Teranga Gold achieves record second quarter production
Friday, Jul 14, 2017
  • Board approves an additional $10 million towards construction readiness activities at Banfora gold project in advance of major construction decision
  • Q2 2017 conference call to be held on July 28, 2017

Teranga Gold Corporation ("Teranga" or the "Company") is pleased to announce that the Company achieved record gold production in the second quarter of 2017 with gold production of 57,557 ounces for the three months ended June 30, 2017. During the first half of 2017, the Company produced 114,460 ounces of gold.

"We are on track to achieve our 2017 production guidance range of between 205,000 and 225,000 ounces," stated Richard Young, President and Chief Executive Officer, Teranga. "The operations at Sabodala are running well. We continue to reconcile well to reserves and plant throughput is benefitting from the mill optimization project that was completed last year."

The Company also announced that the feasibility study for the Banfora gold project in Burkina Faso is nearing completion and is expected to be released in August.

Added Mr. Young, "At present, the process flowsheet, resource modeling, operating and capital costs are meeting the expectations envisaged when management initially reviewed the Banfora project prior to our decision to acquire Gryphon Minerals. As a result, the board has sufficient comfort with the project to approve the investment of an additional $10 million towards further advancement of construction readiness activities, such as improvements to local site infrastructure and commencement of front-end engineering designs, prior to completion of the feasibility study and in advance of a full construction decision, both of which are expected next month."

Teranga's cash balance was approximately $80 million as at June 30, 2017, representing a $14 million decrease from the prior quarter due primarily to income taxes of $15 million. Income taxes are paid annually in arrears.

For more information, please visit: http://www.terangagold.com
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