TSX-listed Teranga Gold Corporation has filed a National Instrument 43-101 Technical Report in respect of the preliminary feasibility study for its Sabodala-Massawa Gold Complex in Senegal.
Senegal – The Sabodala-Massawa Technical Report was prepared by Teranga and supports the combined mineral reserve estimates and mine plan of Sabodala gold operations and the Massawa Project previously announced on July 26, 2020. “The technical report confirms that the Sabodala-Massawa Complex is a top-tier asset capable of producing 384 000 ounces of gold a year for the first five years starting 2021(1), and we see significant room for further growth that will strengthen Teranga’s position as a leading mid-tier gold producer in West Africa,” said Teranga Gold president and CEO, Richard Young.
“We anticipate releasing a definitive feasibility study in 2021 that we expect to include an updated and expanded mineral resources and reserves estimate based on results from the aggressive exploration program currently underway at the Massawa Project.”
Teranga continues expansion drive
Sabodala-Massawa is located in southeast Senegal near the Mali border 650 km east of the capital, Dakar. The Sabodala licence expires in January 2025 (renewable for successive 5-year terms). Massawa expires 2040.
Teranga Gold is transitioning into a mid-tier gold producer operating long-life, low-cost mines and advancing prospective exploration properties across West Africa, one of the world’s fastest growing gold jurisdictions.
The top-tier gold complex created by integrating the recently acquired high-grade Massawa Project with the Company’s Sabodala mine, the successful commissioning of Wahgnion, Teranga’s second gold mine and a strong pipeline of early to advanced-stage exploration assets support the continued growth of Teranga’s reserves, production and cash flow.