Resource News

True Gold Mining Inc. (TSXV:TGM) announced its financial results and business highlights for the three and six months ended June 30, 2014, commenting that it recorded a net loss of $6,647,327 for Q2.

True Gold Mining Inc. (TSXV:TGM) announced its financial results and business highlights for the three and six months ended June 30, 2014, commenting that it recorded a net loss of $6,647,327 for Q2. That’s down from $9,349,714 in the year-ago period.

That said, Dwayne Melrose, the company’s president and CEO, said True Gold “delivered on a number of key milestones related to financing, permitting, project development and exploration.” He added, “[w]e are now the clear leader among our development peers and as we continue to execute over the next 15 months we will emerge as a new and highly profitable gold producer with a long life gold mine in Burkina Faso.”

Q2 project development highlights include:

  • Commenced construction activities including upgrading the site access road and the start of plant site earthworks.
  • Ordered and put deposits on the mining fleet for delivery to site in Q4 – 2014.
  • Continued to strengthen our mine-building team in Burkina Faso.
  • Completed detailed engineering and design, results of which indicate a potential for cost savings in a number of important areas.
  • Completed Phase 2 barrage construction ahead of schedule and under budget.  The barrage is currently filled to full capacity and will provide sufficient water for mine construction and operational needs, as well as potentially providing a year-round water source for local communities.
  • Awarded SENET (Pty) Ltd., a leading South African based mineral process and engineering firm, the engineering, procurement and construction management contract for the construction of the Karma Project.

Click here to read the full True Gold Mining Inc. (TSXV:TGM) press release.

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