Teranga Gold Reports a 27% Increase in Production to 91,312 Ounces

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Algemeen advies 14/05/2020 16:18
Sabodala and Wahgnion mine operations continue uninterrupted during the COVID-19 pandemic
(All amounts are in U.S. dollars unless otherwise stated)
Toronto: May 14, 2020 – Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ;
OTCQX:TGCDF) today reported financial, operating and development results for the three months ended March 31, 2020.
“This was Teranga’s first full quarter with two operating mines and we are pleased to report strong revenues,
profits and quarterly production,” said Richard Young, President and Chief Executive Officer. “While approximately 23,600 ounces of gold bullion inventory remained unsold at March 31, 2020, COVID-19
related shipping delays have since been addressed, and gold bullion is being shipped and sold on a regular basis. I would like to thank our team members for their dedication in resolving these challenges while delivering a solid quarter and strong start to the fiscal year. Barring any unforeseen issues related to the pandemic, we expect to meet our original production guidance for 2020.”
“We continued to be very pleased with the performance of the Wahgnion plant during the first quarter, its first full quarter of commercial production,” said Paul Chawrun, Chief Operating Officer. “Mill throughput continues to exceed the plant design and gold production at 51,306 ounces was above plan. Wahgnion delivered what will be its strongest quarter of the year, offsetting an expected soft quarter from Sabodala as we progress through a lower grade phase of the mine plan.”

Mr. Chawrun added, “The development of the Sabodala-Massawa complex is underway with integration activities proceeding as planned. We are on track to initiate mining at the Sofia deposit, complete the pre-feasibility study, and issue the NI 43-101 Technical Report in the third quarter.”
Three months ended March 31, 2020 compared to three months ended March 31, 2019
Three months ended March 31,
Financial Data
2020 2019 Change
Revenu ($000s) 134,114 92,127 46 %
Cost of sales ($000s) (94,653) (64,054) 48%

see & read more on https://s2.q4cdn.com/949220588/files/doc_financials/2020/q1/Teranga-Q1-2020-Results-Release.pdf

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