True Gold Mining Reports Q3 2014 Financial Results - Seite 2

• Completed a 14,712 metre drill program designed to discover additional open-pit, leachable material that could be incorporated into the mine plan for potential mine life extensions or throughput increases.
• Geological mapping of the Kao Gold Trend (KGT) is currently underway. With a strike length of more than 10 kilometres, the KGT trend hosts the Kao, North Kao, and Nami deposits.

Burkina Faso

Since the resignation of former President Blaise Compaoré on October 31, Burkina Faso's constitution has been restored and an interim president and prime minister have been named. A 25-member transitional government will be appointed and remain in place until elections are held next year. The Company continues to monitor the situation in Burkina Faso and will provide updates as events warrant.

Financial Results

The following selected financial data is derived from the unaudited condensed interim consolidated financial statements and related notes thereto for the periods indicated, as prepared in accordance with International Financial Reporting Standards. Details of these results are described in the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the nine months ended September 30, 2014. These documents can be found on the Company's website (www.truegold.com) or on SEDAR at www.sedar.com. All amounts are presented in Canadian dollars unless otherwise stated.

	Three months ended		Nine months ended
	September 30, 2014	September 30, 2013	September 30, 2014	September 30, 2013
Net loss for the period	$(2,888,103)	$(7,844,286)	$(13,923,155)	$(22,754,041)
Loss and comprehensive loss for the period	$(2,920,874)	$(7,844,286)	$(14,021,468)	$(23,117,293)
Basic and diluted loss per share	$(0.01)	$(0.03)	$(0.04)	$(0.11)
		As at
		September 30, 2014		December 31, 2013
Cash and short term investments		$69,406,684		$24,014,411
Working capital		$64,888,046		$21,189,672
Total assets		$105,323,085		$42,758,028
Current liabilities		$5,056,257		$3,162,074
Non-current liabilities		$24,793,477		$nil
Shareholders' equity		$75,473,351		$39,595,954

For the three and nine month periods ended September 30, 2014, we reported a net loss of $2.9 million and $13.9 million respectively, compared to net losses of $7.8 million and $22.8 million for the three and nine month periods ended September 30, 2013. Operating expenses totalled $2.9 million for the three months ended September 30, 2014 down 62% from $7.8 million a year earlier. The principle reason for the change was a decrease in exploration and evaluation expenditures in the amount of $5.1 million as the Company is now focused on development work on the Project. The Company has commenced capitalizing costs related to development in the current period. Operating expenses totalled $14.5 million for the nine months ended September 30, 2014 down 36% from $22.7 million a year earlier. The principle reason for the change was a decrease in exploration and evaluation expenditures in the amount of $8.2 million as the Company is now focused on development work on the Project.