Teranga Gold Corporation - President and CEO, Richard Young
President and CEO, Richard Young
Source: YouTube (121 Mining Investment Events)
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Teranga Gold (TSX:TGZ) has announced consolidated gold production of between 85,000 and 90,000 ounces in the first quarter of 2020
  • Its Sabodala gold mine in Senegal and the Wahgnion gold mine in Burkina Faso are currently operating as expected
  • The company has been building an inventory of critical supplies since January
  • No cases of COVID-19 have been reported and risk mitigation measures have been put in place
  • Teranga Gold (TGZ) is down 1.1 per cent, with shares trading at C$7.22 and a market cap of $1.21 billion

Teranga Gold (TSX:TGZ) has announced consolidated gold production of between 85,000 and 90,000 ounces in the first quarter of 2020.

The West African company is currently focused on the exploration and development of roughly 6,050 square kilometres on prospective gold belts.

Despite the impact of COVID-19, Teranga’s Sabodala gold mine in Senegal and the Wahgnion gold mine in Burkina Faso are operating as expected.

While admittance to the sites has been restricted, the company is working to ensure the continuity of its operations.

Paul Chawrun, COO of Teranga Gold, said that development and exploration is proceeding as planned.

“As previously disclosed to the market, this will be Wahgnion’s strongest quarter of the year and Sabodala’s softest quarter due to lower grades processed as a result of pit sequencing,” he added.

Since its IPO in 2010, the company’s Sabodala operation has produced more than 2 million ounces of gold. Integration of the site is currently underway with the neighbouring high-grade Massawa Project, and is anticipated to create a top-tier gold complex.

Massawa ore is expected to be processed through the Sabodala mill in the third quarter of this year.

Since January, Teranga has been building an inventory of critical supplies in preparation for the inevitable impact of COVID-19. The company has now also implemented a variety of precautionary measures.

While no cases of the virus have been reported, employees at Teranga’s corporate and regional offices have been moved to a remote working schedule.

Richard Young, President and CEO of Teranga Gold, stressed that employee health and safety has always been a top priority.

“The team has enhanced medical services at each mine site and ramped up infectious disease education, prevention, and management protocols across the company.

“Both Sabodala and Wahgnion have entered an isolation period and a team of national and expatriate staff have volunteered to stay on site beyond their normal rotations to run the operations,” he said.

Teranga Gold (TGZ) is down 1.1 per cent, with shares trading for C$7.22 at 11.15am EST.

More From The Market Herald

" Barksdale (TSXV:BRO) announces latest drill results from San Javier, Mexico

Barksdale Resources (BRO) has released assay results for another eight drill holes in its 5,000-metre Phase I program.

" Solis Minerals (TSXV:SLMN) upgrades OTC listing

Solis Minerals (SLMN) is attempting to upgrade its U.S. Over The Counter (OTC) listing to the OTCQB level.

" Prismo Metals (CSE:PRIZ) begins work at Los Pavitos

Prismo Metals (PRIZ) has mobilized a crew of geologists to its Los Pavitos project in Sonora State.

" Element 29 (TSXV:ECU) reports final three holes from drilling at Elida

Element 29 Resources (ECU) has completed its seven-hole, 4,500-metre drill program at the Elida Copper Project.