(All amounts are in
As at
Teranga produced a record 119,364 ounces of gold in the fourth quarter, increasing full year production to 404,460 ounces of gold in 2020, a year-over-year increase of 40%.
Full year gold production topped the high end of the Company’s increased guidance range of between 375,000 and 400,000 ounces with both of its operating mines, Sabodala-Massawa and Wahgnion, meeting or exceeding each of their respective guidance ranges. The Company’s original 2020 production guidance range of 345,000 to 355,000 ounces was adjusted upward mid-year.
“Teranga’s highly skilled operating teams achieved record production for the fifth year in a row, a testament to their expertise and dedication, as well as the quality of our assets,” said
Sabodala-Massawa produced 229,199 ounces of gold in 2020, the mid-point of its revised production guidance range of 225,000 to 235,000 ounces of gold and well above the original guidance of ~215,000 ounces of gold issued at the beginning of last year. Following commercial production at Massawa on
During its first full year of commercial production, the Company’s newest mine, Wahgnion, produced 175,261 ounces of gold, surpassing the high end of its revised 2020 production guidance range of 150,000 to 165,000 ounces. Teranga increased Wahgnion’s original production guidance of 130,000 to 140,000 ounces mid-year to reflect the outperformance of the plant, which continues to process approximately 25% more material than its original designed capacity.
“We have achieved our vision of becoming a low-cost mid-tier gold producer, with two strong operations and a highly prospective organic growth pipeline,” said
Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Teranga’s future growth opportunities, results of operations, performance (both operational and financial) and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "plans", "expects", "does not expect", "scheduled", "trends", "indications", "potential", "estimates", "predicts", "anticipate", “to establish”, "does not anticipate", "believe", "intend", "ability to" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward looking information. Specific forward-looking statements in this press release include, but are not limited to, forecasting consolidated gold production for 2021 and the timing of closing of the Company’s merger with Endeavour Mining, including any benefits or synergies derived therefrom. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Teranga cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the closing and timing of financing, the ability to obtain any requisite governmental approvals, the accuracy of mineral reserve and mineral resource estimates, gold price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Teranga cautions you not to place undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond the control of Teranga, as well as other risks and uncertainties which are more fully described in Teranga's 2019 Annual Information Form dated
About Teranga
Teranga is a mid-tier gold producer operating two mines – Sabodala-Massawa and Wahgnion – and advancing prospective exploration properties across
Contact Information
President & CEO T: +1 416-594-0000 | E: ryoung@terangagold.com | VP, Investor Relations & Corporate Communications T: +1 416-607-4507 | E: tmoran@terangagold.com |
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