|By Marketwired .||
|October 17, 2013 06:30 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/17/13 -- True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") today announced the start of detailed engineering and design for its flagship Karma Gold Project ("Karma Project") in Burkina Faso, West Africa.
The Company has awarded a contract to South Africa-based SENET (Pty) Ltd. for detailed engineering and construction-level design work for a proposed open-pit, heap leach processing facility and related infrastructure(1). SENET is also the lead engineer for the Karma Project's ongoing Feasibility Study, which is expected to be finalized before the end of 2013.
"We selected SENET due to its excellent reputation, expertise, and strong track record working on gold projects in West Africa," said Peter Carter, Chief Operating Officer and Vice President Engineering, True Gold. "We engaged SENET now to take advantage of the opportunity to reduce costs and save time by integrating feasibility and design engineering for the Karma Project."
SENET, a leading project management and engineering firm in the field of mineral processing, expects to complete the detailed engineering and design work in Q2 2014.
Peter C. Carter, P. Eng., Chief Operating Officer and Vice President Engineering of the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and verified that the technical information contained in this release is accurate and approves of the written disclosure of same.
(1) The Company has not made a production decision and the Company's strategic plan to develop a stand-alone heap leach operation is subject to the results of its Feasibility Study, which is currently underway. Further, if and when the Company makes any production decision, it will disclose the basis of such decision in accordance with the requirements of NI 43-101.
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a successful gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company's board, management and technical teams have proven track records in gold exploration, development, operations and production worldwide.
ON BEHALF OF THE BOARD
Dwayne Melrose, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding, the potential to growing a successful gold exploration, development and production company, ability to find projects with low costs, low technical risks and solid economics, expectations for receipt of all required permits and approvals to develop the Karma Project, the possibility that the results of the Feasibility Study on the Karma Project will not be consistent with the Company's expectations to develop the Karma Project into a heap-leach mining operation, accidents, the assumptions set forth in this news release and risks and uncertainties relating to equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.