TMAC Resources Inc. provided an update on its 100% owned Hope Bay Project, located in Nunavut, Canada. As a result of the work TMAC accomplished on the Hope Bay Project in 2015 and the new detailed planning and budgeting relating to the period 2016 to 2018 the "Path to Production" budget has been updated using operational results achieved in 2015 and more detailed engineering to reflect an improved tactical mine development plan for the period from January 1, 2016 to December 31, 2018. The Tactical Plan contains several changes in scope from the Pre-Feasibility Study issued in May 2015, with an effective date of March 31, 2015, including: increased underground development in 2016; larger low-grade stockpile for mill commissioning; 55,600 ounces of gold (at 15.2 g/t) in high-grade stockpile for mill start up, 30,200 ounces greater than the PFS; smoothing and de-risking production ramp up; increase in gold ounces produced in 2017; and surface and underground drilling to potentially extend Doris reserves below current reserves.

These changes in scope will provide the mill with significant high-grade feed at start up, and a smooth production ramp up to 1,000 tons per day in 2017 and to 2,000 tons per day in 2018. To accomplish this increased scope of work and related operational de-risking of the Hope Bay Project's start-up, the Tactical Plan budget is expected to be $325 million. The opportunity to advance mine development to support sustained operations at 1,000 tones per day earlier in 2017, and to accumulate an ore stockpile sufficient to support ramp up to 2,000 tones per day by 2018, has been identified as the optimal way to commence production at Doris.

Ongoing pre-production and development mining reached full planned staffing levels in late October 2015 and ground conditions and productivities remain excellent.