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GALIANO GOLD ANNOUNCES AWARD OF MINING CONTRACT AND PROVIDES AN UPDATE ON THE RECOMMENCEMENT OF MINING AT THE ASANKO GOLD MINE
GALIANO GOLD ANNOUNCES AWARD OF MINING CONTRACT AND PROVIDES AN UPDATE ON THE RECOMMENCEMENT OF M...
About this update from Galiano Gold, Inc.
[{"type":"text","content":"\n \n \n \n GALIANO GOLD ANNOUNCES AWARD OF MINING CONTRACT AND PROVIDES AN UPDATE ON THE RECOMMENCEMENT OF MINING AT THE ASANKO GOLD MINE\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 30, 2023\n \n \n /CNW/\n \n - Galiano Gold Inc. (\"Galiano\" or the \"Company\")\n \n (TSX: GAU) (NYSE American: GAU) is pleased to announce the Company has awarded a mining contract as it progresses towards the resumption of hard rock mining operations in the fourth quarter at its Asanko Gold Mine (the \"AGM\"), located in the Asankrangwa gold belt in\n \n Ghana\n \n . The AGM is a 50/50 Joint Venture (\"JV\") with Gold Fields Ltd., which is managed and operated by Galiano. All figures are stated in US dollars unless otherwise stated.\n \n \n \n \n \n \n \n \n \n The Company published the details of a new life of mine plan on\n \n March 28, 2023\n \n . The report titled \"NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine,\n \n Ghana\n \n \" with an effective date of\n \n December 31, 2022\n \n (collectively the \"2023 Technical Report\") describes an 8.5-year mine life with a robust after-tax net present value at a 5% discount rate of\n \n $343 million\n \n (using\n \n $1,700\n \n per ounce gold). Annual gold production approximately doubles from the 2023 guidance of 100,000 – 120,000 ounces to 250,000 ounces per year from 2025.\n \n \n A competitive tender process was conducted and a preferred contractor was selected by the JV partners to resume mining operations at the AGM. The contract scope includes the mining of multiple deposits as described in the 2023 Technical Report, with Abore scheduled to start in the fourth quarter of 2023 and higher-grade mill feed expected in the second quarter of 2024. In order to realize productivity and scheduling benefits while offsetting the impact of current inflationary pressures, the mining fleet at Abore and Miradani North has been optimized to utilize 100 ton haul trucks.\n \n \n Work continues at the JV level to identify and exec...