Teranga Gold Files Technical Report for Wahgnion Gold Operations
31 October 2018 - 9:24PM
Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ;
OTCQX:TGCDF) is pleased to announce that it has filed an updated
National Instrument 43-101 - Standards of Disclosure for
Mineral Projects Technical Report for its Wahgnion Gold
Operations (“Wahgnion”) in Burkina Faso, West
Africa (the “Wahgnion Technical Report”).
The Wahgnion Technical Report was prepared by
Teranga and supports the mineral reserve estimates and mine plan
previously announced on September 24, 2018. To view the full
version of the Wahgnion Technical Report, please see the Company’s
filings on www.sedar.com or go to Teranga’s website at
www.terangagold.com.
“Since our acquisition of Wahgnion just over two
years ago, we have increased reserves and resources, improved mine
plan economics, and secured financing,” stated Richard Young,
President & Chief Executive Officer. “We are now advancing
through construction and expect to achieve first gold pour by the
end of 2019. Looking forward, we are focused on further optimizing
the mine plan and extending the mine life beyond 13 years through
continued conversion of resources and targeted exploration of more
than a dozen prospects already identified within close proximity to
mill.”
Forward Looking
Statements
This press release contains certain statements
that constitute forward-looking information within the meaning of
applicable securities laws ("forward-looking statements"), which
reflects management's expectations regarding Teranga's future
growth and business prospects (including the timing and development
of new deposits and the success of exploration activities) and
opportunities. Wherever possible, words such as “objective to”,
“likely”, “intend to”, “potential”, “belief”, “believe”, “expects”,
“estimates”, “plans”, “anticipated”, “ability” and similar
expressions or statements that certain actions, events or results
“should”, or "will" have been used to identify such forward-looking
information. Forward-looking statements include, without
limitation, all disclosure regarding possible events, conditions or
results of operations, future economic conditions and anticipated
courses of action. Although the forward-looking statements
contained in this press release reflect management's current
beliefs based upon information currently available to management
and based upon what management believes to be reasonable
assumptions, Teranga cannot be certain that actual results will be
consistent with such forward-looking statements. Such
forward-looking statements are based upon assumptions, opinions and
analysis made by management in light of its experience, current
conditions and its expectations of future developments that
management believe to be reasonable and relevant but that may prove
to be incorrect. These assumptions include, among other things, the
ability to obtain any requisite governmental approvals, the
accuracy of sampling, analytical and test data underlying the
exploration results included herein, gold price, exchange rates,
fuel and energy costs, future economic conditions, and anticipated
future estimates of free cash flow. Teranga cautions you not to
place undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect
forward-looking statements include, among others: the inherent
risks involved in exploration and development of mineral
properties, including government approvals and permitting, changes
in economic conditions, changes in the worldwide price of gold and
other key inputs, changes in mine plans and other factors, such as
project execution delays, many of which are beyond the control of
Teranga, as well as other risks and uncertainties which are more
fully described in Teranga's Annual Information Form
dated March 29, 2018, and in other filings of Teranga with
securities and regulatory authorities which are available
at www.sedar.com. Teranga does not undertake any obligation to
update forward-looking statements should assumptions related to
these plans, estimates, projections, beliefs and opinions change.
Nothing in this document should be construed as either an offer to
sell or a solicitation to buy or sell Teranga securities. All
references to Teranga include its subsidiaries unless the context
requires otherwise.
About Teranga
Teranga is a multi-jurisdictional West African
gold company focused on production and development as well as the
exploration of more than 6,400 km2 of land located on
prospective gold belts. Since its initial public offering in
2010, Teranga has produced more than 1.5 million ounces of gold at
its Sabodala operation in Senegal. Focused on diversification
and growth, the Company is advancing construction of its second
producing gold mine, Wahgnion, which is located in Burkina Faso, as
well as carrying out extensive exploration programs in three West
African countries: Burkina Faso, Côte d’Ivoire and
Senegal. The Company had more than 4.0 million ounces of gold
reserves as of June 30, 2018. Teranga applies a rigorous
capital allocation framework for its investment decisions to
execute on its growth strategy relying on a combination of cash on
the balance sheet, free cash flow from operations and debt.
Steadfast in its commitment to set the benchmark
for responsible mining, Teranga operates in accordance with the
highest international standards and aims to act as a catalyst for
sustainable economic, environmental, and community development as
it strives to create value for all of its stakeholders.
Teranga is a member of the United Nations Global Compact and a
leading member of the multi-stakeholder group responsible for the
submission of the first Senegalese Extractive Industries
Transparency Initiative revenue report.
Contact Information
Richard Young President & CEO T: +1 416-594-0000 | E:
ryoung@terangagold.com
Trish MoranHead of Investor Relations T: +1 416-607-4507 | E:
tmoran@terangagold.com