Perth, Australia (ABN Newswire) -
Taruga Gold Ltd. (ASX:TAR) are pleased to provide the Company's 2015 Annual Report to shareholders.
Review of Operations
Company Overview
Taruga Gold Ltd. ("Taruga" or "the Company") is a West African gold explorer that listed on the Australian Securities Exchange (ASX) on 7 February 2012. The Company operates exploration projects located in Cote d'Ivoire, Mali and Niger. Taruga is targeting, subject to successful exploration, the delineation of new mineral resources and the Company's objective is to exploit economic gold resources through downstream mine development.
During the past year, the Company has announced a Joint Venture (JV) with ASX-listed gold producer, Resolute Mining (ASX:RSG), over three of the Company's concessions with Cote d'Ivoire. Resolute has the ability to earn 75% of the JV through meeting expenditure of US$3m within 4 years.
The Company successfully completed two capital raisings during the period, with funds raised through existing shareholders and new investors, including Sprott Inc., together totalling approximately $2m.
Operating and Financial Review
A review of the operations of the consolidated entity during the financial year is contained in the Review of Operations section of this Annual Report. The Company's strategy in West Africa is to continue with the targeted exploration programs. The Company will also continue to review opportunities as they arise with a focus on advanced gold projects located within West Africa.
To view the Annual Report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TAR-735464.pdf
About Taruga Gold Ltd:
Taruga Gold Ltd. (ASX:TAR) is a West African focused gold explorer that has compiled, and is currently compiling, a diverse portfolio of exploration projects within the Birimian geology of West Africa. This region is at present one of the world's great gold districts and has had a significant rate of discovery and development on new gold mines over past decades.
Contact:
Taruga Gold Ltd.
T: +61 8 9486 4036
F: +61 8 9486 4799
E: admin@tarugagold.com.au
www.tarugagold.com.au
