AMN - SENEGAL: Record gold production at Sabodala

Teranga Gold Corporation achieved record gold production of 56,376 ounces during the September quarter from its Sabodala project in Senegal. This also contributed to record year-to-date production of 185,788 ounces.

The company is on track to achieve full-year 2018 production of between 235,000 and 240,000 ounces, up from the original guidance range of between 210,000 and 225,000 ounces.

Third quarter and year-to-date per ounce costs improved versus the prior year periods, positioning the company to achieve the lower end of its full-year guidance ranges for these metrics.

Chief operating officer Paul Chawrun said: “Our team continued to execute successfully, managing the rainy season to achieve another strong operating quarter.

“With record year-to-date production at Sabodala, we expect 2018 to set a new high for gold production after record-breaking years in 2016 and 2017.

"This is a testament to our continuous improvement program, which is resulting in improved grades relative to the Sabodala technical report, as well as our ability to manage our per ounce cost metrics.”

Focused on diversification and growth, Teranga is advancing construction of its second producing gold mine, Wahgnion, which is in Burkina Faso, as well as carrying out extensive exploration programs in three West African countries - Burkina Faso, Côte d’Ivoire and Senegal.

Chawrun added, “As we near the half-way mark of the project, Wahgnion continues to progress well, with construction on time and in line with the latest capital spend estimates.

"With the added reserves recently announced, we have improved the 5-year profile, increasing annual production and lowering all-in sustaining costs to less than $800 per ounce.

"In addition, we are excited about Golden Hill and remain focused on completing an initial resource estimate for this advanced exploration project in early 2019.”

President and CEO Richard Young said: “We have a very clear vision – to build a multi-asset, mid-tier gold producer in West Africa. We believe this can be achieved in the next five years.

“Our producing mine continues to generate strong free cash flows. We have a second mine under construction which, upon completion, is expected to increase annualised consolidated production by 50% to about 350,000 ounces.

"Additionally, we have a third project, Golden Hill that has the potential to be our third mine and take the company to mid-tier producer status.”

www.terangagold.com