Welcome!

News Feed Item

Asanko Gold Mine Phase 1 Project Update

Highlights:

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/18/14 -- Asanko Gold Inc. ("Asanko" or the "Company") (TSX: AKG)(NYSE MKT: AKG) is pleased to provide an update on activities at the fully funded and permitted Asanko Gold Mine (the "AGM" or the "Project") in Ghana. In early April, the Company engaged DRA as the Engineering, Procurement, Construction and Management ("EPCM") contractor for the design and construction of Phase 1 of the Project as well as Knight Piesold to design the Tailings Storage Facility and carry out detailed geotechnical engineering works for the site. Shortly thereafter, the Company initiated an early works program designed to advance the critical activities that will allow the Company to maintain its project schedule, targeting first gold in Q1 2016.

Detailed engineering and early works programs are proceeding on schedule, ground breaking at the plant site is expected to commence in August 2014, pending a positive investment decision on the Project by the Board in July.

Asanko Gold Mine Site Early Works

The site early works program, which began in April 2014 with a budget of approximately US$16 million, has been progressing on schedule and on budget. For photos of the early works progress at AGM, please click on the following link: http://www.asanko.com/s/photogallery.asp

--  Upgrading of the site access road is nearing completion with 8km out of
    11 km completed.

--  Refurbishment of the mining village is 80% complete.

--  The plant medical clinic construction is nearing completion and will be
    operational in early July.

--  Mobile equipment orders have been placed and delivery of key equipment
    is scheduled for July.

--  Refurbishment and upgrades to the site's airstrip have been completed
    and inspected by the regulatory authorities.

--  Construction of the communication tower and office potable water systems
    have commenced.

Detailed Engineering

Since commencing work in early April, DRA have advanced several key front-end engineering and design activities, including:

--  Plant layout is now complete, revised to incorporate a potential Phase 2
    expansion to the plant.

--  An initial order is expected to be placed shortly for the detailed
    design of the 161kV electrical infrastructure.

--  Various structural and civil designs are underway to allow bulk earth
    works to commence at the plant site in August 2014.

--  Mechanical equipment list, process and instrumentation diagrams and
    process design criteria have been completed.

--  Operating costs are in the process of being updated.

--  Civil, mechanical, electrical and infrastructure designs have been
    completed to sufficient detail to allow the detailed capital cost to be
    estimated.

--  The Control Base Estimate ("CBE") or detailed capital cost estimate for
    the Project is in the final stages of completion with all tenders
    closed.

Knight Piesold have advanced geotechnical engineering with some additional geotechnical drilling completed over the past two months to support the detailed mine plan for the Nkran pit.

Resource Update & Mine Planning

Asanko's independent Qualified Person with respect to NI 43-101 has completed revisions to the Mineral Resource Estimate ("MRE") for the Nkran and Adubiaso pits, which are currently being used for detailed mine planning.

While the overall MRE has not changed materially since the previous estimate (announced in September 2012 and the basis for the Company's current disclosure), the revised estimate incorporates a more detailed geological model and utilises a combination of Indicator Kriging and Ordinary Kriging to bring a higher level of confidence and detail to the MRE which makes it more suitable for detailed mine planning.

DRA are currently working on the detailed mine plan, with a preliminary plan to be ready for the Board's investment decision in July and the final plan to be finalised during Q3 2014.

The revised MRE, detailed mine plan and CBE will all be combined into a Definitive Project Plan which is expected to be completed by Q4 2014 and filed as a NI 43-101 compliant technical report.

The contract tendering process has begun for the pre-strip component of the Nkran pit, which the Company expects to begin in Q4 2014. The pre-stripping of Nkran involves cutting back the existing pit from historical mining operations. Total pre-strip requirements are approximately 26 million tonnes of material to be moved to access the Nkran ore for the commencement of mining operations in Q3 2015. The cost of the pre-strip has been included in the Project's capital cost, as per the Company's current disclosure.

