Teranga Gold updates third-quarter results

Teranga Gold Corp. President and CEO Richard Young updated the company's third-quarter operating results and strategic growth initiatives during a presentation at the Denver Gold Forum on Tuesday.

Teranga Gold, a Canadian-based gold company involved in the production and sale of gold, also is involved in exploration and mine development in Senegal.

Among the topics Teranga Gold presented was mine production in 2015, that is expected to be between 200,000 and 230,000 ounces.

Production is expected to be in the lower half of the guidance range as a result of changes made during the third quarter to the Gora mine plan to enlarge the phase one pit to optimize operating efficiencies. The result of these modifications is the deferral into 2016 of three benches containing approximately 100,000 tons of ore at over six grams of gold per ton.

Young also discussed reserve development initiatives underway, including a program to convert open pit resources on its mine license and a study to convert high grade underground resources at depth.