Skip to main content

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.

Decline | Accept

News Details

View All News

Asanko Gold Announces Q4 and Full Year 2017 Production Results

January 18, 2018
Download (opens in new window)

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/18/18 --

Q4 and FY 2017 Highlights:

  • FY 2017 gold production of 205,047 ounces and Q4 production of 51,550 ounces, in line with 2017 revised production guidance of 205 - 225,000 ounces

  • US$62.6 million in gold revenue at an average realized price of US$1,264 per ounce for Q4

  • Record quarterly milling performance by the processing facility, with annualized rate of 5Mtpa achieved for the month of December

  • Industry-leading safety record continued to be maintained with a rolling 12 month LTIFR of 0.17

  • Stable balance sheet with unaudited cash and immediately convertible working capital balances of approximately US$55.5 million (December 31, 2017)

Asanko Gold Inc. ("Asanko" or the "Company") (TSX:AKG)(NYSE American:AKG)(NYSE MKT:AKG) announces production results for the fourth quarter ("Q4") and full year ("FY") of 2017 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 solid quarterly performance, producing 51,550 ounces and achieving 2017 revised guidance with full year production of 205,047 ounces.

Highlights for the quarter include the opening up and commencement of ore mining operations at our second satellite deposit, Dynamite Hill, record milling rates by the processing plant, which achieved the design throughput rate of 5Mtpa on an annualized basis for December inspite of lower oxide tonnes being fed to the mill than designed for, and high metallurgical recovery, which continues to be above design at 94% at these elevated mill throughput rates.

Discussions with Red Kite are progressing on the refinancing of our existing debt facility and we expect to update the market during Q1 2018 on the outcomes of these discussions, along with the publication of the Project 5 Million Optimized Plan."

Health and Safety

There were no lost time injuries ("LTI") reported during the quarter and the 12-month rolling lost time injury frequency rate ("LTIFR") per million man hours worked is 0.17.

Production

During the quarter, the AGM sourced ore from multiple pits, Nkran, Akwasiso, Dynamite Hill and Nkran Extension as well as on surface stockpiles. Due to the ongoing Cut 2 push back at Nkran, focusing on waste removal in line with the life of mine plan, and the establishment of the Dynamite Hill pit, the strip ratio increased significantly, whilst ore tonnes and the average grade mined were lower compared to the previous quarter. At Dynamite Hill, the second satellite deposit to be bought into production, ore mining operations commenced in Q4 2017 as per the plan, with the ramp up to full mining rates of approximately 70,000 tonnes per month expected in Q1 2018.

The processing plant achieved record milling rates of 1,087 million tonnes for the quarter including an annualized milling rate of 5 million tonnes per annum ("Mtpa") for the month of December. Although milling rates were elevated, metallurgical recovery continued to exceed design levels at 94%, with higher than design gravity recovery performance. This exceptional processing plant performance highlights the capability of the circuit to run at higher throughput levels despite lower than planned softer oxide ores being available to mill.

AGM Key Production Statistics Units Q1 2017 Q2 2017 Q3 2017 Q4 2017 FY 2017
Total Tonnes Mined 000 t 6,637 7,506 8,519 11,494 34,156
Waste Tonnes Mined 000 t 5,620 6,458 7,339 10,692 30,108
Ore Tonnes Mined 000 t 1,017 1,048 1,180 802 4,048
Strip Ratio W:O 5.5:1 6.2:1 6.2:1 13.3:1 7.4:1
Average Gold Grade Mined g/t 1.8 1.5 1.8 1.5 1.7
Ore Treated 000 t 908 887 862 1,087 3,744
Gold Feed Grade g/t 2.0 1.7 1.9 1.5 1.8
Gold Recovery % 95 94 94 94 94
Gold Produced oz 58,187 46,017 49,293 51,550 205,047

Sales and Liquidity

Gold production for the quarter was 51,550 ounces with gold sales of 49,561 ounces at an average realized price of US$1,264 per ounce, generating gold sales revenue of US$62.6 million. At December 31, 2017 the Company's balance sheet had approximately US$49.3 million in unaudited cash, US$2.1 million in gold receivables and US$4.1 million in dore (with a market value of US$5.9 million).

Qualified Person Statement

Frederik 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.

Enquiries:

For further information please visit: www.asanko.com, 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
+44-7932-740-452
alex.buck@asanko.com
Asanko Gold Inc.
Rob Slater
Executive, Corporate Development and Strategy
+27-11-467-2758
rob.slater@asanko.com
www.asanko.com

Source: Asanko Gold Inc.

View All News