Burkina Faso – West African gold junior True Gold has made significant construction progress at its Karma gold project over the past few month. As at July 31, 2015, the project was approximately 62% complete.

Assembly of the ADR plant at Karma

The Karma mine is in full construction with over 600 staff on site and on track for first gold pour by the end of Q1, 2016.  Noteworthy activities commenced or completed include:

Earthworks and civils

The mining fleet was commissioned and is operational. The raw water pond excavation has been completed and the water pipeline from barrage to site is 95% complete.  Good progress has been made on the excavation of the storm water and Pregnant Leach Solution (PLS) ponds and cells 1 to 6 of the heap leach pads.

Within the process plant, foundations are under construction for the soft rock crusher, cement silos, cyanide mixing and agglomeration areas. The power plant is onsite with all generators mounted on plinths and the fuel farm is completed. Assembly of the Adsorption, Desorption and Recovery (ADR) plant has commenced and is rapidly advancing.

True Gold 2Mine Development

Phase I condemnation drilling at the Goulagou II (GGII) waste dump was completed and grade control drilling at GGII is currently underway.

Logistics

Procurement is 99% complete and deliveries to site are 55% complete. The agglomeration drum has been received at site as well as elution column.

Community
The Community Liaison Committee (CLC), the key communication conduit between the company and the local communities is operating with over 80 representatives from local villages. A tripartite agreement was signed on June 15, 2015 between the Government of Burkina Faso, the company and community leaders signifying formal support of the Karma mine.

Karma fully funded

Karma is forecast to be funded through construction to production. True Gold has $30.5 million in cash, and up to $48.4 million available under our finance facility with approximately $60 million of project cost left to spend, as at July 31, 2015.

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