RE:RE:RE:Analyst updates
Ruffus and All
It's quite possible we will receive news on Banfora development next Friday; at the very least, a progress report on the planning stage.
Depending on availability of drill rigs (and support equipment) they could/should have commenced Banfora drilling to convert Resources to Reserves during the last week of July, or the first week of August. But, if weather is/was a determining factor for Banfora drilling, (think Rainy Season) drilling may have just begun in October. Regardless, keep in mind, Richard Young, TGZ CEO, clearly expressed his desire for immediate action on/for Banfora preliminary development – See below.
Teranga Gold Announces 5% Equity Investment in Gryphon Minerals
July 19, 2016
EXCERPTS
"Accelerating the development of the Banfora gold project is a top priority for us following the closing of the Proposed Gryphon Acquisition," said Richard Young, President and Chief Executive Officer. "In order to maximize our return and mitigate project risk, construction at Banfora needs to commence following next year's rainy season. The capital from the Placement will be used immediately to start the resource conversion drill program and plant optimization studies required to complete a fully optimized and de-risked feasibility study by the first half of 2017 and to update the tailings storage facility design and relocation action plan required as a result of the decision to move forward with a carbon-in-leach plant."
Added Mr. Young, "Launching this process in advance of closing the Proposed Gryphon Acquisition, allows for a target date of fall 2017 for commencement of major construction, with a targeted first pour in the first half of 2019."
https://www.terangagold.com/English/investors/news/newsreleasedetails/2016/Teranga-Gold-Announces-5-Equity-Investment-in-Gryphon-Minerals/default.aspx