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Asanko Gold Reports Q4 and Full Year 2018 Results, and Provides 2019 Guidance
VANCOUVER, British Columbia, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE American: AKG) reports fourth quarter (“Q
About this update from Galiano Gold, Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE American: AKG) reports fourth quarter (“Q4”) and full year (“FY”) 2018 operating and financial results and provides 2019 guidance 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. Asanko Gold Mine Highlights (100% basis) FY2018 gold production of 223,152 ounces at AISC1 $1,072/oz, exceeding 2018 production guidance and within the lower end of cost guidance FY2018 gold sales of 227,772 ounces at an average realized price of $1,247/oz, generating gold revenue of $283.9 million, including by-product sales and after capitalization of gold sales related to pre-production activities at Esaase For FY2018, the JV generated operating cash flows of $72.5 million and $100.5 million in operating cash flows before working capital changes For FY2018, the JV reported adjusted net income1 after tax of $2.0 million, after accounting for the $126.9 million fair value adjustment associated with the JV transaction Q4 2018 gold production of 59,823 ounces at AISC1 of $1,072/oz Q4 2018 gold sales of 61,821 ounces at an average realized price of $1,215/oz, generating gold revenue of $74.2 million, including by-product sales and after capitalization of gold sales related to pre-production activities at Esaase For Q4 2018, the JV posted a net loss after tax of $3.1 million At December 31, 2018, the JV had cash of $21.6 million on hand and $4.3 million in receivables from gold sales Quarterly Consolidated Financials for Asanko Gold Inc. In Q4 2018, the Company reported net loss of $0.9 million and Adjusted EBITDA1 of $6.1 million At December 31, 2018, Asanko had a cash position of $10.4 million 2019 Guidance for the Asanko Gold Mine (100% basis) 225,000 – 245,000 ounces at AISC1 of $1,040 – 1,060/oz and AIC2 of $1,130 – $1,150/oz Capital expenditure forecast to be $25.0 million, of which $9.0 million is sustaining capex and $16.0 million is development capital for Esaase (included in AIC2) Exploration budget of $8.0 million (included in AIC2) Commenting on the Q4 and FY 2018 performance, Peter Breese, President and CEO, said: “The Asanko G...