Asanko Gold Expects First Gold from Asanko Mine in January

Asanko Gold Inc. (TSX:AKG,NYSEMKT:AKG) released an updated on Phase I construction of its Ghana-based Asanko gold mine. The mine has been under construction since August 2014, and is now being readied for hot commissioning.
Highlights are as follows:

• First gold expected in January 2016, more than a month ahead of schedule.
• Mining early extensions of main Nkran ore zones, with pre-strip nearing completion.
• Tailings storage facility complete and final inspections underway.
• Power line to site complete, commissioned and supplying power for commissioning.
• Project on budget with US$198 million of the US$295 million capital cost spent.
• Fully financed with cash balance of US$159m and US$20m undrawn debt facility.

Peter Breese, president and CEO of Asanko, commented:

The Project team and our main contractors have done a remarkable job in executing the Phase 1 build, with construction over a month ahead of schedule and the capital cost on budget.
Full mining operations commenced back in January with a focus on the pre-strip of the main Nkran pit. This operation has advanced in line with our plans and we have now commenced mining a combination of peripherals and early extensions of the main Nkran ore zones. We anticipate having around 250,000 tonnes of ore on stockpile by the end of November. With mining operations having achieved long-term, steady-state production levels back in August, we have de-risked this element of Phase 1.
We are ready to start hot commissioning the entire processing plant during December 2015. With both the gravity and CIL circuits ready to run in tandem, we expect to produce first gold during January 2016 and ramp-up to steady-state production in Q2 2016.
With a funding buffer of approximately US$40 million, we remain confident of our ability to reach commercial production and generate positive cash flows in Q2 2016.

Click here to read the full Asanko Gold Inc. (TSX:AKG,NYSEMKT:AKG) press release.