Asanko Gold Inc. (TSX:AKG,NYSE MKT:AKG) announced that its board of directors has approved the construction of its fully permitted phase 1 Asanko gold mine in Ghana. Asanko will complete a NI 43-101 compliant technical report, including a definitive project plan with an updated resource estimate, by the last quarter of 2014.
As quoted in the press release:
Phase 1 is based on the construction of the Obotan Gold Project which was acquired during the takeover of PMI Gold Corporation (‘PMI Gold’) in February 2014. Phase 2 anticipates the inclusion of the adjacent Esaase deposit. Early works at the project site has been underway since April in preparation for a positive investment decision with progress on schedule. Project construction will commence shortly, with ground breaking expected within the next month. First gold is targeted in Q1 2016, with steady stage production anticipated in Q2 2016.
Asanko President and CEO Peter Breese said:
With the Project fully permitted, financed and a team of experienced mine builders and operators in place, we will, in parallel with construction, continue with our growth strategy. In particular we have begun to evaluate the optimal way to implement Phase 2 in order to bring to account the additional 2.2 million ounces of Mineral Reserves4 at Esaase, while capturing the synergies we forecast when we acquired PMI Gold and created the Asanko Gold Mine.