. TMAC management has an exceptional track record for developing high grade, profitable underground mines. The proposed transaction is subject to a number of conditions, including execution and delivery of an acquisition agreement, completion of an initial equity financing, execution of an investor rights agreement, and receipt of all required regulatory and third party approvals. \n\"We are pleased to reach this milestone and believe that TMAC is the right partner to improve prospects for near-term development of the Hope Bay Project,\" said Randy Engel, Executive Vice President, Strategic Development of Newmont. \"TMAC's management team has a proven track record of developing projects with similar characteristics, both profitably and responsibly, while maximizing value for shareholders and other stakeholders. We look forward to developing a strong, long-term partnership as a significant shareholder of TMAC.\" \nMr. Terry MacGibbon, Executive Chairman of TMAC, stated, \"I am very excited to be working with Newmont and our Inuit partners to develop the full potential of the highly prospective Hope Bay Project. I am also very excited about putting back together and working with many of the former FNX executive team who helped make that venture such a success; particularly, Dr. Catharine Farrow, who will be TMAC's CEO. Catharine made a tremendous contribution to FNX, QuadraFNX and most recently at KGHM International as the Chief Operating Officer. With her exploration and operating expertise and experience, she is the ideal person to lead the future exploration and development of what we expect will be Canada's next gold mining camp. By applying best-in-class industry standards and processes and leveraging the TMAC te...