News Bureau

Asanko sales over 67K Oz of gold

Asanko Gold results for the first quarter (Q1) from the Asanko Gold Mine (AGM), located in Ghana, West Africa. The Company expects to release its full financial and operational results before the market opens on May 7, 2020.

AGM Q1 Gold production for the quarter totaled 66,333 ounces and a record proceeds of $104.6 million generated from gold sales of 67,820 ounces at an average realized price of $1,542 per ounce that generating record gold sales proceeds of $104.6 million for the JV. The AGM is on track to deliver its annual guidance of 225,000 to 245,000 ounces for 2020.

"The Asanko Gold Mine had its best quarter since commercial production began four years ago," said Greg McCann, Chief Executive Officer. "The mine continued its strong operational performance with record quarterly gold production and gold sales proceeds. In addition, the continued focus on capital spending discipline also resulted in the AGM posting its lowest quarterly AISC performance.

The operational team has done a fantastic job in implementing strict health and safety protocols and supply chain management processes required for COVID-19, while still delivering an outstanding quarter. The strong performance of the operations enabled the joint venture to distribute $45m to the joint venture partners during Q1.

"As a result of receiving $22.5m in distributions from the AGM, the Company's financial position continued to strengthen with our corporate cash and receivables balance increasing to approximately $54 million at quarter-end with no debt. During the quarter, the Company used $2 million to repurchase shares under its Normal Course Issuer Bid, and we are currently continuing with this program."

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