Teranga Gold Corporation: ASX Third Quarter Report For the Three Months Ended September 30, 2012
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/29/12 -- Teranga Gold Corporation (TSX: TGZ)(ASX: TGZ) -
KEY POINTS
(1) This production target is based on existing proven and probable reserves only.
OPERATIONAL OVERVIEW
Sabodala Gold Operation
(All amounts are in US$ unless otherwise stated)
CORPORATE
Teranga Gold Corporation ("Teranga or the Company") is a Canadian-based gold company listed on the Toronto Stock Exchange (TSX: TGZ) and Australian Securities Exchange (ASX: TGZ). Teranga is principally engaged in the production and sale of gold, as well as related activities such as exploration and mine development.
Finance
At September 30, 2012:
Production Statistics
Notes:
Mine License ("ML") Exploration
The primary objective of the 2012 drill program on the Sabodala ML is to expand the Sabodala Mine open pit reserves. Pit optimization work completed earlier this year defined a larger pit shell that serves as a guide to our current drill program.
The 2012 drill program is designed to deepen the ultimate pit and, if successful, to add upwards of 500,000 to 1 million ounces, based on drilling intercepts to date, at grades between 1.5 gpt and 2 gpt.(2) Recent results in the third quarter of 2012 advanced the mineralized extents at Sabodala to the NE, SE, SW and to depth in the north. As at September 1, 2012, Measured and Indicated Resources at the Sabodala pit have increased by approximately 0.7 million ounces to 2.0 million ounces, a 43 percent increase over Measured and Indicated Resources reported as at December 31, 2011, before production (500,000 ounces net of production).
(2) This exploration target is not a Mineral Resource. The potential quality and grade is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.
Measured Resources at the Sabodala pit total 27.1 million tonnes grading 1.25 gpt and Indicated Resources total 31.5 million tonnes grading 0.96 gpt. Inferred Resources total 12.4 million tonnes grading 0.87 gpt.
As a result of the mine planning work completed in the first quarter of 2012, we have focused the majority of the drilling effort this year into expanding the Sabodala open pit reserves. During the third quarter 2012, Reverse Circulation ("RC") and Diamond drilling ("DD") on the ML totalled 22,000 metres at a cost of $7.0 million. Year to date, a total of $20 million has been spent on just over 85,000 metres of drilling. Based on the results to date, the budget for the ML has been increased from $20 million to approximately $25 million to continue with the resource expansion and conversion program at the Sabodala pit.
Regional Exploration ("RLP")
There are currently 40 drill targets that have been identified on the Company's approximately 1,330 km2 RLP, subject to the ultimate renewal of Sabodala North West permit, all within trucking distance of the mill. All 40 targets are expected to be drill tested in 2012-2013. A further 20 targets have been evaluated with surface sampling or trenching.
Due to the heavy wet season no drilling took place during the third quarter of 2012. The drill rigs were shut down for servicing or deployed to the ML program and this allowed the large backlog of gold assays to be reduced.
Gora
The feasibility study is scheduled to be completed in the fourth quarter 2012 for submission before year end as part of the Environmental and Social Impact Assessment. Optimization work during the third quarter increased Measured and Indicated Resources to 373,717 ounces of gold, an increase of approximately 160,000 ounces or 74 percent over the previous estimate. Measured Resources at the Gora deposit total 0.487 million tonnes grading 5.27 gpt and Indicated Resources total 1.84 million tonnes grading 4.93 gpt. Inferred Resources total 0.21 million tonnes grading 3.38 gpt. The increase in resources reflects the inclusion of all outstanding assays and continued refinement of the resource model.
Saiensoutou
During the third quarter 2012 results were received for the infill Rotary Air Blast ("RAB") drilling program completed at Saiensoutou during the second quarter. This program returned a number of mineralized intercepts (greater than 0.2 gpt cut-off, Aqua Regia Assays), which includes 20 metres at 1 gpt, 18 metres at 1.5 gpt, and 20 metres at 2.3 gpt. These gold intersections broadly cluster into three sub-parallel NS trends, which extend for at least 1.2 km in strike length. A program of 6,000 metres of RC drilling is scheduled for later this year or early next year to allow first pass testing of these gold bearing trends.
Toumboumba (Sabodala NW)
Toumboumba is a shear vein system hosted in the Falombou granite and has the potential for a small, shallow, oxide deposit, located 10 km from the Sabodala mill. This prospect consists of 18 north-south to north-east trending gold anomalous zones identified from RAB drilling during 2011.
During the third quarter 2012, the exploration permit reached its natural expiration, and as of the date hereof has not yet been renewed by the Senegalese Ministry of Mines. During the third quarter, Sabodala Mining Company, along with its joint venture partner, applied for an extraordinary extension, pursuant to its rights under the Senegalese Mining Code, for an additional renewal based on discoveries made to date (most notably Toumboumba) and in order to complete drilling on targets within the perimeter to determine whether an economically feasible deposit exists within its boundaries. The Company remains optimistic that a renewal will be issued by the Ministry of Mines in due course.
For full drill results from our ML and Regional Exploration Program please see the Company's website.
About TERANGA
Teranga Gold Corporation is a Canadian-based gold company listed on the Toronto Stock Exchange (TSX: TGZ) and Australian Securities Exchange (ASX: TGZ). Teranga is principally engaged in the production and sale of gold, as well as related activities such as exploration and mine development.
Teranga was created to acquire the Sabodala gold mine and a large regional exploration land package, located in Senegal, West Africa, within the West African Birimian geological belt. Management believes the mine operation, together with the Company's prospective 1,330 km2 land package, provides the basis for growth in reserves, production, earnings and cash flow as new discoveries are made and processed through the Company's existing mill. The Company is focused on growth - growth in reserves, growth in production - while building a strong balance sheet to facilitate its actions.
Forward-Looking Statements
This report contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Teranga, or developments in Teranga's business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Teranga cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements relate to, among other things, the expected use of proceeds of the offering and the expected closing date of the offering. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions; and other risks detailed from time to time in Teranga's filings with Canadian provincial securities regulators. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and, except as required by law, Teranga does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.
Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities.
Competent Persons Statement
The technical information in this report that relates to exploration results and mineral resource estimates within the Mining License is based on information compiled by Mr. Bruce Van Brunt, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Van Brunt is a full time employee of Teranga and not independent. Mr. Van Brunt has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a "Competent Person" as defined in the 2004 Edition of the "Australasian Code of Reporting of exploration Results, Mineral Resources and Ore Reserves". Mr. Van Brunt is a "Qualified Person" in accordance with National Instrument 43-101 and he consents to the inclusion of this information in the form and context in which it appears in this report.
The technical information in this report that relates to the exploration results and targets within the regional exploration program are based on information compiled by Mr. Martin Pawlitschek, who is a member of the Australian Institute of Geoscientists. Mr. Pawlitschek is our full time employee and is not "independent" within the meaning of National Instrument 43-101. Mr. Pawlitschek has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Pawlitschek is a "Qualified Person" in accordance with NI 43-101 and he consents to the inclusion of this information in the form and context in which it appears in this report.
Contacts:
Teranga Gold Corporation
Kathy Sipos
Vice-President of Investor & Stakeholder Relations
+1 416-594-0000
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Datum: 29.10.2012 - 10:00 Uhr
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