TORONTO, ONTARIO--(Marketwired - April 16, 2013) - Richard Young, the President and CEO of Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ)(ASX:TGZ), will speak at the 2013 European Gold Forum in Zurich Thursday where he will be providing an update on the progress being made by the Company to generate free cash flow in 2013. Mr. Young will emphasize the key to building a strong financial position is the elimination of the hedge book to allow the Company to sell all of its production at higher spot gold prices and the reduction of discretionary spending. Highlights of the presentation will include:
Hedge book eliminated - now 100% hedge free: |
Cash balance rises in first quarter: |
Reducing 2013 discretionary spending: |
"We increased our cash balance in the first quarter and even at current gold prices, we are positioned to maintain our current cash balance in 2013 through the elimination of our hedge book and a reduction in discretionary spending. The combination of selling 100 percent of production at spot gold prices and development of Gora should help generate strong cash flows in 2014 and beyond," said Mr. Young, President and CEO.
About TERANGA
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.
Forward-Looking Statements
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.
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