"In light of market conditions, we have lowered our exploration budget for 2013 and other discretionary expenditures including minimizing 2013 development expenditures at Gora, our first satellite deposit, which is expected to be brought into production in 2014. With these changes, at current gold prices, even after the additional costs related to this Agreement of $10 million, we expect to generate free cash flow which will further improve our financial strength during this period while fully extinguishing our hedge book by midyear," said Richard Young, President and CEO of Teranga.
Teranga and the Republic of Senegal intend to embed the Agreement into the Company's mining and exploration licenses over the next 60 days.
The Company will host two conference calls to discuss the Agreement in Principle signed with the Republic of Senegal. In order to address both the ASX and TSX markets, the company will host a call today on Tuesday, April 2, 2013 at 8:30am EST (11:30pm EDT Sydney) and again at 6:00pm EST (9:00am EDT Wednesday, April 3, 2013 Sydney).
To participate on the conference calls, please see the dial-in details below:
-- Toronto: 416-340-8018-- North America toll-free: 1-866-223-7781-- International: +1-416-340-8018
Replay Archive for Tuesday, April 2, 2013 at 8:30am EST (11:30pm EDT Sydney):
-- 1-905-694-9451 or toll-free 1-800-408-3053, passcode: 3359384
Replay Archive for Tuesday, April 2, 2013 at 6:00pm EST (9:00am EDT Wednesday, April 3, 2013 Sydney):
-- 1-905-694-9451 or toll-free 1-800-408-3053, passcode: 7609719
Teranga is a Canadian-based gold company listed on the Toronto Stock Exchange (TSX: TGZ) and Australian Securities Exchange (ASX: TGZ). Teranga is principally engaged in the production and sale of gold, as well as related activities such as exploration and mine development.
The Company's mission is to create value for all of its stakeholders through responsible mining. Its vision is to explore, discover and develop gold mines in West Africa, in accordance with the highest international standards, and to be a catalyst for sustainable economic, environmental and community development. All of its actions from exploration, through development, operations and closure will be based on the best available techniques.
This news release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Teranga, or developments in Teranga's business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action. The words "poised", "gives", "expect", "its vision", "plan", "support", "assist", "commit to", "will not", "intend", "intends to" and similar expressions identify forward looking statements. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. Teranga cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. There is no guarantee that definitive amendments to the Company's mining and exploration licenses will be agreed to in accordance with the terms of this news release. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions; and other risks detailed from time to time in Teranga's filings with Canadian provincial securities regulators. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and, except as required by law, Teranga does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this news release should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities.
Teranga Gold Corporation
Vice-President, Investor & Stakeholder Relations