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Teranga Gold Corp.

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Summary

Project:

Banfora

Deposit:Banfora
Location:Burkina Faso
Commodities:Gold
Date:9/7/2017
Report Code:NI43-101
Report Type:Feasibility Study
Project Stage:Pursuing Resource Increase/Upgrade
Report details:7-9-2017: Teranga Gold Corp. announces a Feasibility Study report for its Banfora deposit at the Banfora project. Feasibility study results incl. post-tax NPV (5%) of $90M, IRR of 15%. Toronto, Ontario: September 7, 2017 - Teranga Gold Corporation ("Teran
Resources:(Reserve, P+P): 21.42Mt @ 1.69g/t Au for 1.16Moz Au contained at project
CP/QP:[Resources]: David Ross, Mark B. Mathisen, John Fingas (Roscoe Postle Associates Inc.)
ABSTRACT:Toronto, Ontario: September 7, 2017 - Teranga Gold Corporation ("Teranga" or the "Company") (TSX: TGZ) (ASX: TGZ) is pleased to announce positive results of the feasibility study (the “Feasibility Study”) on its permitted Banfora gold project (the “Banfora Project”) in Burkina Faso, West Africa. The Banfora Project is comprised of a mine license of 89 km2 , and a regional exploration land package of nearly 1,000 km2 . Based on initial gold reserves of 1.2 million ounces, the Feasibility Study’s base case demonstrates solid project economics with a 15% internal rate of return at $1,250 per ounce gold for a 2.4 million tonnes per annum carbon in leach (“CIL”) processing facility modeled after the plant located at the Company’s Sabodala gold operation (“Sabodala”) in Senegal, West Africa. “Development of the Banfora Project is an important step towards attaining our goal of becoming the next multi-asset, mid-tier gold producer in West Africa. It 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 ounces1,6,” stated Richard Young, President and Chief Executive Officer of Teranga. The Company expects an improvement in the Banfora Project economics following completion of an infill drill program aimed at converting inferred resources to reserves to be completed later this year, with a reserve update expected in the first half of 2018. The infill drill program is targeting inferred resources located adjacent to the current reserve pits. Overall, the Company anticipates achieving a conversion rate of between 25% and 50% of the inferred resources.

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