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Asanko Gold Reports Q2 2019 Results
VANCOUVER, British Columbia, Aug. 01, 2019 (GLOBE NEWSWIRE) -- Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE American: AKG) reports second quarter (“Q
About this update from Galiano Gold, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 01, 2019 (GLOBE NEWSWIRE) -- Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE American: AKG) reports second quarter (“Q2”) 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. Q2 2019 Asanko Gold Mine Highlights (100% basis) Record proceeds of $85.6 million generated from record gold sales of 66,337 ounces at an average realized price of $1,290 per ounce Record gold production of 62,067 ounces, on track to meet 2019 production guidance All-in sustaining cost1 (“AISC”) of $1,180/oz, with 2019 guidance of $1,040 – $1,060/oz maintained as AISC are expected to drop in Q4 2019 when the Nkran Cut 2 pushback has been substantially completed Generated EBITDA1 of $35.2 million and operating cash flows before working capital changes of $35.3 million Net income after tax of $13.6 million Q2 2019 Quarterly Highlights for Asanko Gold Inc. Net income of $6.1 million, including the Company’s 45% proportionate share of the net earnings of the JV of $6.1 million Adjusted EBITDA1 of $12.4 million Lynette Gould appointed Senior Vice President, Investor Relations Commenting on the Q2 2019 performance, Greg McCunn, Chief Executive Officer, said: “This quarter has been the best performance for the Asanko Gold Mine to date, with record production, record sales and record gold proceeds which enabled the mine to generate EBITDA1 of $35.2 million and net income after tax of $13.6 million, up from a loss of $14.1 million in Q1 2019. We are well positioned to meet 2019 production and cost guidance as we enter the second half of the year and focus on maximizing cash flow from the operations. With limited capital expenditure planned in the near term, we expect to see the benefits of the Cut 2 pushback at Nkran positively impact all-in sustaining costs during the last quarter in the year. Looking forward, we have now aligned our development philosophy for the Asanko Gold Mine with our focus on near term free cash flow generation. We are collaborating with our joint venture partner on an updated Mineral Reserve Estimate which we expect to publish in Q1 2020. At this stage, w...