The acquisition of
Asanko's vision is to continue to become a mid-tier gold producer with an emphasis on prudent deployment of capital and a sharp focus on operating costs. This vision will be achieved through:
-- The phased development of the
Asanko Gold Mine, with Phase 1 producing 200,000 ounces per year in 2016; -- Organic growth via near-mine exploration and judicious regional exploration on its three existing exploration projects in Ghana: Asumura, Kubi and Diaso; and -- Growth via further merger and acquisition opportunities.
Asanko's regulatory office will remain in
Asanko Gold Mine Development Strategy
The Company is evaluating a number of scenarios for the most optimal development strategy for the
This processing plant and associated infrastructure is fully permitted, with the detailed design well advanced and long-lead time milling equipment mostly paid for and waiting to be delivered. Capital costs for the project were estimated to be
A second project phase is envisioned which would expand production from the initial 200,000 ounces per year. Phase 2 will be fully evaluated by assessing the best metallurgical flow sheet and ore transportation options during the construction of Phase 1.
Once the definitive mine development plans have been identified for Phase 1, the Company will issue a revised Technical Report under Canadian NI 43-101 which will be based on a revised resource statement for the Nkran pit and the three smaller satellite pits between Esaase and Nkran. The revised resource statement will be based on a re-interpretation of the geological structures that have been undertaken over the past several months. A maiden resource estimate for the newly discovered Dynamite Hill deposit, a fourth satellite deposit located between Nkran and Esaase, will also be included in the Technical Report.
The permitting process for the Esaase deposit is continuing and nearing completion, with permits expected during Q1 2014.
The Company has a strong balance sheet with
Following the closing of the acquisition of
Shares Outstanding 172,216,752 Warrants Outstanding (weighted avg.
$4.01) 9,569,500 Options Outstanding (weighted avg. $3.35) 14,224,491 Performance Rights 117,158 Shares Outstanding Fully Diluted 196,127,901
A new corporate presentation is available on the Company's website at: www.asanko.com.
Asanko's vision is to become a mid-tier gold mining company that maximizes value for all its stakeholders. Asanko's flagship project is the fully financed, multi-million ounce
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.
To view the figure accompanying this press release, please visit the following link:
Notes to Technical Disclosure
1. Mineral Resources for Esaase contains 23.4Mt grading 1.49g/t Au for 1.12 million ounces Au of Measured and 71.3Mt at a grade of 1.44g/t Au for 3.29 million ounces Au of Indicated as reported in the NI 43-101 Technical Report filed on SEDAR on
June 27, 2013. 2. Mineral Resource inventory for Obotan consist of Measured Resources of 15.57Mt grading 2.47g/t Au for 1.23 million ounces; Indicated Resources of 29.21Mt grading 2.00g/t Au for 1.88 million ounces; and Inferred Resources of 21.91Mt grading 1.99g/t Au for 1.40 million ounces as reported in the NI43-101 Technical Report filed on SEDAR on October 23, 2012. 3. Figures shown exclude PMI's Kubi Gold Project. 4. Mineral Reserve for Esaase contains 22.9Mt grading 1.43g/t Au for 1.05 million ounces of Proven and 22.5Mt grading 1.40g/t Au containing 1.32 million ounces of Probable as reported in the NI43-101 Technical Report filed on SEDAR on June 27, 2013. 5. Mineral Reserve for Obotan consists of Proven Reserve of 14.8Mt, grading 2.39g/t Au for 1.14 million ounces and Probable Reserve of 19.4Mt grading 2.08g/t Au for 1.30 million ounces as reported in the NI43-101 Technical Report filed on SEDAR on October 23, 2012. 6. Definitive Feasibility Study prepared by GR Engineering Services for the Adansi Gold Company, reported in the NI 43-101 Technical Report filed on SEDAR on October 23, 2012. 7. Proforma consolidated financial statements as at September 30, 2013as reported in Appendix H of the Joint Management Information Circular dated December 20, 2013and filed on SEDAR.
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, 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 20-F filing with the
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
FOR FURTHER INFORMATION PLEASE CONTACT:
Alex Buck, Manager - Investor Relations Telephone: +44-7932-740-452 Email: email@example.com Greg McCunn, Chief Financial Officer Telephone: +1-778-729-0604 Email: firstname.lastname@example.org Asanko Gold Inc.General email@example.com Source: Asanko Gold Inc.