Deal #8733

Sabodala Lot-A 245.6 square km (also Sabodala Perimeter), Sabodala Lot-B 45.6 square km (also Gora Perimeter). Exploration permits in surrounding area. The Sabodala Mining Concession, located at 13°11'5"N latitude, 12°6'45"W longitude, was originally granted on May 2, 2007 pursuant to a Mining Agreement (the “Sabodala Mining Agreement”) executed on March 23, 2005. On April 7, 2015, the Sabodala Mining Agreement was amended and restated to reflect the incorporation of a larger mining concession area. This included the adjacent and former Golouma mining concession, and the Gora project area that had been elevated from an exploration permit into a mining concession. On July 29, 2015, a Presidential Decree was issued confirming the perimeters for the new Sabodala Mining Concession comprised of a total area of 245.635 km2 (the Sabodala Perimeter) and 45.6 km2 (the Gora Perimeter), to be collectively referred to as the Sabodala Mining License. The dimensions of the current mining concession are approximately 23 km north-south by 11 km east-west within the Sabodala Perimeter and approximately 10 km by five km within the Gora Perimeter. Massawa and Sabodala Gold. Since March 4, 2020 In line with its strategy of focusing on Tier One assets, Barrick Gold Corporation has completed the recently announced transaction of combining its Massawa gold project in Senegal with Teranga Gold Corporation’s Sabodala gold mine. Another source says the intended size is 124000 ha. The shapefile uploaded indicates an area in operation of 1910 ha.

gold mining

Teranga Gold acquires Massawa project for nearly $380 million (http://reussirbusiness.com/actualites/exploitation-aurifere-teranga-gold-absorbe-massawa/).

Change of ownership in 2020 when Teranga Gold bought out Barrick Gold but original contract retained. In 2021 Endeavour Mining took over Teranga Gold It is understood that the previous contract signed in 2007 remains in force.

Open pit mining commenced in the Sabodala pit in 2009 and continued until halted in June 2015. Additional open pit mining started at Masato in September 2014 and at Gora in July 2015. Mining of the Masato Phase 1 pit was completed in March 2016 and the Masato Phase 2 pit was completed in January 2016. Mining commenced at Golouma South and Kerekounda in 2016, and at Golouma West in 2017. In 2018, mining commenced at Koulouqwinde and at the last phase of Sabodala. Mining was completed at Gora and Golouma South in 2018, and at Kerekounda and Koulouqwinde in 2019. Mining at Maki Medina commenced in 2019. Sabodala, Golouma West, and Maki Medina mining is ongoing. Mining of the last phase at Masato will commence in future. The Massawa and Sabodala mining permits are on contiguous ground. Massawa contains historical mineral reserves of 2.6 Moz expected to be 20.9 Mt at 3.94 g/t Au(6) and Sabodala contains mineral reserves of 2.4 Moz expected to be 55.7 Mt at 1.35 g/t Au(7). Currently, between 35 and 40 million tonnes of material are extracted from Sabodala and more than 4 million tonnes of ore are processed per year. Teranga plans to integrate the ore at grade.