Teranga’s Wahgnion gold mine starts ahead of schedule

Teranga Gold’s (TSX: TGZ; US-OTC: TGCDF) Wahgnion open-pit gold mine in Burkina Faso started processing ore in August, two months ahead of schedule, and is expected to produce 30,000 to 40,000 oz. gold in 2019.

Wahgnion has an estimated mine life of 13 years. During its first five years of operation, from 2020 to 2024, the mine is expected to produce an average of 132,000 oz. gold per year at an average mill grade of 1.83 grams gold per tonne and all-in sustaining costs (AISCs) of US$761 per ounce.

Wahgnion has measured and indicated resources of 50.5 million tonnes grading 1.51 grams gold per tonne for 2.44 million contained oz. gold. Inferred resources add another 5.25 million tonnes grading 1.41 grams gold for 240,000 contained oz. gold.

Starting next year, the company is planning an exploration and drilling program that will focus on targets within trucking distance of the plant.

Wahgnion, 510 km southwest of Burkina Faso’s capital city of Ouagadougou, is Teranga’s second mine in Africa. Its first, the Sabodala open-pit mine, is the largest gold producer in Senegal.

Teranga’s shares were trading at $5.58 apiece within a trading range of $2.97 to $5.71 at press time. The company has 108 million common shares outstanding for a $600-million market capitalization.


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