News Bureau

Asanko Gold Produces 58187oz in Q1

According to Asanko Gold, Q1 2017 report that they have recorded quarterly gold production of 58,187 ounces and gold sales of 57,812 ounces, in line with 2017 production guidance of 230,000 - 240,000 ounces. Total 908,463 tonnes processed during the quarter, a new quarterly record, with a feed grade of 2.05 g/t.

Located in Ghana, West Africa, Asanko Gold Mine President and CEO Peter Breese said, "I am pleased to report a second consecutive quarter of record production, with over 58,000 ounces produced in Q1 2017, which positions us well to meet our guidance for the year.

Looking ahead, 2017 will be a year of two halves. With the first half focused solely on mining fresh ore from Nkran, production volumes will be lower and costs will be higher compared to H2. In H2, as we bring our second pit, Dynamite Hill, into production, the softer oxide ore is cheaper to both mine and process and we expect that the incremental ore from Dynamite Hill, coupled with the Project 5 Million plant expansion, will deliver increased volumes and lower operating costs enabling us to meet our 2017 production and cost guidance.

Project 5 Million is progressing well and ahead of schedule, with commissioning now expected in Q4 2017. All the long lead items have been ordered and we will be starting the upgrades during this quarter."

At March 31, 2017 the Company's balance sheet had approximately US$48 million in unaudited cash, US$11.5 million in gold receivables and US$5.3 million in dore (with a market value of US$7.7 million). The Company has no significant current long term debt obligations with its first principal repayment on its US$150 million debt facility not due until July 1, 2018.

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