Modern Mining September 2017

GOLD

Banfora gold plant to be modelled on Sabodala

Belt, which also hosts Randgold Resources’ Tongon deposit in Côte d’Ivoire. The project is 90 % owned by Teranga with the Government of Burkina Faso holding a 10 % free carried interest. It is easily accessible by road and is in close proximity to the regional town of Banfora and the major city of Bobo- Dioulasso, which has an international airport. Under Teranga’s Mining Convention with the Government of Burkina Faso, the project benefits from fiscal stability guarantees that sta- bilise certain tax rates such as corporate income and customs duties in effect prior to the adop- tion of the 2015 Mining Code. “Development of the Banfora project is an important step towards attaining our goal of becoming the next multi-asset, mid-tier gold producer in West Africa. It will diver- sify our production base and add significant scale by increasing our consolidated annual gold production by 50 % to between 300 000

Canada’s Teranga Gold Corporation, listed on the TSX, has produced a positive Feasibility Study (FS) on its permitted Banfora gold project in Burkina Faso, which it acquired last year as part of its acquisition of Australia’s Gryphon Minerals. Based on initial gold reserves of 1,2 Moz, the FS’s base case demonstrates solid project economics with a 15 % internal rate of return at US$1 250 per ounce gold for a 2,4 Mt/a CIL processing facility modelled after the plant located at Teranga’s Sabodala gold operation in Senegal.

T he project, located in the south- west corner of Burkina Faso, com- prises a mine licence of 89 km 2 and a regional exploration land package of nearly 1 000 km 2 . It is less than 10 km from the border with Côte d’Ivoire and lies within the north-northeast trending paleo-proterozoic Birimian Senoufo

Drilling at Banfora. Over the past year, Teranga has completed follow-up drilling across the defined deposits at Banfora to augment and validate historical drilling.

34  MODERN MINING  September 2017