Teranga Gold Corporation (fka TGCDF)

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Teranga Gold Looks Ahead to Growth Opportunities in 2017 Following Strong Performance in 2016

TORONTO, ONTARIO--(Marketwired - Feb. 23, 2017

Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ)(ASX:TGZ) is pleased to report its financial results for the fourth quarter and full year ended December 31, 2016.

"In addition to exceeding our full year production and cost guidance, we undertook strategic actions in 2016 which have opened up significant growth opportunities for us," stated Richard Young, President and Chief Executive Officer. "For shareholders, Teranga offers meaningful upside potential, backstopped by a robust production profile, a strong balance sheet, and a supportive cornerstone investor. These are exciting times."

2017 CATALYSTS

Banfora gold project: Following completion of a NI 43-101 technical report targeted in mid-2017, the Company's board of directors will assess project economics in advance of a potential construction decision in the second half of 2017.
Continued strong operational performance at Sabodala: The Company's outlook for 2017 production of between 205,000 and 225,000 ounces of gold and all-in sustaining cash costs per ounce(1) of $900-$975, is enhanced by a de-risked profile following the completion of a mill optimization, the implementation of new grade control procedures and the build-up of high-grade inventory.
Multi-jurisdictional exploration programs: With $12-$15 million earmarked for exploration, Teranga is focused on increasing its reserve and resource base and increasing the likelihood of an exploration discovery in three major gold regions: Burkina Faso, Côte d'Ivoire and Senegal.

2016: THE YEAR IN REVIEW

Financial Highlights

Net income attributable to shareholders for the year increased to $23.1 million or $0.06 per share

EBITDA(2) improved to $99.2 million

Strengthened the Company's balance sheet by more than doubling its cash position to $95.2 million

Revenue $268.9 million


http://www.stockhouse.com/news/press-releases/2017/02/23/teranga-gold-looks-ahead-to-growth-opportunities-in-2017-following-strong