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True Gold Engages SENET as EPCM Contractor for the Karma Project
Leading engineering firm with extensive African heap leach experience engaged
|By Marketwired .
|June 24, 2014 07:00 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/24/14 -- True Gold Mining Inc. (TSX VENTURE: TGM) ("True Gold" or the "Company") is pleased to announce that SENET (Pty) Ltd. ("SENET"), a leading South African based mineral process and engineering firm, has been awarded the engineering, procurement and construction management ("EPCM") contract for the Karma Mine in Burkina Faso, West Africa.
"We are very pleased to have engaged SENET as EPCM contractor for the Karma Mine," stated Peter Carter, COO of True Gold. "SENET is very familiar with Karma, having worked with our Owner's team on the project from an early stage, including leading the Feasibility Study(1), construction of the fresh water barrage, and detailed engineering and construction-level design work. In each instance, we have been impressed with their ability to identify potential cost savings, which could cumulatively lead to significant reductions in capital for the overall mine build."
SENET is recognized worldwide for their extensive African mine construction experience, having worked on more than two dozen mines throughout the continent, including leading engineering, construction and procurement for the Yatela, Kalsaka, and Ayanfuri heap leach gold mines in West Africa.
SENET will work closely with our Burkina Faso based senior management team, who have extensive mine building experience around the globe. Peter Carter, True Gold's Chief Operating Officer and Vice President Engineering, was involved in the construction and start-up of the Kumtor Gold Mine in Kyrgyzstan and, as Operations Manager, helped oversee construction at the Boroo Gold Project in Mongolia. Steve Cole, Karma Project Manager, was Project Director with Aurora Energy Resources and Engineering Manager for Fronteer Gold, where he managed engineering studies and projects related to the company's gold projects in Nevada. Chris Wentzel, Karma Construction Manager, has supervised gold and copper mine construction projects in African jurisdictions such as Guinea, Sierra Leone, Eritrea and Mali.
(1) See Technical Report, entitled "Updated Resource Estimate and Feasibility Study on the Karma Gold Project," prepared by P&E Mining Consultants Inc. dated effective December 17, 2013, a copy of which is available under the Company's profile on SEDAR at www.sedar.com.
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a successful gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company's board, management and technical teams have proven track records in gold exploration, development, operations and production worldwide.
Additional information about the Company and its activities may be found on the Company's website at www.truegoldmining.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Dwayne Melrose, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may constitute forward-looking statements. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding officer appointments and resignations, the potential to growing a successful gold exploration, development and production company, ability to find projects with low costs, low technical risks and solid economics, expectations that corporate social responsibility ("CSR") programs and local community engagement will reduce project risk, continued excellent community relations that will bear clear benefits for local residents and the Company, including improved project design, reduced costs, water for community use and reduced social impacts, continued local community support for the development of the Karma Project, the possibility that the key personnel in the Karma Project CSR leadership team may not perform as anticipated or remain with the Company, accidents, and risks and uncertainties relating to equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk, the potential for growth and scalability of the Karma Project including, but not limited to, potential for additional mining centres, continued exploration success, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that bottle roll tests will be indicative of ultimate column test results, the potential initial resource estimate on the Kao North discovery, and other risks and uncertainties including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com.
Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access required financing to be in a position to consider a production decision, appropriate and sufficient equipment and labour will be available and accessible to the Company to meet its development goals, retention of key personnel and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
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