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Teranga Gold Corp.
Summary
| Project: | Wahgnion | |
|---|---|---|
| Deposit: | Wahgnion | |
| Location: | Burkina Faso | |
| Commodities: | Gold | |
| Date: | 9/24/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 24-9-2018: Teranga Gold Corp. announces a Resource Estimation report for its Wahgnion deposit at the Wahgnion project. Updated Ore reserve estimate at the project . Toronto, Ontario – September 24, 2018 - Teranga Gold Corporation ("Teranga" or the "Compan | |
| Resources: | (Reserve, P+P): 31.1Mt @ 1.61g/t Au for 1.61Moz Au contained | |
| CP/QP: | [Overall Report]: Stephen Ling (Internal) | |
| ABSTRACT: | Toronto, Ontario – September 24, 2018 - Teranga Gold Corporation ("Teranga" or the "Company") (TSX: TGZ; OTCQX:TGCDF) is pleased to announce the results of an updated mineral reserve estimate and feasibility study for the Wahgnion development project in Burkina Faso, West Africa. The update adds 450,000 ounces to reserves, increasing proven and probable mineral reserves at Wahgnion by almost 40% to 1.61 million ounces (31.07 million ore tonnes grading 1.61 g/t). The initial proven and probable mineral reserves in the 2017 feasibility study totalled 1.16 million ounces (21.40 million ore tonnes grading 1.69 g/t). The new mineral resource and mineral reserve estimates (Tables 1 and 2 in Appendix), based on the initial four deposits (Nogbele, Fourkoura, Samavogo and Stinger), include drill results from a 73,000-metre infill drill program completed in 2017. The 40% increase in Wahgnion reserves announced today exceeded our initial guidance and expectations and, most importantly, led to an improved five and 10-year production and cash flow profile relative to last year’s initial feasibility study,” stated Richard Young, President and Chief Executive Officer. “With average annual gold production of 132,000 ounces through to 2024, Wahgnion is expected to increase companywide annual production by 50% to between 300,000 and 350,000 ounces. This will generate free cash flow to fund our growth plans, and move us closer towards our goal of becoming a multi-asset, mid-tier gold producer in West Africa.” | |
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