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Gold/Mining/Energy : Juniors News!
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From: canucklehead8012/12/2011 6:29:15 PM
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Self-Funding In Senegal

Teranga Seeks 500K Gold Oz Annually

By Ted Niles

It is a testament to the Sabodala Gold Mine that when Mineral Deposits TSX:MDM decided in 2010 to spin off the project into its own company—Teranga Gold Corp TSX:TGZ—it drew the attention of so seasoned a management team. Most notable amongst them is Chairman and CEO Alan Hill, the former Executive VP of Development for Barrick Gold TSX:ABX. From 1983 to 2003, Hill oversaw the evaluation, acquisition and development of many of that company’s mines. “What we initially knew about Sabodala,” says Teranga’s VP of Investor Relations Kathy Sipos—also a Barrick alumnus—”was that it was an operating mine that had a very short reserve life but had a fabulous operation built to a Barrick standard.”

Located on the prolific Birimian Greenstone Belt—well known for its Mali, Ghana and Burkina Faso gold deposits—Sabodala is Senegal’s first large-scale gold mine. Sipos explains that Senegal is virgin territory. “The mining code came in 2003, and it’s only been since 2005 that people have been going in and exploring. They’ve already found 10 million ounces of gold on the Senegal side. Across the border, Mali has been open for mining for closer to 20 years and has found 40 million ounces. So it’s a very prolific new area. And the President and the CEO say that Senegal has one of the best mining codes they’ve ever seen.”

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