TORONTO, ONTARIO--(Marketwired - March 11, 2014) - Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ) (ASX:TGZ) is pleased to announce the appointment of Dr. Jendayi Frazer to the Board of Directors of the Company while Alan Hill will continue his transition to Non-Executive Chairman.
Dr. Frazer was the former U.S. Assistant Secretary of State for Africa Affairs (2005-2009) after having served as the first woman U.S. Ambassador to South Africa (2004). Ambassador Frazer was the leading architect of U.S.-Africa policy for nearly a decade. Prior to this appointment, Dr. Frazer was Special Assistant to the President and Senior Director for African Affairs on the National Security Council. She has also served as Assistant Professor of Public Policy at the Kennedy School of Government at Harvard University as well as at the Josef Korbel School of International Studies at the University of Denver. Dr. Frazer joined the faculty at Carnegie Mellon University in 2009 as Distinguished Public Service Professor with joint appointments in the Department of Social and Decision Sciences, and in the H. John Heinz College's School of Public Policy and Management. Dr. Frazer's current research focuses on strengthening regional security cooperation and economic and political integration in Africa. She also serves on the Board of Directors of the MasterCard Foundation, an independent, global organization that promotes financial inclusion and advances youth learning, mostly in Africa. Dr. Frazer has a B.A. (honours), M.A., and a Ph.D. from Stanford University with a focus on Political Science, African and Afro-American Studies as well as International Development Education.
Dr. Frazer is widely credited as having designed the Bush administration's policies for ending wars in the Democratic Republic of Congo, Sierra Leone, Liberia, and Burundi. Dr. Frazer also played a critical role in resolving Kenya's 2007 presidential election crisis. In recognition of her contributions, Condoleezza Rice presented her with the Distinguished Service Award in January 2009, the highest award bestowed by the Secretary of State. In July 2010, President Ellen Johnson Sirleaf of Liberia awarded Dr. Frazer with the distinction of Dame Grand Commander in the Humane Order of African Redemption which recognized her contribution to end Liberia's civil war.
"Dr. Frazer's experience in African affairs is truly remarkable and she will be a welcome addition to our board. It is critical that we continue to strengthen our relationships with all of our Senegalese partners in order to execute on our operational and corporate social responsibility objectives. Dr. Frazer's knowledge and experience complements and strengthens Teranga's Board," said Alan Hill, Chairman.
ALAN HILL TO TRANSITION FROM EXECUTIVE TO NON-EXECUTIVE CHAIRMAN
Consistent with the Company's long-term succession planning, Alan Hill will transition from Executive to Non-Executive Chairman of the Board of Directors of the Company as of April 30th, 2014. Mr. Hill's transition to the Non-Executive Chairman's position follows the successful completion of the transformational transaction with the Oromin Joint Venture Group (OJVG) which was made possible by the establishment of a global agreement with the Government of Senegal, completed in the first half of 2013. With the acquisition now complete, Teranga has been transformed into a Company with significant free cash flow generating potential as a 250,000 ounce gold producer at best quartile all-in sustaining costs. The Company also has a much stronger balance sheet with significant potential to increase reserves and production organically through exploration success on a highly prospective 70 kilometer emerging gold belt. Since the Company's initial public offering in late 2010, Mr. Hill has built up a very strong operating and corporate team that has met or achieved production and cost guidance over the past two years, in addition to embarking on a world-class corporate social responsibility program. Mr. Hill will remain active in the development of the overall strategy and monitoring of the operations and exploration efforts. Teranga looks forward to continuing to benefit from his judgment, experience and vision.
"Over the past three years, we have doubled reserves and production, lowered our costs structure, strengthened our balance sheet and eliminated our inherited, out of the money hedge book. Today the Company has a great reserve and resource base to build on that should provide significant free cash flows to grow the business organically on a very prospective emerging gold belt. I look forward to continuing to see the Company grow and succeed in the months and years ahead," said Mr. Alan R. Hill.
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.
Teranga'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.