True Gold Mining Inc. ("True Gold" or the "Company") is pleased to announce that the Company has received an Exploitation (mining) Permit to develop and operate the Karma Gold Project (the "Karma Project") in Burkina Faso, West Africa.
Burkina Faso's President has formally signed the Decree approving the Karma Exploitation Permit. The permit was issued to Riverstone Karma SA, the Company's Burkina Faso operating subsidiary.
"True Gold is now uniquely positioned with a permitted, feasible gold project that shows excellent economics at US$1250 gold and resilience at significantly lower prices1," said Dwayne Melrose, President and CEO, True Gold. "This, coupled with a proven in-house mine-building and operations team, keeps the Karma Project firmly on track to becoming Burkina Faso's next gold mine."
True Gold continues to advance the Karma Project towards mine financing and prepare for the project's construction. Over the past month, True Gold has appointed Barclays Bank PLC and Société Générale Corporate & Investment Banking as lead arrangers for Karma Project bank debt financing. In addition, the Company announced key appointments to the project's mine development team in Burkina Faso and started building the second phase of a barrage to provide water to local communities and Karma Project operations and construction.
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
1 See True Gold news release dated December 17, 2013