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True Gold Mining Inc. (TSXV:TGM) released its financial results and business highlights for the first half of 2015, commenting that during the period it made significant progress at the Karma mine. Currently its focus there is on completing construction.

True Gold Mining Inc. (TSXV:TGM) released its financial results and business highlights for the first half of 2015, commenting that during the period it made significant progress at the Karma mine. Currently its focus there is on completing construction.
In terms of finances, the company said:

For the three and six month periods ended June 30, 2015, the Company reported a net loss of $4.2 million and $11.1 million respectively, compared to net losses of $6.1 million and $10.0 million for the three and six month periods ended June 30, 2014. The most significant contributor to the loss for the six months ended June 30, 2015 was the impairment recognized on assets damaged during the demonstration at the Karma Mine. The most significant contributor to the comparative three and six month period ended June 30, 2014 losses was exploration and evaluation expenditures predominately related to the Karma Mine.
Total assets as at June 30, 2015 have decreased since December 31, 2014 by $13.4 million to $96.7 million, mainly due to a decrease in total cash and short term investments reflecting cash outflows from operations through the six month period ended June 30, 2015. This was offset by the capitalization of development costs related to the Karma Mine net of the impairment charge related to assets damaged during the demonstration at the Karma Mine.

True Gold also gave the following update on Karma:

  • Earthworks and Civils
    The mining fleet was commissioned and is operational. The raw water pond excavation has been completed and the water pipeline from barrage to site is 95% complete.  Good progress has been made on the excavation of the storm water and Pregnant Leach Solution (PLS) ponds and cells 1 to 6 of the heap leach pads.Within the process plant, foundations are under construction for the soft rock crusher, cement silos, cyanide mixing and agglomeration areas. The power plant is onsite with all generators mounted on plinths and the fuel farm is completed. Assembly of the Adsorption, Desorption and Recovery (ADR) plant has commenced and is rapidly advancing.
  • Mine Development
    Phase I condemnation drilling at the Goulagou II (GGII) waste dump was completed and grade control drilling at GGII is currently underway.
  • Logistics
    Procurement is 99% complete and deliveries to site are 55% complete. The agglomeration drum has been received at site as well as elution column.
  • Community
    The Community Liaison Committee (CLC), the key communication conduit between the Company and the local communities is operating with over 80 representatives from local villages. A tripartite agreement was signed on June 15, 2015 between the Government of Burkina Faso, the Company and community leaders signifying formal support of the Karma mine.

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

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