The True Gold Karma – GGII deposit is the first of six deposits that will be mined over an 11.5 year period.
The GGII deposit has reserves of 273 000 leachable ounces of gold (contained in 7.6 Mt at 1.12 g/t gold), and will be mined during the first two years of production.
“As we transition into gold production over the next few months, our team is increasingly focused on operational readiness,” states Christian Milau, President and CEO of True Gold.
“Karma will produce approximately 120 000 oz of gold per year during our first five years at the lowest quartile of cash costs, laying the foundation for True Gold to become a mid-tier producer.”
Mine construction update
Karma mine construction is rapidly progressing with nearly 1 000 staff and contractors active on site. Overall, the project is approximately 73% complete and is funded through construction to production. The Company has $19 million in cash and up to $48 million available under its finance facility as of 30 September 2015.
Launch of Stability Forum
During September True Gold inaugurated a national Stability Forum led by True Gold’s strategic advisor Mâitre Halidou Ouedraogo, a respected Magistrate and Human Rights advocate in Burkina Faso.
The forum was organised by True Gold to foster dialogue and discussion and promote national peace and stability with delegates from a wide range of business, community and political backgrounds, including the leading parties in the upcoming elections. Me. Halidou was also recently appointed President of Codel, an independent group appointed to monitor the upcoming elections.
Approval of Mining Convention
The Burkina Faso Council of Ministers ratified the Mining Convention that sets out the fiscal and legal terms with respect to the operation of the Karma mine. The Convention is valid for 20 years, and may be renewed for subsequent periods of five years.
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