True Gold Mining Inc.
TSX VENTURE : TGM

True Gold Mining Inc.

May 29, 2015 06:42 ET

True Gold Strengthens Karma Development and Operations Team

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2015) - True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") today announced a strengthened development and operations team with extensive mine building, operational and West African stakeholder relations expertise. The team, composed of both existing and new senior personnel, will be responsible for completing construction of the Karma gold mine, as well as subsequent operations and ongoing community and government relations in Burkina Faso. Karma is on track to pour gold by the end of the first quarter of 2016.

True Gold is pleased to announce it has hired a new Chief Operating Officer to lead the strengthened team. The new COO, who will join the Company and be formally announced by the end of June, is a mining professional with extensive experience in mine operations and project development with recent and relevant West African experience. Peter Carter has resigned as COO to pursue other interests, and we wish him well in his future endeavours.

Christian Milau, True Gold's President and CEO, said, "Over the past few months we have enhanced our project development and operations teams for Karma, leveraging the experience and relationships of our existing management team while adding a number of highly qualified mining leaders and executives in key areas. This team has the experience and skills to bring Karma into production over the next 10 months and execute on the Company's longer term strategy of becoming a leading mid-tier gold producer."

Mark O'Dea, True Gold's Executive Chairman, said, "On behalf of the Board and management team, I want to sincerely thank Peter for his contribution to True Gold over the past years. He has played an important role in designing Karma as a heap leach mine, and bringing the project into the construction phase."

Project and Operations Leadership in Burkina Faso

The project team is led by:

  • Doug Perkins, Executive Director, with over 30 years in operations and management of resource and mining companies in Africa, including serving as the CEO of GMA Resources Plc in Algeria (constructed a heap leach mine) and the CFO of Orezone Gold in Burkina Faso. Doug has also taken leadership responsibility for community relations in his various roles;
  • Graeme Rapley, Project Manager, with over 30 years of project and construction experience including Tongon in Cote d'Ivoire, Sadiola expansion in Mali, and the treatment plant at Obuasi, Ghana;
  • Chris Wentzel, Construction Manager, with over 25 years of experience in civil and mine-related construction in Sierra Leone, Guinea, Mali and Eritrea;
  • Ken Engquist, Project Technical Advisor, with over 20 years of experience as a Project Manager for the Cripple Creek and Victor gold mines, Anglogold Ashanti and at Rio Tinto's Oyu Tolgoi and Kennecott Utah Copper; and
  • SENET (Pty) Ltd., a leading South African based mineral process and engineering firm which continues as EPCM contractor.

The operations team is starting to take shape as we move towards production in 2016 and is led by:

  • John Sampson, Operations Manager, with over 30 years of experience as a mining and general manager in Burkina Faso, DRC, Sierra Leone, and Ghana; and
  • Neil Haikney, Processing Manager and Project Technical Advisor, with over 30 years of experience as a Metallurgical Engineer in DRC, Burkina Faso, Ghana, South Africa and North and South America.

Community and Government Relations

True Gold's community and government relations programs are led by:

  • Cyriaque Ki, Director General, who has been with True Gold for over 10 years and leads the government relations, community relations and communications activities in Burkina Faso. Cyriaque has a background in geology and extensive relationships in the mining sector and with government in Burkina Faso;
  • Emmanuel Goujon, Director of Communications and Government Relations, with over 15 years of experience as a communications adviser and journalist in conflict areas in Africa with international media organisations (BBC, Agence France Press, Radio France International and as a freelance journalist) and he has extensive relationships with government authorities in the region;
  • Jean Paul Vancolbert, Community Relations Manager (CSR), with significant African (Algeria, Central African Republic, Republic of Congo and Senegal) experience including site management, community relations, mine start up CSR, conflict management, local government and traditional leader relations, security and safety; and
  • Maitre Halidou Ouedraogo, Strategic Advisor. Maitre Halidou is a Senior Magistrate with over 35 years of experience in the field of law and human rights and served as President of the Administrative Chamber of the Supreme Court of Burkina Faso. Maitre Halidou is from the province of Yatenga where Karma is located.

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

Christian Milau, President and CEO

Neither the 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.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to True Gold within the meaning of applicable securities laws, including statements with respect to the potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures, the Company's ability to efficiently recommence operations at the Karma Project and that the Company will receive additional drawdowns under the financing agreement with Franco-Nevada and Sandstorm. Many assumptions are based on factors and events that are not within the control of True Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Karma Project, reliance on technical information provided by third parties as related to the Karma Project; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; satisfaction of Burkina Faso requirements relating to the periodic submissions of Environmental Impact Assessments; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration, uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, the potential for delays in exploration and permitting activities, uncertainties related to the Company's relationship with communities that surround its properties in Burkina Faso, risks related to the financing agreement with Franco-Nevada and Sandstorm, including the Company's ability to meet its scheduled delivery obligations, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk as well as those factors discussed in the Annual Information Form of the Company dated April 27, 2015 in the section entitled "Risk Factors", under True Gold's SEDAR profile at www.sedar.com. Although True Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. True Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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