Teranga Gold Corporation is pleased to announce that it has filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects Technical Report in respect of the preliminary feasibility study (the “PFS”) for its Sabodala-Massawa Gold Complex (“Sabodala-Massawa”) in Senegal, West Africa (the “Sabodala-Massawa Technical Report”).
The Sabodala-Massawa Technical Report was prepared by Teranga and supports the combined mineral reserve estimates and mine plan of Sabodala Gold Operations and the Massawa Project previously announced on July 26, 2020. To view the full version of the Sabodala-Massawa Technical Report, please see the Company’s filings on www.sedar.com or go to Teranga’s website at www.terangagold.com.
“The technical report confirms that the Sabodala-Massawa Complex is a top-tier asset capable of producing 384,000 ounces of gold a year for the first five years starting 2021(1), and we see significant room for further growth that will strengthen Teranga’s position as a leading mid-tier gold producer in West Africa,” said Richard Young, President and CEO. “We anticipate releasing a definitive feasibility study in 2021 that we expect to include an updated and expanded mineral resources and reserves estimate based on results from the aggressive exploration program currently underway at the Massawa Project.”
Endnotes
| (1) | This production target is based on proven and probable minerals reserves for the Sabodala-Massawa Project as at December 31, 2019 as disclosed on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com. The estimated reserves underpinning this production target have been prepared by a competent and qualified person or persons (see the Competent and Qualified Persons Statement in management’s discussion and analysis for the three and six months ended June 30, 2020 filed on August 7, 2020). | |
About Teranga
Teranga Gold is transitioning into a mid-tier gold producer operating long-life, low-cost mines and advancing prospective exploration properties across West Africa, one of the world’s fastest growing gold jurisdictions. The top-tier gold complex created by integrating the recently acquired high-grade Massawa Project with the Company’s Sabodala mine, the successful commissioning of Wahgnion, Teranga’s second gold mine and a strong pipeline of early to advanced-stage exploration assets support the continued growth of Teranga’s reserves, production and cash flow. Through its continued success and commitment to responsible mining, Teranga creates sustainable value for all stakeholders and acts as a catalyst for social, economic, and environmental development.
Contact Information
| Richard Young President & CEO T: +1 416-594-0000 | E: ryoung@terangagold.com |
Trish Moran VP, Investor Relations & Corporate Communications T: +1 416-607-4507 | E: tmoran@terangagold.com |
Contact Information:
Richard Young
President & CEO
T: +1 416-594-0000 | E:ryoung@terangagold.com
Tags:
, Wire, Disclosure Newswire, United States, English
Contact Information:
Richard Young
President & CEO
T: +1 416-594-0000 | E: ryoung@terangagold.com