TORONTO, ONTARIO--(Marketwire - Sept. 6, 2012) - Teranga Gold Corporation (the "Company") (TSX:TGZ)(ASX:TGZ) is pleased to announce several promotions and new appointments to provide the management depth to oversee the execution of the Company's vision of becoming a 250,000 to 350,000 ounce gold producer in the near term and a 400,000 to 500,000 ounce producer in the medium term.
Alan Hill has been appointed Executive Chairman, formerly Chairman and Chief Executive Officer and Richard Young has been appointed President and Chief Executive Officer, formerly President and Chief Financial Officer effective immediately. Mark English has also been promoted to Vice President, Sabodala Operations, formerly Manager, Sabodala Gold Operations. In addition, Navin Dyal has agreed to join the senior management team as Vice President and Chief Financial Officer. Mr. Dyal has held senior financial positions, most recently at a prominent Canadian mining company.
"My appointment and that of Richard Young is a natural progression. We have worked together for more than 20 years and we expect to work together for a long time to come to grow this Company. These changes allow me to hand over some of the day-to-day responsibilities and focus on executing on our vision," stated Mr. Hill.
Yani Roditis has resigned as Vice President Operations to take another exciting opportunity closer to his home in Colorado.
"It is with regret that we accept Yani's resignation. We have worked with Yani for almost 20 years. He has worked and travelled tirelessly for us for that time. He was looking for a role closer to his home in Colorado that would involve less travel but keep him challenged. He leaves us with an operation running better than at any time in its life. We thank Yani for all his hard work and dedication," added Mr. Hill.
A Technical Services Group is being set up at the Company's corporate office in Toronto to provide additional technical services to the Sabodala operations. A further announcement will be made shortly regarding the appointment of a new Vice President, Technical Services who will head up this team.
All biographies are available on the Company's web site.
Teranga Gold Corporation is a Canadian-based gold company listed on the Toronto Stock Exchange (TSX:TGZ) and Australian Securities Exchange (ASX:TGZ). Teranga is principally engaged in the production and sale of gold, as well as related activities such as exploration and mine development.
Teranga was created to acquire the Sabodala gold mine and a large regional exploration land package, located in Senegal, West Africa, from Mineral Deposits Limited. Management believes the mine operation, together with the Company's prospective 1,450 km2 land package, provides the basis for growth in reserves, production, earnings and cash flow as new discoveries are made and processed through the Company's existing mill.
The Sabodala Gold Operation, which came into operation in 2009, is located 650 kilometres east of the capital Dakar within the West African Birimian geological belt in Senegal, and about 90 kilometres from major gold mines and discoveries in Mali.
The Company's mission is to share the benefits with all of its stakeholders through responsible mining. Teranga strives to act as a responsible corporate citizen by building projects together with the communities near its planned operations and by committing to using best available technologies as it carries out its actions. The Company aims to achieve benefits for all parties involved, and to contribute to the sustainability and improved livelihoods for the communities in which it operates. Its vision is to become a preeminent gold producer in West Africa while setting the benchmark for responsible mining.