Teranga Announces 24-percent Rise in Gold Production for Q2

Teranga Gold Corp. (TSX:TGZ,ASX:TGZ) announced its financial and operating results for Q2 2015, commenting that it put out 49,392 ounces of gold, up 24 percent from the year-ago period. Meanwhile, net profit came to $6.7 million compared to a loss of $12.5 million in Q2 2014.
Other highlights include:

• Cash flow from operations increased to $12.3 million compared to a loss of $9.8 million
• Free cash flow improved by $365 per ounce and includes $147 per ounce in new project capital
• Total cash costs decreased by 26 percent to $602 per ounce
• All in sustaining costs decreased to $948 per ounce including $147 per ounce in new project capital
• 2015 operating and financial outlook reaffirmed – expectation is for production to be in the top half, and costs at the lower end, of guidance
• Debt-free balance sheet with $38.4 million in cash
• Subsequent to June 30, 2015, closed $30 million revolver with Société Générale

Richard Young, president and CEO of Teranga, commented:

With the steps we have taken to reduce our costs and eliminate our debt, we are in a position of financial strength, generating solid cash flows from operations during the quarter to fund new project capital. Several growth initiatives are underway including Gora, our new high-grade satellite deposit, which I am pleased to say, is on track to come into production in the fourth quarter, and is expected to further enhance our production flexibility and to generate significant free cash flow commencing in 2015.

Click here to read the full Teranga Gold Corp. (TSX:TGZ,ASX:TGZ) press release.