Disclaimer

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 to Release Expanded Mine Feasibility Report; Refutes Muddy Waters Short Report

May, 31, 2017

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/31/17 -- Asanko Gold Inc. ("Asanko" or the "Company") (TSX:AKG)(NYSE MKT:AKG) today reiterated prior disclosure regarding the strength of its gold mining business and pipeline of growth projects and strongly advised shareholders to disregard a short report issued today.

Asanko received a copy of the report, issued by short-seller Muddy Waters LLC. Asanko states that there is no merit to the negative assertions about Asanko in the report.

Asanko reaffirmed plans for a June 5, 2017 release of its Expansion Definitive Feasibility Study that details the Company's organic growth pipeline and confirms the strong cash generating capability of an expanded Asanko Gold Mine. The study was prepared by internationally recognized independent Qualified Persons as required under Canadian securities laws.

"The Asanko Gold Mine is a robust business and we look forward to showcasing this during our June 5th presentation," said Peter Breese, President and CEO. "The side wall issue was previously disclosed and has not materially impacted our ability to operate. We maintain our production guidance of 230,000-240,000 ounces for 2017, which we continue to expect will generate between US$64-US$77 million in cash this year assuming $1,200/oz gold. The short report has no merit and our upcoming Expansion Definitive Feasibility Study will by itself provide a complete rebuttal to Muddy Water's technical claims and will also make other information available to refute the non-technical allegations."

Importantly, Asanko notes the following:

  • As previously disclosed in our Management Discussion and Analysis dated May 2, 2017, there was no impact on either production or safety resulting from a partial failure on the western wall of the Nkran pit. Asanko has put various mitigation measures in place as part of its original mine plan. These mitigation measures include a dual ramp system, a slope stability radar and an on-surface ore stockpile in excess of 1.5 million tonnes, all of which have been instrumental in maintaining production. There is no merit to claims to the contrary by the short seller.
  • As previously disclosed in our Management Discussion and Analysis dated May 2, 2017, the current pit bottom contains an inventory of pre-developed ore reserves of 166,000 ounces of gold based on the new resource model by the mining consultant CSA Global. This inventory will enable Nkran to meet its production plan through to the first quarter of 2018. During this period Asanko is continuing with the mining of its scheduled pushback on the Western limb of the pit, which will facilitate continuous areas of ore supply into the future in line with Nkran's life of mine plan. Accordingly, there is no need for a $115 million pushback expense, as speculated by Muddy Waters.
  • Asanko's President and CEO Peter Breese and Chairman Colin Steyn have regularly purchased Asanko shares and have not sold any Asanko shares. The 2015 transaction referred to in the Muddy Waters report was nothing more than a change of indirect to direct holdings amongst shareholders within a private company.

As previously disclosed, Asanko intends to provide a detailed presentation to analysts and investors immediately following the disclosure of the Expansion Definitive Feasibility Study. The presentation is scheduled to take place in Toronto at 8:00 a.m. on Monday, June 5, 2017. There will also be an accompanying conference call and webcast so that all investors can attend in real time. Details below.

Toronto Presentation
Monday, June 5, 2017 at 8:00 am EDT
Belgravia Room, Omni King Edward Hotel
To attend, please arrive by 7.45am and RSVP to alex.buck@asanko.com

Conference Call & Webcast Details:
Monday, June 5, 2017 at 8:00 am EDT
US/Canada Toll Free: 1 888 225 8011
UK Toll Free: 0800 496 1093
International: +1 303 223 4384

Webcast:
Please click on the link: https://cc.callinfo.com/r/183fpsaijbtsj&eom

Replay
A recorded playback will be available approximately two hours after the call until July 4, 2017:
US/Canada Toll Free: 1 800 558 5253
International: +1 416 626 4100
Passcode: 21852384

Qualified Persons Statements
Frederik Fourie, Asanko Senior Mining Engineer (Pr.Eng.)who is the Asanko Qualified Person under NI 43-101 who assumes responsibility for the technical contents of this news release.

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.

Asanko Gold Inc.
info@asanko.com
www.asanko.com
Alex Buck
Manager, Investor and Media Relations
Toll-Free (N.America): 1-855-246-7341
+44-7932-740-452
alex.buck@asanko.com
Ryan Walchuck
VP Corporate Development and Investor Relations
+1-778-986-2000
ryan.walchuck@asanko.com

Source: Asanko Gold Inc.

Multimedia Files:

Categories: Press Releases
View all news