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True Gold Mining Inc. (TSXV:TGM) released an update on its efforts to resume full construction at its Burkina Faso-based Karma project.
True Gold Mining Inc. (TSXV:TGM) released an update on its efforts to resume full construction at its Burkina Faso-based Karma project. The company recently suspended operations there after a demonstration.
As quoted in the press release:
- The Government of Burkina Faso is meeting with community members to re-establish the Community Liaison Committee (CLC) in order to facilitate a return to work and resumption of construction.
- True Gold expects the new CLC to serve as an important bridge between the Project and the local community going forward. The Company hopes to resume work as issues are discussed and resolved through the CLC, which dissolved late last year with the change in central government. The CLC was originally created in 2012 and served as an effective channel for dialogue, engagement, issue resolution and Project orientation. It included representation from 65 different stakeholders, including True Gold.
- During this period, True Gold is taking appropriate steps to limit its capital expenditures, including reducing employees, deferring payments, and holding materials and equipment in supplier inventory.
- The Company is finalizing a plan that will enable an efficient restart of operations at the mine. Our team is working closely with SENET, the engineering, procurement and construction management (EPCM) contractor for Karma. We anticipate having this plan completed in the coming weeks.
- True Gold has received assurances from the central government in Burkina Faso that Company permits remain valid and secure for all deposits.
Click here for the full True Gold Mining Inc. (TSXV:TGM) press release.