Asanko Gold reports Q3 2016 results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/07/16 -- Asanko Gold Inc. ("Asanko" or the "Company") (TSX: AKG)(NYSE MKT: AKG) reports its financial results for the three-month and nine-month period ended September 30, 2016 ("Q3"). The Company released its production and revenue results for Q3 on October 13, 2016. All amounts are in US dollars unless otherwise stated. Management will host a conference call and webcast today at 9am Eastern Time, further details below.
Q3 2016 Highlights:
Commenting on the Company's performance, Peter Breese, President and CEO, said "The Asanko Gold Mine really hit its stride during this quarter as the ore grade from the Nkran pit continued to increase and the process plant was further optimized to improve throughput to 20% above design at 3.6Mtpa.
Gold production and gold sales were up 49% and 55% respectively quarter on quarter and costs improved accordingly, with a 28% decrease in total cash costs to $609/oz and a 29% reduction in AISC to $907/oz. This is a very pleasing result one quarter after commercial production was declared.
We are well positioned to advance our Phase 2A expansion project with a strong balance sheet and 52,000 to 57,000 ounces of gold production expected in Q4."
Key Operating and Financial Highlights
Asanko Gold Mine, 100% basis
Q3 2016 Operational Results
Q3 2016 Financial Performance
Q3 2016 Liquidity and Capital Resources
2016 Outlook and Opportunities
In light of the strong production performance during Q3 and the above design performance of the processing facility, the Company reiterates its recently increased production guidance of 52,000 - 57,000 ounces for Q4 2016.
The Company also recently received the Environmental Invoice (a precursor to the receipt of the Environmental Permit) for mining and conveyor operations at Esaase and the Board has consequently approved an early works program for the Phase 2A expansion, which includes Front End Engineering and Design which will commence immediately. The Phase 2 Definitive Feasibility Study is expected to be published in Q4 2016 and will include production and cost guidance for the Phase 1 operations for 2017 and 2018.
Notes:
1 Non-GAAP Performance Measures
The Company has included certain non-GAAP performance measures in this press release, including working capital, adjusted net income (loss), adjusted net income (loss) per share, operating cash costs, total cash costs, all-in sustaining costs per ounce of gold produced, and adjusted all-in sustaining costs per ounce of gold produced. These non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
2 Operating Cash Costs per ounce and Total Cash Costs per ounce
Operating cash costs are reflective of the cost of production, adjusted for share-based payments, by-product revenue and non-cash inventory movements for each ounce of gold sold. Total cash costs include production royalties of 5%.
3 All-in Sustaining Costs Per Gold Ounce
The Company has adopted the reporting of "all-in sustaining costs per gold ounce" ("AISC") as per the World Gold Council's guidance. AISC include total cash costs, corporate overhead expenses, sustaining capital expenditure, capitalized stripping costs and reclamation cost accretion for each ounce of gold sold.
4 Adjusted All-in Sustaining Costs Per Gold Ounce
The Company reports "adjusted all-in-sustaining costs" per ounce of gold in order to adjust out capitalized stripping costs incurred during the period, which is a non-GAAP performance measure. By adjusting out capitalized stripping costs, the Company provides additional information about costs which the Company does not expect to continue at the same level in future or that management does not believe are an accurate reflection of the Company's ongoing all-in sustaining costs.
About Asanko Gold Inc.
Asanko's vision is to become a mid-tier gold mining company that maximizes value for all its stakeholders. The Company's flagship project is the multi-million ounce Asanko Gold Mine located in Ghana, West Africa. The mine is being developed in phases. Phase 1 commenced gold production in January 2016 and declared commercial production on April 1, 2016. Ramp-up to steady state production was achieved in Q2 2016.
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.
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, the timely renewal of key permits, 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 United States Securities Commission and its home jurisdiction filings that are available at .
Neither Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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 Canada, which differ from the requirements of US securities laws. Terms relating to mineral resources in this press release are defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Asanko uses certain terms, such as, "measured mineral resources", "indicated mineral resources", "inferred mineral resources" and "probable mineral reserves", that the SEC does not recognize (these terms may be used in this press release and are included in the public filings of Asanko which have been filed with securities commissions or similar authorities in Canada).
Contacts:
Alex Buck - Manager, Investor and Media Relations
Toll-Free (N.America): 1-855-246-7341
+44-7932-740-452
Wayne Drier - Executive, Corporate Development
+1-778-729-0614
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Datum: 07.11.2016 - 12:00 Uhr
Sprache: Deutsch
News-ID 505259
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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