Asanko Gold Announces Q2 2018 Production Results
July 12 2018 - 7:00AM
Q2 2018 Highlights:
Asanko Gold Inc. (“Asanko” or the “Company”)
(TSX:AKG) (NYSE American:AKG) announces production results for the
second quarter (“Q2”) of 2018 from the Asanko Gold Mine (“AGM”),
located in Ghana, West Africa.
Commenting on the quarter Peter Breese,
President and CEO, said “The Asanko Gold Mine delivered another set
of solid production results this quarter, exceeding the top end of
our H1 2018 guidance. Steady state levels of ore production at
Nkran resumed in June, a month ahead of schedule, and the
processing facility achieved yet another quarterly milling record.
We are well positioned to meet our H2 2018 and full year
guidance.”
Health and SafetyThere were no
lost time injuries (“LTI”) reported during the quarter. As at June
30, 2018, the mine achieved over fifteen months without a Lost Time
Injury with 7,700,352 million man hours worked.
ProductionDuring the quarter,
the AGM sourced ore from Nkran, Akwasiso, Dynamite Hill as well as
on-surface stockpiles. Whilst mining operations at Nkran continued
to focus on waste removal as part of the ongoing larger Cut 2 push
back, in June steady state levels of ore production resumed, a
month ahead of schedule. Mined gold grades for the quarter
were in line with the plan and increased slightly over Q1 2018 with
the additional of ore from Nkran.
The processing plant achieved yet another
quarterly record milling performance of 1.37 million tonnes,
processing a monthly record of 479,361 tonnes in June, which is
well above the recently upgraded design of 5 million tonnes per
annum. Feed grades to the processing facility were lower than the
grade of ore mined due lower grade stockpiles supplementing the ore
feed to meet the required volumes being processed by the mill,
which were well above the plan. Metallurgical recovery was in line
with the plan despite significantly higher volume throughput at
lower feed grade.
In H2 2018, gold grade and production is
expected to be higher as Nkran continues to deliver steady state
levels of ore production, with the Company targeting production of
110,000 - 120,000 ounces.
AGM Key Production Statistics |
Units |
Q3 2017 |
Q4 2017 |
Q1 2018 |
Q2 2018 |
Total Tonnes Mined |
000 t |
8,519 |
11,494 |
12,743 |
10,759 |
Waste Tonnes Mined |
000 t |
7,339 |
10,692 |
11,976 |
9,814 |
Ore Tonnes Mined |
000 t |
1,180 |
802 |
767 |
945 |
Strip Ratio |
W:O |
6.2:1 |
13.3:1 |
15.7:1 |
10.4:1 |
Average Gold Grade Mined |
g/t |
1.8 |
1.5 |
1.3 |
1.5 |
Ore Treated |
000 t |
862 |
1,087 |
1,269 |
1,374 |
Gold Feed Grade |
g/t |
1.9 |
1.5 |
1.3 |
1.4 |
Gold Recovery |
% |
94 |
94 |
93 |
94 |
Gold Produced |
oz |
49,293 |
51,550 |
48,229 |
53,501 |
Esaase Permitting UpdateAsanko
recently received an amended Environmental Permit from the Ghanaian
Environmental Protection Agency which includes a trucking operation
to haul ore from the large scale Esaase deposit to the central
processing facility at the AGM. With the receipt of the
amended permit, the Esaase mine is now fully permitted. A
decision to proceed with the initial development of Esaase is
expected in Q3 2018.
Sales and LiquidityGold
production for the quarter was 53,501 ounces with gold sales of
51,785 ounces at an average realized price of US$1,286 per ounce,
generating gold sales revenue of US$66.6 million. At June 30, 2018
the Company’s balance sheet held approximately US$42.3 million in
unaudited cash, US$0.7 million in gold receivables and US$5.1
million in dore (with a market value of US$7.1 million).
Qualified Person StatementFrederik Fourie,
Asanko Senior Mining Engineer (Pr.Eng) is the Asanko Qualified
Person, as defined by Canadian National Instrument 43-101
(Standards of Mineral Disclosure), who has approved the preparation
of the technical contents of this news release.
Q2 2018 Operating & Financial Results
Conference Call & Webcast at 9am ET on Thursday, August 2,
2018 |
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US/Canada Toll Free: |
800 954 0629 |
UK Toll Free: |
0800 496 0445 |
International: |
+1 212 231 2933 |
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Webcast: |
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Please click on the link: |
https://cc.callinfo.com/r/1l06ddgf0g2fx&eom |
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Replay: |
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A recorded playback will be available approximately two
hours after the call until September 1, 2018: |
US/Canada Toll Free: |
800 558 5253 |
UK Toll Free: |
0800 692 0831 |
International: |
+1 416 626 4100 |
Passcode: |
21891372 |
Enquiries: For further information please
visit: www.asanko.com, email: info@asanko.com or contact:
Alex Buck - Manager, Investor and Media RelationsToll-Free
(N.America): 1-855-246-7341Telephone: +44-7932-740-452Email:
alex.buck@asanko.com
Rob Slater – Executive, Corporate Development
and StrategyTelephone: +27-11-467-2758Email:
rob.slater@asanko.com
About Asanko Gold Inc.Asanko’s
vision is to become a mid-tier gold mining company that maximizes
value for all its stakeholders. The Company’s flagship project is
the multi-million ounce Asanko Gold Mine located in Ghana, West
Africa.
Asanko is managed by highly skilled and
successful technical, operational and financial professionals. The
Company is strongly committed to the highest standards for
environmental management, social responsibility, and health and
safety for its employees and neighbouring communities.
Forward-Looking and other Cautionary
Information This release includes certain statements
that may be deemed "forward-looking statements". All statements in
this release, other than statements of historical facts, that
address estimated resource quantities, grades and contained metals,
possible future mining, exploration and development activities, are
forward-looking statements. Although the Company believes the
forward-looking statements are based on reasonable assumptions,
such statements should not be in any way construed as guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices for metals, the
conclusions of detailed feasibility and technical analyses, the
timely renewal of key permits, lower than expected grades and
quantities of resources, mining rates and recovery rates and the
lack of availability of necessary capital, which may not be
available to the Company on terms acceptable to it or at all. The
Company is subject to the specific risks inherent in the mining
business as well as general economic and business conditions. For
more information on the Company, Investors should review the
Company's Annual Form 40-F filing with the United States Securities
Commission and its home jurisdiction filings that are available at
www.sedar.com.
Neither Toronto Stock Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this
release.
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