Company News Summary
Teranga Gold Corporation Provides June 2012 Quarterly Activities Report
Original announcement: Quarterly Activities Report
Teranga Gold Corporation provided its June 2012 quarterly activities report, reporting that second quarter record production totalled 45,495oz at a total cash cost of $645/oz, a 9% increase in production over the first quarter of 2012, and the highest in the company's history. Construction of the mill expansion to double capacity is complete. With the higher throughput rate in the second half of the year, the company is on track to meet its full year production guidance of 210,000 to 225,000oz of gold at a total cash cost of $600 to $650/oz. The company also reported that the recent amendment to the Macquarie Bank Facility Agreement increased the quarter end cash balance to $35.6m, and will increase operating cash flow in the second half of 2012 as a greater percentage of production can now be sold at higher spot gold prices. In addition, exploration at the Sabodala Mine continues to confirm the potential for an expanded pit.
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