TGZ - Teranga Gold
January 29, 2017 17:18 ET
Teranga Gold Achieves Strong 2016 Operating Performance
All-time High Production and Record Low Unit Costs for 2016
Banfora Feasibility Study on Track for Mid-Year
TORONTO, ONTARIO--(Marketwired - Jan. 29, 2017) -
http://www.marketwired.com/press-re...016-operating-performance-tsx-tgz-2191780.htm
Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ) (ASX:TGZ) is pleased to report its fourth quarter and year-end 2016 operating results for Australian Securities Exchange ("ASX") purposes.
"We achieved record-breaking operational performance in 2016 and are entering 2017 with a strong balance sheet and a focused plan to deliver on our vision of becoming a diversified mid-tier West African gold producer," stated Richard Young, President and Chief Executive Officer of Teranga. "In just one year, we have reduced the operating risk at Sabodala, multiplied our prospects for growth and increased our optionality with the acquisitions of Gryphon Minerals and a large prospective land package in Côte d'Ivoire. In 2017, our focus will be on proving the value of these new assets and fast tracking the completion of a feasibility study required to develop the Banfora gold project."
Added Mr. Young, "I am proud to say that all of this was accomplished while extending our long running health and safety record, which has now topped three years without a lost-time incident, and while earning international recognition of our corporate social responsibility program."
2016 Highlights
Achieved record high production of 216,735 gold ounces, surpassing guidance of 200,000-215,000 gold ounces
Achieved cost guidance as unit mining and processing costs hit record low
Total cash costs(1) are expected to be within the mid-point of our 2016 guidance range of $600-$650 per ounce
All-in sustaining costs(1) are expected to be within the mid-point of our 2016 guidance range of $900-$975 per ounce
Strengthened the Company's balance sheet with a cash position at year end of $95.2 million, compared to $44.4 million as at December 31, 2015
Completed the Gryphon Minerals acquisition and commenced the Banfora gold project feasibility study
Completed the Sabodala mill optimization - under budget and ahead of schedule
Advanced our exploration programs in Senegal, Burkina Faso and Côte d'Ivoire
Extended industry-leading health and safety record to more than 3 years without a lost time injury
Received awards for our corporate social responsibility program from the United Nations Global Compact Network Canada and from the Prospectors & Developers Association of Canada
2017 Outlook
The Company's outlook for 2017 is as follows:
Production: 205,000 to 225,000 gold ounces(2)
All-in sustaining costs (excluding non-cash inventory movements and amortized advanced royalty costs): $900 to $975 per ounce(1). All-in sustaining costs (including non-cash inventory movements and amortized advanced royalty costs): $1,000 to $1,075 per ounce(1).
See page 5 for a complete summary of operating and financial guidance
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