Teranga Gold Announces Receipt of Environmental Approval Teranga Gold Corporation ("Teranga" or the "Company") (TSX: TGZ)(ASX: TGZ) is pleased to announce receipt of the environmental approval required to proceed with the development of its high-grade Gora project. Gora, the Company's first satellite deposit as well as its first discovery on its large regional land package, is situated 25 kilometres from the existing mill.
"We are delighted to report that it is full steam ahead on the Gora project," said Richard Young, President and Chief Executive Officer of Teranga. "Work has begun on road construction from Sabodala to Gora and we expect to be processing ore from Gora through our mill by the fourth quarter. Gora is the first satellite deposit to be discovered on our regional land package, which is a key focus area of our three-phase growth plan in Senegal."
Mr. Young added, "We are appreciative of the government of Senegal's continued confidence in Teranga. Their approval of the Gora environmental study demonstrates continued support for the mining industry and assists us in executing on our vision to be the pre-eminent gold producer in Senegal while setting the benchmark for responsible mining."
Teranga's guidance for 2015 calls for production of between 200,000 and 230,000 ounces of gold. The Gora development schedule is aggressive but management believes it is achievable. Production at Gora is expected to be between 50,000 and 75,000 ounces per year with average feed grades ranging from 4 to 6 grams per tonne over its estimated four-year life.