Newmont Mining Corporation of Canada
Limited NEM 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.
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