Teranga Gold Corporation (TSX: TGZ) (OTCQX:TGCDF) is pleased to report record gold production of 245,230 ounces for 2018, exceeding the high end of its increased production guidance range of 235,000 to 240,000 ounces for the year.
“With mill throughput once again exceeding 4 million tonnes for the year and positive reconciliation to ore reserve estimates at our Sabodala gold mine, year-over-year production grew by 5% in 2018. As a result, we achieved record gold production for the third consecutive year and exceeded the top end of our 2018 production guidance,” said Richard Young, President and Chief Executive Officer. “In addition, construction at Wahgnion, our second gold mine, continues to advance on schedule. Wahgnion is expected to commence operation and contribute to our consolidated annual production by the end of this year.”
Teranga is a multi-jurisdictional West African gold company focused on production and development as well as the exploration of more than 6,400 km2 of land located on prospective gold belts. Since its initial public offering in 2010, Teranga has produced more than 1.6 million ounces of gold at its Sabodala operation in Senegal. Focused on diversification and growth, the Company is advancing construction of its second producing gold mine, Wahgnion, which is located in Burkina Faso, as well as carrying out extensive exploration programs in three West African countries: Burkina Faso, Côte d’Ivoire and Senegal. The Company had more than 4.0 million ounces of gold reserves as of June 30, 2018. Teranga applies a rigorous capital allocation framework for its investment decisions to execute on its growth strategy relying on a combination of cash on the balance sheet, free cash flow from operations and debt.
Steadfast in its commitment to set the benchmark for responsible mining, Teranga operates in accordance with the highest international standards and aims to act as a catalyst for sustainable economic, environmental, and community development as it strives to create value for all of its stakeholders. Teranga is a member of the United Nations Global Compact and a leading member of the multi-stakeholder group responsible for the submission of the first Senegalese Extractive Industries Transparency Initiative revenue report.
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