This marks the fifth consecutive year that the Company has both attained record annual gold production and exceeded production guidance.
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
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:
Tel: +1 416-607-4507
Email: tmoran@terangagold.com
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