Asanko Gold Mine Delivers Record Gold Production of 223,152 Ounces in 2018 Exceeding Upper End of Guidance
January 17 2019 - 07:00AM
Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE
American: AKG) announces production results for the fourth
quarter (“Q4”) and full year (“FY”) 2018 from the Asanko Gold Mine
(“AGM”), located in Ghana, West Africa. The AGM is a 50:50 joint
venture (“JV”) with Gold Fields Ltd (JSE, NYSE: GFI) which is
managed and operated by Asanko.
Q4 and FY 2018 financial and operating results will be published
on February 14, 2019 with management hosting a conference call at
9am ET on the day, see further details below.
Q4 & FY 2018 Highlights (100%
basis):
- Record annual gold production in 2018 of 223,152 ounces,
exceeding upper end of guidance of 200,000 – 220,000 ounces
- Q4 gold production of 59,823 ounces
- Q4 gold sales of 61,821 ounces, generating US$75.1 million from
gold sales at an average realized price of US$1,215 per ounce
- FY 2018 gold sales of 227,772 ounces, generating US$284.1
million from gold sales at an average realized price of US$1,247
per ounce
- Zero lost time injuries during the quarter, continuing
industry-leading safety LTIFR performance on a rolling 12 month
basis of 0
- Trial mining operation commenced at the large scale Esaase
deposit
- Approximately US$25.9 million held by the JV in unaudited cash
and immediately convertible working capital balances, as at
December 31, 2018, with an additional US$10.4 million of unaudited
cash held at the Asanko corporate level
Commenting on the mine’s performance, Peter
Breese, President and CEO, said, “The Asanko Gold Mine
delivered another strong operational performance for the final
quarter of 2018, producing 59,823 ounces for total annual gold
production of 223,152 ounces which exceeded the top end of
guidance.
During the quarter, the AGM started the initial
development of the large-scale Esaase deposit with the completion
of the haul road, site establishment of the mining contractor and
commencement of trial mining operations. Key production information
from the trial mining will assist with the finalization of the
updated Life of Mine plans for the AGM which will also include
updated Mineral Resource Estimates, revised mine plans and capital
estimates. These are expected to be published in Q2 2019, ahead of
an investment decision to progress with full-scale long-term mining
operations at Esaase and the construction of the overland
conveyor.”
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.
Q4 2018 Operating & Financial Results Conference Call
& Webcast - 9am ET on February 14, 2019 US/Canada Toll
Free: +1 800 926 5082 UK Toll Free: 0800 496 0822
International: +1 212 231 2912
Webcast:Please click on the link:
https://cc.callinfo.com/r/1ot8ui8286kun&eom |
Enquiries:
Alex Buck – Manager,
Investor & Media RelationsToll-Free (N.America):
1-855-246-7341Telephone: +44 7932 740 452Email:
alex.buck@asanko.com |
Andrew J. Ramcharan –
SVP, Corporate Development & IR Toll-Free (N.America):
1-855-246-7341Telephone: +1 647 309 5130Email:
andrew.ramcharan@asanko.com |
About Asanko Gold Inc.Asanko’s
flagship project, located in Ghana, West Africa, is the jointly
owned Asanko Gold Mine with Gold Fields Ltd, which Asanko manages
and operates. The Company is strongly committed to the highest
standards for environmental management, social responsibility, and
health and safety for its employees and neighbouring communities.
For more information, please visit www.asanko.com.
Forward-Looking and other Cautionary
InformationThis 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, 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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