(All amounts are in U.S. dollars unless otherwise stated)
TORONTO, Sept. 14, 2020 (GLOBE NEWSWIRE) — Teranga Gold Corporation (“Teranga” or the “Company”) (TSX:TGZ; OTCQX:TGCDF) is pleased to provide an update on the progression of its pipeline of assets and reaffirm 2020 production guidance as it grows into a low-cost, mid-tier West African gold producer.“We are on track to meet our 2020 company-wide production guidance of 375,000 to 400,000 ounces of gold1 – a record-breaking number for Teranga as we advance towards mid-tier status. Beginning in 2021, our annual company-wide production for the next five years is expected to average 533,000 ounces1 at an all-in sustaining cost of $785 per ounce2, one of the lowest cost profiles in the industry,” stated Richard Young, President & CEO.Added Mr. Young, “At current gold prices, we expect to generate significant cash flows over the next 18 months, which will materially improve our balance sheet. At the end of the second quarter, we had over $350 million in net debt2 and we expect to be firmly in a net cash2 position by the end of next year.”Sabodala-Massawa Gold Complex: Processing of Massawa Ore Begins
Bay Street News
