Asanko Gold Provides Initial Results from the Akwasiso Drilling Campaign

Asanko Gold (“Asanko” or the “Company”) (TSX:AKG)(NYSE MKT:AKG) is pleased to announce positive initial results from the Akwasiso drilling campaign, which is currently underway targeting an upgrade of 3.85 million tonnes (“Mt”) of Inferred Resources containing 193,000 ounces of gold to an Indicated classification.
Akwasiso is a large scale satellite deposit located 5 kilometers north east of the processing facility, which is in the process of being upgraded to increase throughputs from 3.6 million tonnes per annum (Mtpa) to 5Mtpa. The plant upgrade, “Project 5 Million”, is tracking well ahead of schedule and expected to be completed and ready for commissioning at the beginning of Q4 2017. The project’s capital costs, including the opening up of Esaase and the installation of the overland conveyor belt over the next two years, is fully funded from existing cash resources and cash generated from operations over this period. Project 5 Million is expected to further increase gold production in 2018 as well as lower All-in sustaining costs (“AISC”).
As quoted in the press release:

Peter Breese, President and CEO, commented, “The results received so far from the Akwasiso infill drilling program support a significant upgrade of Inferred resources to the Indicated classification. These near-surface, incremental oxide ores are cheap to mine and process and will form part of the 2018 mine plan, along with Nkran and Dynamite Hill, to supply 5Mtpa of ore to the processing plant once the plant upgrades have been completed. The plant upgrades, which will be funded from internal cash resources, are currently tracking well ahead of schedule and we expect hot commissioning to commence early in Q4 2017.
Since we received the more conservative resource model for Nkran, which we published in February 2017, Asanko has now embarked on a pit optimization process to establish the optimal NPV for all eleven pits making up the Asanko Gold Mine Mineral Reserve base. This optimization will be included in the new feasibility study that is due for publication in Q2 2017.”

Click here for the full text release