Please note that you are now entering a website directly or indirectly maintained by a third party (the "External Site") and that you do so at your own risk.

Galiano Gold Inc. (“Galiano”), has no control over the External Site, any data or other content contained therein or any additional linked websites. The link to the External Site is provided for convenience purposes only.

By clicking “Accept” you acknowledge and agree that neither Galiano nor third party provider Virtua Research, Inc. (“Virtua) is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data or the technical operation of the Linked Site. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably waive any and all rights and claims against Galiano and Virtua and further acknowledge and agree that in no event shall Galiano or Virtua, its officers, employees, directors and agents be liable for any (i) indirect, consequential, incidental, special, compensatory or punitive damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties, or (iv) other pecuniary loss, arising out of or related to this disclaimer or the External Site

By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract (including, without limitation, a claim of fundamental breach or breach of a fundamental term), tort (including, without limitation, negligence), strict liability or any other legal or equitable theory, and even if Galiano and Virtua are advised of the possibility of the loss, damage, claim or liability. The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute(s).

If in any jurisdiction, any part of this disclaimer is held to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent and the remaining disclaimer shall otherwise remain in full force and effect.

Please note the information presented is deemed representative at the time of its original release. Changes in historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP, Galiano may also disclose certain non-GAAP and pro forma non-GAAP results of operations, including certain ratios, operational and miscellaneous data, as well as net income, diluted earnings per share, operating expenses, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website. Management believes that this non-GAAP and pro forma non-GAAP information provides investors with additional information to assess Galiano’s operating performance by making certain adjustments or excluding costs or gains and assists investors in comparing our operating performance to prior periods. Management uses this non-GAAP and pro forma non-GAAP information, along with GAAP information, in evaluating its historical operating performance. Galiano and Virtua also take no responsibility for third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data.

The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed as a substitute for, or superior to, other data prepared in accordance with GAAP.

News Details

View all news

Asanko Gold Produces Record 58,187oz in Q1 2017

April, 18, 2017

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/18/17 --

Q1 2017 Highlights:

  • Record quarterly gold production of 58,187 ounces and gold sales of 57,812 ounces, in line with 2017 production guidance of 230,000 - 240,000 ounces

  • US$69.3m in gold revenue at an average realized price of US$1,199 per ounce

  • 908,463 tonnes processed during the quarter, a new quarterly record, with a feed grade of 2.05 g/t

  • Industry-leading safety record maintained, despite one LTI reported during the quarter, and a rolling 12 month LTIFR of 0.21.

  • Strong balance sheet with unaudited cash and immediately convertible working capital balances of approximately US$65 million (March 31, 2017)

Asanko Gold Inc. ("Asanko" or the "Company") (TSX:AKG)(NYSE MKT:AKG) is pleased to announce production results for the first quarter of 2017 ("Q1") from the Asanko Gold Mine, located in Ghana, West Africa.

Commenting on the quarter's performance, Peter Breese, President and CEO, said, "I am pleased to report a second consecutive quarter of record production, with over 58,000 ounces produced in Q1 2017, which positions us well to meet our guidance for the year.

Looking ahead, 2017 will be a year of two halves. With the first half focused solely on mining fresh ore from Nkran, production volumes will be lower and costs will be higher compared to H2. In H2, as we bring our second pit, Dynamite Hill, into production, the softer oxide ore is cheaper to both mine and process and we expect that the incremental ore from Dynamite Hill, coupled with the Project 5 Million plant expansion, will deliver increased volumes and lower operating costs enabling us to meet our 2017 production and cost guidance.

Project 5 Million is progressing well and ahead of schedule, with commissioning now expected in Q4 2017. All the long lead items have been ordered and we will be starting the upgrades during this quarter."


With the strategic stockpile of 1.5 million tonnes, which is equivalent to five months of production, now in place as well as the dual ramp system, ore mining rates dropped during the quarter to more optimal levels.

Ore mining rates for the quarter averaged 339,096 tonnes per month at an average mining grade of 1.8 g/t. Waste mining took place in the north and western sides in preparation for the next sequence of ore mining in the centre of the pit. The next pushback sequence will commence during Q2 2017.

The grade for the quarter was lower as a result of mining through a planned lower grade section of the orebody. The increase in the strip ratio this quarter was driven by the implementation of the new CSA Global resource model mid-way through the quarter. Going forward, the life of mine strip ratio for Nkran is expected to be around 6:1, which will be confirmed by the new life of mine plan that will be included in the Expansion Definitive Feasibility Study due to be published in Q2 2017.

Key Mining Statistics Units Q4 2016 Q1 2017
Total Tonnes Mined 000 t 7,231 6,637
Waste Tonnes Mined 000 t 5,931 5,620
Ore Tonnes Mined 000 t 1,300 1,017
Strip Ratio W:O 4.6:1 5.5:1
Average Gold Grade Mined g/t 2.0 1.8


The processing plant continued to operate at an annualized rate of 3.6 million tonnes per annum (20% above design) during the quarter. The upgrades to the crushing circuit were commissioned during the quarter, which is now capable of handling the increased throughput requirements to the milling circuit, in anticipation of commissioning Project 5 Million later this year. Metallurgical recoveries continued to exceed design levels at 95%. Gold production for the quarter averaged 19,300 ounces per month.

Key Production Statistics Units Q4 2016 Q1 2017
Ore Treated 000 t 901 908
Gold Feed Grade g/t 2.10 2.05
Gold Recovery % 94 95
Gold Produced oz 57,178 58,187

Sales and Liquidity

Gold production for the quarter was 58,187 ounces with gold sales of 57,812 ounces at an average realized price of US$1,199 per ounce, generating gold sales revenue of US$69.3 million.

At March 31, 2017 the Company's balance sheet had approximately US$48 million in unaudited cash, US$11.5 million in gold receivables and US$5.3 million in dore (with a market value of US$7.7 million). The Company has no significant current long term debt obligations with its first principal repayment on its US$150 million debt facility not due until July 1, 2018. As previously stated, the Company continues to expect to fund Project 5 Million and the development of Esaase, and the associated conveyor, from current balances and future cash flows.

Health and Safety

There was one lost time injury ("LTI") reported during the quarter and the 12-month rolling lost time injury frequency rate ("LTIFR") per million man hours worked is 0.21.


For further information, please visit: www.asanko.com or email: info@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.

Cautionary Note to US Investors Regarding Mineral Reporting Standards:

Asanko has prepared its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of US securities laws. Terms relating to mineral resources in this press release are defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The Securities and Exchange Commission (the " SEC ") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Asanko uses certain terms, such as, "measured mineral resources", "indicated mineral resources", "inferred mineral resources" and "probable mineral reserves", that the SEC does not recognize (these terms may be used in this press release and are included in the public filings of Asanko which have been filed with securities commissions or similar authorities in Canada).

Asanko Gold Inc.
Alex Buck
Manager, Investor and Media Relations
Toll-Free (N. America): 1-855-246-7341
Ryan Walchuck
VP Corporate Development and Investor Relations
+1 778 986-2000

Source: Asanko Gold Inc.

Multimedia Files:

Categories: Press Releases
View all news