VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 27, 2014) - True Gold Mining Inc. (TSX VENTURE:TGM) ("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.
||See True Gold news release dated December 17, 2013
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 constitute "forward-looking information" within the meaning of Canadian securities legislation. 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, statements regarding the potential to growing a successful gold exploration, development and production company, ability to obtain mine financing and complete Phase 2 of the water barrage, expectations for receipt of all required permits and approvals to develop the Karma Project into a heap-leach mining operation, and the assumptions set forth in the Company's December 17, 2013 news release. Additional risks and uncertainties relating to equipment breakdowns, undiscovered title defects, surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in the management discussion and analysis and annual information form which are available under the Company's profile at www.sedar.com, may result in unanticipated delays in obtaining mine financing and commencing construction on the Project. 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 financing, appropriate equipment and sufficient labour 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.