Skip to main content

Teranga Gold Achieves Record Production, EBITDA, Cash Flow and Adjusted Earnings in the Third Quarter; Reaffirms 2020 Guidance

Written by Customer Service on . Posted in Public Companies.

Sabodala’s head grade increases by 28% with inclusion of high-grade Massawa ore
Wahgnion’s production was 30% higher than originally planned due to excellent plant performance(All amounts are in U.S. dollars unless otherwise stated)TORONTO, Nov. 10, 2020 (GLOBE NEWSWIRE) — Teranga Gold Corporation (“Teranga” or the “Company”) (TSX:TGZ; OTCQX:TGCDF) today reported financial, operating and development results for the three and nine months ended September 30, 2020.“The third quarter was record-breaking for Teranga as we started mining high-grade ore at Massawa, delivered solid results at Wahgnion and realized strong gross profit, earnings and cash flow,” said Richard Young, President and Chief Executive Officer. “We expect to complete our transformation into a low-cost mid-tier producer by year end and will continue to advance our organic growth pipeline in pursuit of our third mine.”“Following a strong quarter, we are well on track to achieve our 2020 production and cost guidance,” noted Paul Chawrun, Chief Operating Officer. “The addition of Massawa’s high-grade ore is a game changer, transforming the Sabodala-Massawa complex into a top tier gold asset.  Mining and processing of the high-grade ore commenced in the third quarter and we expect a record fourth quarter for Sabodala-Massawa.”Mr. Chawrun added, “The Wahgnion plant continues to operate significantly above design and exploration drilling activities commenced at a variety of prospects throughout the mine license and regional properties during the quarter. There is also a considerable amount of exploration work underway at Afema in Côte d’Ivoire, where we have announced excellent initial drill results, and at Golden Hill, for which we recently announced an increase in the mineral resource.”NEXT STEPS AND UPCOMING MILESTONES

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.