Business
Asanko Gold Reports Q1 2019 Results
VANCOUVER, British Columbia, May 08, 2019 (GLOBE NEWSWIRE) -- Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE American: AKG) reports first quarter (“Q1”
About this update from Galiano Gold, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, May 08, 2019 (GLOBE NEWSWIRE) -- Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE American: AKG) reports first quarter (“Q1”) 2019 operating and financial results for 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. All amounts are in US dollars unless otherwise stated. Q1 2019 Asanko Gold Mine Highlights (100% basis) Produced 60,425 ounces of gold, on track to meet 2019 guidance of 225,000 – 245,000 ounces Generated EBITDA1 of $10.1 million and operating cash flows before working capital changes of $10.5 million Held unaudited cash of $16.3 million on hand, $7.1 million in receivables from gold sales and $7.1 million in gold on hand, as at March 31, 2019 All-in sustaining cost (“AISC”)1 of $1,123/oz, with 2019 guidance of $1,040 – $1,060/oz maintained Net loss after tax of $14.1 million including a loss of $13.3 million associated with adjustments to the carrying value of ore stockpile inventory Q1 2019 Quarterly Consolidated Financials for Asanko Gold Inc. Net loss of $5.3 million including proportional adjustment to net realizable value of the ore stockpiles at the AGM of $6.0 million Adjusted EBITDA1 of $3.1 million Held $8.8 million in cash as of March 31, 2019, with the final $20 million cash payment related to the Gold Field’s transaction expected no later than December 31, 2019 Commenting on the Q1 2019 performance, Greg McCunn, Chief Executive Officer, said: “The Asanko Gold Mine delivered a solid operational performance producing 60,425 ounces, in line with our guidance for 2019. Costs for the quarter were impacted by higher trucking costs as we initiated mining operations at the large scale Esaase deposit. Commercial trucking contracts are now in place and we expect oxide ore from Esaase to represent 25-30% of the mill feed on an ongoing basis. In addition, we continued with the waste stripping of Cut 2 at Nkran. This is nearing completion and as the pushback comes to a conclusion in Q3, we forecast AISC to decline and maintain our full-year AISC guidance of $1,040 – $1,060/oz. After a thorough review of our current operations in my first month as CEO, I can see that we are in the final stages of a two year capital investment program, which...