Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ) is
pleased to announce that it has filed a technical report pursuant
to National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”) for its Banfora Gold Project in Burkina
Faso, West Africa (the “Banfora Technical Report”). Roscoe Postle
Associates Inc., an independent consultant, prepared the resource
and reserve estimates and the report with the assistance of several
independent firms and experts. The Banfora Technical Report
has been filed on SEDAR at www.sedar.com and is posted on the
Company’s website at www.terangagold.com.
“The Banfora Project is a solid project that
marks an important milestone towards attaining our goal of becoming
the next multi-asset, mid-tier gold producer in West Africa.
Banfora will diversify our production base and add significant
scale by increasing our consolidated annual gold production by 50%
to between 300,000 and 350,000 ounces,” stated Richard Young,
President and Chief Executive Officer of Teranga.
The Company expects further improvement in the
Banfora Gold Project economics following completion of an infill
drill program. It aims to increase drill hole density in areas
currently classified as inferred resources, which are contained
within $1,200 gold pit shells. The drill program has expanded
from 65,000 to 75,000 metres and is expected to be completed by
year-end.
“Our first reserve update, based upon completion
of an infill drill program designed to convert inferred resources
to reserves, is scheduled for the first half of 2018.
Overall, we anticipate a conversion rate of between 25% and 50% of
the inferred ounces. The second update, anticipated prior to first
pour at Banfora, will reflect our progress exploring more than a
dozen targets within trucking distance of the proposed mill.
We expect that with the growth of the Banfora reserve base the mine
life will extend well beyond the initial 9-year mine life,” added
Mr. Young.
Competent and Qualified Persons
Statement
The scientific and technical content of this
news release was reviewed, verified and approved by Stephen Ling,
P.Eng., Manager, Mine Technical Services, a Qualified Person as
defined by Canadian Securities Administrators National Instrument
43-101 "Standards of Disclosure for Mineral Projects."
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, completion of a resource and reserve update and completion
of the infill drilling program. Wherever possible, words such as
“potential”, “belief”, “believe”, “expects”, “estimates”, “plans”,
“anticipated”, “ability” and similar expressions or statements that
certain actions, events or results “may”, “should”, “work to” 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 mineral reserves and
mineral resources estimates, gold price, exchange rates, fuel and
energy costs, future economic conditions, community resettlement
within anticipated timeline, anticipated future estimates of free
cash flow, and courses of action. Teranga cautions you not to place
undue reliance upon any such forward-looking statements.
The forward-looking statements and
forward-looking information in this news release include without
limitation, statements regarding (i) potential upside and improved
economics for the Banfora Project; and (ii) anticipated rates of
conversion of inferred resources into reserves; (iii) the timing of
subsequent reserve updates, construction and first gold pour; and
(iv) the anticipated extension of the length of Banfora’s mine
life.
Readers are cautioned that actual results may
vary from those presented.
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 30, 2017, 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 report 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 5,000km2 of land located on prospective
gold belts. Since its initial public offering in 2010,
Teranga has produced more than 1.2 million ounces of gold from its
operations in Senegal. Focused on diversification and growth,
the Company is advancing its Banfora development project, and is
conducting extensive exploration programs in three countries:
Burkina Faso, Senegal and Côte d’Ivoire. As at June 30, 2017,
Teranga has reserve base of nearly 4.0 million ounces of gold, a
strong balance sheet and the financial flexibility to grow its
business.
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. The Company's
responsibility report is prepared in accordance with its
commitments under the United Nations Global Compact and in
alignment with the Global Reporting Initiative guidelines.
Contact Information
Richard Young |
|
Trish Moran |
President &
CEO |
|
Head of Investor
Relations |
T: +1 416-594-0000 | E:
ryoung@terangagold.com |
|
T: +1 416-607-4507 | E:
tmoran@terangagold.com |