Welcome!

News Feed Item

Keegan Remains on Track to Deliver Esaase Gold Project Under New Name Asanko Gold

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- Keegan Resources Inc. ("Keegan" or "Company") (TSX:KGN)(NYSE MKT:KGN) announced yesterday that Keegan and PMI Gold Corporation have agreed by mutual written consent to terminate the definitive arrangement agreement (the "Arrangement") to combine their respective business by way of court-approved plan of arrangement.

The deadline for voting by proxy on the Arrangement closed on Friday February 15, 2013 at 4:30pm PST. The voting demonstrated that Keegan Shareholders overwhelmingly supported the transaction with over 99% of the proxies received being in favour. Similarly, the majority of PMI's Shareholders also supported the Arrangement with proxies received for over 70% of the issued and outstanding shares and 56% of those proxies FOR the merger transaction. It was determined that the threshold for approval of the Arrangement of 66 2/3% could not practically be obtained as a small group of PMI Shareholder continued to oppose the Arrangement despite numerous attempts to find acceptable terms to allow the Arrangement to proceed.

The Keegan special meeting scheduled for 4:30 pm today, February 19, 2013 will proceed but only to consider the approval of a name change of Keegan to Asanko Gold Corp, reflective of the region in Ghana where it operates. The name change is expected to be fully effected in early March.

Keegan continues to aggressively pursue its transition from an exploration and development company to a near term African focused gold producer by advancing its Esaase Gold Project ("Esaase") in Ghana towards construction in Q4 2013 and ultimately production in 2015. Completion of the various Feasibility Studies and the permitting process remain on track for Q3 2013.

Commenting on the matter, Peter Breese, President and CEO, stated: "While it is disappointing that a few PMI Shareholders would not support the value accretive merger between PMI and Keegan, which would have resulted in both groups of Shareholders realizing maximum value, I am pleased with the significant progress being made at Esaase.

"We are well funded with $205 million in cash and we are moving forward according to our development timetable. The next milestone we expect to complete will be the PFS, with the results published in Q2 2013."

Over the past six months Keegan has implemented several fundamental changes to its strategic and operational plans in order to de-risk the evolution of Keegan from an explorer to a gold producer including:


--  Launching a revised Pre Feasibility Study ("PFS") targeting 180,000 to
    200,000 ounces of gold production for at least 10 years with a capital
    cost of approximately $260 million. Completion of the PFS is expected
    towards the end of Q1 2013 and will be announced to the market in Q2
    2013. 
    
--  Upgrading the Esaase NI 43-101 resource estimate to 68.92 million tonnes
    ("Mt") averaging 1.73 grams per tonne of gold for 3.83 million ounces in
    the Measured and Indicated category as well as 22.23Mt averaging 1.75
    grams per tonne of gold for 1.25 million ounces in the Inferred Resource
    category (all at a 0.8 gram per tonne Au cut-off grade). 
    
--  Investment of initial $32.5 million by strategic investor Highland Park
    to further strengthen the Company's balance sheet. As at December 31,
    2012 the Company had $205 million in cash. 
    
--  Recruitment of an experienced mine building and operating team led by
    Peter Breese, President and CEO and Tony Devlin, COO. 
    
--  Completing the acquisition of 10.3 square kilometres of high priority
    exploration ground immediately on strike within the same structural
    setting to the southwest of the Esaase main zone providing a new
    exploration target for Keegan. 
    
--  Settling out-of court with litigants in a concession lawsuit over Esaase
    allowing the Company to rapidly move forward with the Esaase Gold
    Project without the distraction and perceived risk of litigation and
    claims on the Esaase tenements. 

On behalf of the Board of Directors,

Peter Breese, President & CEO

About Keegan Resources Inc.

Keegan is a gold development company focussing on near term gold production at its high grade multi-million ounce Esaase gold project in Ghana. The Company offers investors the opportunity to share ownership in the rapid exploration and development of high quality pure gold assets. Keegan is focused on its wholly owned flagship Esaase gold project (3.83 million ounces of gold in the Measured and Indicated category with an average grade of 1.73 g/t Au and 1.25 million ounces of gold in the Inferred category with an average grade of 1.75 g/t Au, based on a 0.8 g/t Au cut-off) located in Ghana, West Africa; a highly favourable and prospective jurisdiction. Managed by highly skilled and successful technical and financial professionals, Keegan is well financed with no debt. The Company is also strongly committed to the highest standards for environmental management, social responsibility, and health and safety for its employees and neighbouring communities.

Keegan trades on the TSX and the NYSE MKT under the symbol KGN.

For more information about Keegan Resources, visit the website at www.keeganresources.com.

Forward-Looking and other Cautionary Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address estimated resource quantities, grades and contained metals, possible future mining, exploration and development activities, are forward-looking statements. Although the Company believes the forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of resources, mining rates and recovery rates and the lack of availability of necessary capital, which may not be available to the Company on terms acceptable to it or at all. The Company is subject to the specific risks inherent in the mining business as well as general economic and business conditions. For more information on the Company, Investors should review the Company's annual Form 20-F filing with the United States Securities Commission and its home jurisdiction filings that are available at www.sedar.com.

Neither Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Keegan Resources Inc.
Investor Relations
604-683-8193 or (Toll Free) 1-800-863-8655
www.keeganresources.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of pati...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...