Asanko Gold Reports Q2 2017 Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/03/17 -- Asanko Gold Inc. ("Asanko" or the "Company") (TSX: AKG)(NYSE American: AKG)(NYSE MKT: AKG) reports its second quarter ("Q2") 2017 operating and financial results and revises guidance. The Company released its production and revenue results for Q2 on July 19, 2017. All amounts are in US dollars unless otherwise stated. Management will host a conference call and webcast today at 9am Eastern Time, further details below.
Q2 2017 Highlights:
Commenting on the Company''s quarterly performance, Peter Breese, President and CEO, said "Although production was lower compared to the previous quarter, as we previously guided, Q2 2017 has had some positive wins. We reduced our AISC to US$930/oz quarter on quarter. Our grade control drilling program compared favourably to within 2% to the Nkran mineral resource estimate. This validates our recently updated Nkran mineral resource estimate. We also completed the P5M volumetric upgrades ahead of schedule and within budget.
Since we published Q2 2017 production results, we have received additional information which has prompted a review of our 2017 annual guidance. The historic artisanal workings at Akwasiso are deeper than previously thought and this has resulted in less oxide and more fresh ore tonnes being available for mining than expected. As a result, we will be feeding less oxide tonnes through the plant, reducing the overall tonnes processed in H2 2017 until Dynamite Hill comes on stream towards the end of Q4 2017.
At Nkran the recent results from the ore reconciliation process identified blast movements as a source of ore losses and dilution in the pit. We are now deploying blast movement technology to amend our dig plans to maximize gold recovery. We expect to see the full benefits of this program over the coming two quarters as it is embedded into our operational plans, but we are still taking a more cautious view with respect to guidance. The combination of these two factors has resulted in the guidance revision."
This news release should be read in conjunction with Asanko''s Management Discussion and Analysis and the Condensed Consolidated Interim Financial Statements for the quarter ended June 30, 2017, which are available at and filed on SEDAR. There are no comparative numbers presented in this press release as commercial production was declared on April 1, 2016 and therefore not considered operating for financial reporting purposes.
Key Operating and Financial Highlights
Asanko Gold Mine
Q2 2017 Operating Results
Q2 2017 Financial Performance
Q2 2017 Liquidity and Capital Resources
2017 Outlook
Subsequent to the quarter end, as a result of the deeper levels of historic artisanal workings at Akwasiso, resulting in less oxide and more fresh ore tonnes, combined with the recently identified ore loss and dilution metrics at the Nkran pit, 2017 guidance has been revised to 205,000 to 225,000 ounces at AISC of US$920 to US$960/oz (previously 230,000 to 240,000 ounces at AISC of US$880 - US$920/oz).
Notes:
(1) Non-GAAP Performance Measures
The Company has included certain non-GAAP performance measures in this press release, including working capital, adjusted net income (loss), adjusted net income (loss) per share, operating cash costs, total cash costs, all-in sustaining costs per ounce of gold produced and all-in sustaining margin. These non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
(2) Operating Cash Costs per ounce and Total Cash Costs per ounce
Operating cash costs are reflective of the cost of production, adjusted for share-based payments and by-product revenue for each ounce of gold sold. Total cash costs include production royalties of 5%.
(3) All-in Sustaining Costs Per Gold Ounce
The Company has adopted the reporting of "all-in sustaining costs per gold ounce" ("AISC") as per the World Gold Council''s guidance. AISC include total cash costs, corporate overhead expenses, sustaining capital expenditure, capitalized stripping costs and reclamation cost accretion for each ounce of gold sold.
Enquiries:
For further information please visit: , email: .
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. The mine is being developed in phases. Phase 1 commenced gold production in January 2016 and declared commercial production on April 1, 2016. Ramp-up to steady state production was achieved in Q2 2016.
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 .
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).
Contacts:
Asanko Gold Inc.
Alex Buck
Manager, Investor and Media Relations
Toll-Free (N.America): 1-855-246-7341
+44-7932-740-452
Asanko Gold Inc.
Ryan Walchuck
VP Corporate Development and Investor Relations
+1-778-986-2000
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Datum: 03.08.2017 - 05:00 Uhr
Sprache: Deutsch
News-ID 1516233
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Mining & Metals
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