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True Gold ups the ante, adds $14 million into Karma gold project

Canadian miner True Gold Mining Inc. has announced it will inject an additional $14 million into building the $131.5 million Karma gold project in Burki...

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|Jul 17|magazine7 min read

Canadian miner True Gold Mining Inc. has announced it will inject an additional $14 million into building the $131.5 million Karma gold project in Burkina Faso, drawing from its $100 million stream financing from its partnership  with Franco-Nevadas Corporation and Sandstorm Gold Bank Ltd.

“There is an atmosphere of excitement on site with a workforce of over 500 focusing on earthworks and the processing plant final assembly,” said Christian Milau, True Gold President and CEO.

“We have progressed rapidly with site development and construction, highlighted by commissioning of the mine fleet, completion of the raw water pond excavation and initial construction of the raw water pipeline.”

• Related content: True Gold Announces Agreement to Purchase Mining Fleet for Karma Project

This the third draw the Vancouver-based miner has made, bringing the total amount drawn to $71.6 million with roughly $37.5 million in cash remaining.

The additional financing will ensure construction remains on schedule with the planned placing of ore on the heap leach pads in early 2016 and fits first gold pour, which is expected during the end of the first quarter in 2016.

According to Milau, the Karma mine is in full construction with all required personnel on site. Highlights since the last project update include:

• Excavation of raw water pond completed

• Burying of the barrage raw water pipeline commenced

• Water pipeline from barrage to site 20% complete

• Excavation of storm water pond commenced

• Excavation of Pregnant Leach Solution (PLS) pond commenced

• Stripping of Cell 1 of heap leach pad completed

• Mine fleet commissioned (six Komatsu 785 trucks, PC 3000 excavator, WA800 loader)

• Assembly of hard rock crusher has commenced

• Assembly of Absorption, Desorption and Refining (ADR) plant structural steel has commenced

Planned infrastructure activities upon delivery at site:

• Assembly of assay lab

• Assembly of gold room structural steel

• Assembly of the cement silos

• Commissioning of the remaining three generators and full completion of the power plant

Located in West Africa, the Karma gold mine is expected to produce 97,000 ounces a year and will become one of the lowest-cost gold mines in the region.

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