Toronto, Ontario: Teranga Gold Corporation (“Teranga” or the “Company”) (TSX:TGZ; OTCQX:TGCDF) has entered into a definitive agreement pursuant to which it will acquire a 90% interest in the Massawa Gold Project (“Massawa”) from a wholly-owned subsidiary of Barrick Gold Corporation (“Barrick”) (TSX:ABX; NYSE:GOLD) and its joint venture partner, Compagnie Sénégalaise de Transports Transatlantiques Afrique de l’Ouest SA (“CSTTAO”) (collectively, the “Vendors”) with the Government of Senegal holding the remaining 10% interest in Massawa (the “Transaction”).
Massawa is one of the highest-grade undeveloped open-pit gold reserves in Africa(2). It is located within trucking distance of Teranga’s flagship Sabodala Gold Mine (“Sabodala”) in Senegal, creating the opportunity for significant capital and operating synergies(3). The proximity of the projects and the combination of Sabodala’s mill and Massawa’s high-grade ore (the “Sabodala-Massawa Complex”) are expected to scale Sabodala into a top tier asset.
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