AMN - BURKINA FASO: Gryphon commits to developing Banfora

Gryphon Minerals is developing the world-class, 3.6 Moz resource, Banfora gold project in Burkina Faso. It is in the southwest of Burkina Faso, one of the largest gold producers in Africa, and is located on some of the world’s most prolific greenstone belts (accounting for 22% of West Africa’s greenstone belt exposure).

The project includes exploration licences covering more than 1000sqkm and a mining licence that covers 89sqkm. These licences are located in a major gold district where world class gold deposits such as Tongon (4.2 Moz), Syama (5 Moz mined & 6.5 Moz in resources) and Morila (6.5 Moz) are also found.

Teranga Gold Corp, owner of the Sabodala gold mine in Senegal, has subscribed by way of a placement and acquired a 5% interest in Gryphon.

Teranga president and CEO Richard Young says: "Accelerating the development of the Banfora gold project is a top priority for us following the closing of the Proposed Gryphon Acquisition.”

"In order to maximize our return and mitigate project risk, construction at Banfora needs to start following next year's rainy season. The capital from the placement will be used immediately to start the resource conversion drill program and plant optimization studies required to complete a fully optimized and de-risked feasibility study by the first half of 2017 and to update the tailings storage facility design and relocation action plan required as a result of the decision to move forward with a carbon-in-leach plant."

"Launching this process in advance of closing the proposed gryphon acquisition, allows for a target date of fall 2017 for commencement of major construction, with a targeted first pour in the first half of 2019."

www.terangagold.com

News courtesy of International Mining