NEWS
Farafina Gold Group is pleased to announce the publication of audited financial statements for FY2017, FY 2018, FY2019 and 1H 2020.
“The release of IFRS-compliant audited financial results underscores the management’s continued commitment to total transparency,” remarked Ousmane Tunkara, CEO.
Farafina Resources SARL, a member of the Farafina Gold Group, is honored to announce that the government of Guinea has issued a full industrial license for the Nzima property.
The Company is pleased to report its accomplishments, attained in the face of unprecedented force majeure circumstances:
* Competion of the construction of the first experimental industrial mine in the country, reaching the depth of 37.5 meters
* Commencement of construction of a horizontal shaft
* Launch of gold production and generation of sufficient cash to cover all operating expenses for the duration of 2.5 months
* Confirmation of exploration and ore body modeling results
Short-term objectives include:
* Attraction of additional capital to finance expanded exploration and mining operations
* Completion of formalities to obtain a semi-industrial license for the Nzima property
* Installation of an industrial quartz processing line
* Full realization of all project requirements to reach the production objective of 1 kg per day in 2021
Farafina Gold Group is pleased to announce the publication of its latest Mineral Reserves Balance dated December 31, 2019
As of November 16, 2019, Farafina Gold Group is in the process of completing infrastructure development required for the penetration in the quartz block and repairing damages to the mine shaft (caused by errors on the part of the former mining manager, which emerged during the rainy season).
By the end of November, the preparation of the mine shaft, drainage system, power supply and auxiliary facilities for the start of drilling in quartz with blasting and associated gold mining will be almost complete. Gold mining operations are scheduled to begin in the first half of December 2019.
Scheduled projects include:
– acquisition and installation of an additional generator with 100 kVA capacity;
– the commissioning of a high-performance Sulzer submersible drainage pump, which ensures effective removal of water from the mine shaft in the entire range of depths planned for penetration, including during the rainy season;
– putting into commission a drainage pipeline system throughout the entire shaft, which includes the primary and backup pump connection lines, the overflow piping system and bypass system;
– expansion of living quarters for employees to support round-the-clock shift work schedule (two-shift work schedule has now been introduced from 7 AM to 11 PM);
– organization of premises for engineers with the aim of providing continuous round-the-clock monitoring and process control;
– construction and commissioning of stationary sanitary facilities;
– creation and commissioning of a system of ground trenches for water drainage from a mine to a relief (in the future, the system will expand to a system of irrigation facilities to ensure water drainage during the rainy season).
The enclosed photos further document the projects completed in the first half of November 2019.
No significant deviations in the bond interest payment schedule are expected.
Considering that both bond issues have been fully subscribed, and the first one expires in January 2020, the management is contemplating a new bond issuance following the start of production and issuance of the second production license.
The next progress report will be issued in early December.
The corporate presentation summarizes the accomplishments and plans of Farafina Gold Group in a few easy slides.
The document (appears in a new window in Adobe Acrobat) features information on the Group’s achievements and plans in strategy, exploration, mining operations, as well as its financial position.
Farafina Gold Group is pleased to announce the launch of its redesigned corporate website, located at http://www.farafina.gold.
In addition to comprehensive information about the Group’s exploration and mining assets in the Republic of Guinea, the website contains up-to-date information on its financial performance, mineral reserves, corporate securities releases and pricing, news and announcements, and much more.
Farafina Gold Group SA is thrilled to announce the immediate release of its interim Consolidated Financial Statements and Mineral Balance.
“In the spirit of maximum transparency and disclosure, the Board of Directors approved simultaneous publication of IFRS-compliant financial statements as well as a mineral balance. The latter report spells out in precise terms the Group’s most up-to-date position in regards to its resources & reserves,” said Ilya Karas, Chairman.
Access the reports here:
June 2019 Financial Statements (.pdf)
June 2019 Mineral Reseves Statement (.pdf)
All financial stements
Farafina Gold Group is pleased to announced the publication of its 2018 financial statements.
“It is our policy to prepare and release IFRS-compliant financial statements on our website at the end of every fiscal year, ” commented the Group’s CEO Ousmane Tunkara. “We are very pleased with our progress and accomplishments in exploration activities and look forward on building upon the solid foundation in the remainder of 2019.”
Access the reports here:
2018 Year End Financial Statements (.pdf)
2018 Year End Mineral Reserves Balance (.pdf)
The Group is announcing the commencement of the pre-sale process for its Stock Tokens.
“This is a superb instrument for any investor who understands and believes in the Farafina growth story and would like to add leveraged exposure to gold in their investment portfolio,” stated Ilya Karas, Chairman, in a statement. “We are introducing some really innovative concepts with this offering, such as a purely gold-based token pricing. The STO is a solid complement to our fixed instrument offerings.”
Click here to access the Private Offering Memorandum for the STO