Turaco Gold's Partnership with Fortuna on Tongon North Project

Turaco Gold Limited (ASX: $TCG) has entered into an option agreement with Fortuna Silver Mines Inc over the Tongon North Project in northern Cote d'Ivoire. Fortuna will make an immediate cash payment of US$100,000 to Turaco and is committed to spending a minimum of US$3.5 million over a 3-year period to exercise the option over an 80% interest in the project.

Managing Director's Perspective on the Partnership

The granting of an option over the Tongon North Project to Fortuna is consistent with Turaco's steadfast commitment and focus on the Afema Gold Project in southeast Cote d'Ivoire. Turaco is likely to further rationalize its northern Cote d'Ivoire projects but will retain the Eburnea Gold Project which includes the 100% owned Satama greenfield gold discovery.

Summary of Turaco Gold's Partnership with Fortuna

Turaco Gold Limited (ASX: $TCG) has partnered with Fortuna Silver Mines Inc on the Tongon North Project in northern Cote d'Ivoire. Fortuna will invest a minimum of US$3.5 million over a 3-year period to exercise the option over an 80% interest in the project. Upon exercise of the option, Turaco may contribute to retain a 20% joint venture interest or sell its remaining 20% interest for US$1.5 million cash. This partnership aligns with Turaco's focus on the Afema Gold Project and the Eburnea Gold Project in Cote d'Ivoire. The company aims to further rationalize its projects while retaining strategic interests in key gold discoveries.