“We are delighted to pass this key milestone at the Karma mine and are now focused on the ramp up towards achieving commercial production,” said True Gold Mining president & CEO Christian Milau.
The company said it had achieved this milestone with Endeavour Mining Corporation, which last month moved to acquire True Gold.
Meanwhile, independent advisory firms Institutional Shareholder Services and Glass Lewis & Co. have recommended that True Gold Mining shareholders support Endeavour’s offer.
Their endorsement of the resolutions highlights the strategic rationale and financial considerations of the transaction to True Gold shareholders.
With the closing of this acquisition expected to occur on or about 26 April 2016, Endeavour Mining intends to see Karma complete its production ramp-up while undertaking construction of the Houndé project, also in Burkina Faso.