True Gold Draws Down $14 Million from Franco Nevada, Sandstorm Gold

True Gold Mining Inc. (TSXV:TGM) provided a construction update on its Burkina Faso-based Karma project, noting that it remains on schedule, with the first gold pour expected at the end of Q1 2016.
The company also said that it’s drawn down a further $14 million of the $100-million financing provided to it by Franco-Nevada (Barbados) Corp. and Sandstorm Gold Bank Ltd.; that is the third draw down True Gold has made.
As quoted in the press release:

The Karma mine is in full construction with all required personnel on site. Highlights since the last project update (see news release dated June 17, 2015) 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

Christian Milau, president and CEO of True Gold, commented:

There is an atmosphere of excitement on site with a workforce of over 500 focusing on earthworks and the processing plant final assembly. 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.

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