(All amounts are in U.S. dollars unless otherwise stated)TORONTO, Aug. 07, 2020 (GLOBE NEWSWIRE) — Teranga Gold Corporation (“Teranga” or the “Company”) (TSX:TGZ; OTCQX:TGCDF) today reported financial, operating and development results for the three and six months ended June 30, 2020.
“It’s been a good year so far despite the challenges and cost of maintaining operations during a pandemic,” said Richard Young, President and Chief Executive Officer. “Following the recent pre-feasibility study results for the integrated Sabodala-Massawa complex and Wahgnion’s updated mine plan, Teranga now has a flagship top-tier gold asset and a solid second operation. Our quality asset base is the foundation of the Company’s transformation into a mid-tier gold producer.”
Mr. Young added, “We are significantly increasing 2020 production guidance while our five-year production guidance for the period 2021 to 2025 is expected to average 533,000 ounces of gold per year2 at all-in sustaining costs of $785 per ounce1, establishing Teranga as one of the lowest cost producers globally with significant cash flows, particularly at current gold prices.”“As expected, Wahgnion’s strong results for the quarter offset softer production at Sabodala where we mined at lower grade areas and diverted equipment and resources to commence mining at Sofia, the first of the Massawa higher grade deposits,” stated Paul Chawrun, Chief Operating Officer. “As demonstrated in the new Sabodala-Massawa mine plan, we are shifting our focus to ramp up mining at Massawa in the third quarter, and processing higher grade free-milling ore from Sofia through the Sabodala plant.”
2020 GUIDANCE UPDATE
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