Permitting

Phase 1 of the Project is fully permitted for the commencement of construction. In early June, the Minerals Commission declared a moratorium over the expected mining and infrastructure areas. The declaration of a moratorium is an important precursor to construction activity and will establish the basis for crop compensation and land use deprivation processes to commence with the local communities. In addition, work is underway on a Resettlement Action Plan ("RAP") which will be reviewed and approved by the Ghanaian Environmental Protection Agency in Q4 2014.

The Company continues to advance the permitting required to mine both Dynamite Hill and the Phase 2 mining operations at Esaase. In early June, a Temporary Mining Permit was received for the Esaase deposit which would allow mining operations to commence at Esaase. Full environmental permitting at Esaase is ongoing.

Organisational Capability

On June 1st, the Company officially appointed Jonathan Ebo Collins as General Manager - Asanko Gold Mine. Charles Amoah, the current acting General Manager and a metallurgist, will continue with the Company as Manager - Processing. Recruitment is underway for other key operating positions as the Company continues to build its organisational capability in Ghana.

Jonathan is a Ghanaian national and a mining engineer with over 25 years of operational experience in the African mining sector. He has worked in Ghana, South Africa and Liberia, predominantly for major natural resources companies such as Xstrata Coal, Anglo American, Arcelor Mittal, Total, and Sasol. He began his career with Ashanti Goldfields, now AngloGold Ashanti, at the Obuasi mine before moving to South Africa to work in the coal industry. During his career, he has been Mine Manager and General Manager of several large coal operations with both open pit and underground mines and he has overseen projects from construction and commissioning through to operations. He has won multiple national safety awards in recognition of the outstanding safety performance of the mines under his management. Jonathan holds a Bachelor of Science and a Postgraduate Diploma in Mining Engineering and is a member of the South African Institute of Mining and Metallurgy (SAIMM).

For further information please visit www.asanko.com

About Asanko Gold Inc.

Asanko's vision is to become a mid-tier gold mining company that maximizes value for all its stakeholders. Asanko's flagship project is the fully financed, multi-million ounce Asanko Gold Mine Project located in Ghana, West Africa.

Asanko is managed by highly skilled and successful technical, operational and financial professionals. The Company is strongly committed to the highest standards for environmental management, social responsibility, and health and safety for its employees and neighbouring communities.

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.

Cautionary Note to US Investors Regarding Mineral Reporting Standards:

Asanko has prepared its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of US securities laws. Terms relating to mineral resources in this press release are defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Asanko uses certain terms, such as, "measured mineral resources", "indicated mineral resources", "inferred mineral resources" and "probable mineral reserves", that the SEC does not recognize (these terms may be used in this press release and are included in the public filings of Asanko which have been filed with securities commissions or similar authorities in Canada).

Contacts:
Alex Buck, Manager - Investor Relations
Telephone: +44-7932-740-452
Email: [email protected]

Greg McCunn, Chief Financial Officer
Telephone: +1-778-729-0604
Email: [email protected]

Asanko Gold Inc.
General [email protected]

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
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single-threaded, you can effectively identify hot spots in your serverless code. In his session at @DevOpsSummit at 21st Cloud Expo, Dave Martin, Product owner at CA Technologies, will give a live demonstration and code walkthrough, showing how ...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale.
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 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 planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
As more and more companies are making the shift from on-premises to public cloud, the standard approach to DevOps is evolving. From encryption, compliance and regulations like GDPR, security in the cloud has become a hot topic. Many DevOps-focused companies have hired dedicated staff to fulfill these requirements, often creating further siloes, complexity and cost. This session aims to highlight existing DevOps cultural approaches, tooling and how security can be wrapped in every facet of the bu...
yperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it....
SYS-CON Events announced today that Pulzze Systems will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems Inc, provides the software product "The Interactor" that uniquely simplifies building IoT, Web and Smart Enterprise Solutions. It is a Silicon Valley startup funded by US government agencies, NSF and DHS to bring innovative solutions to market.
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
With Cloud Foundry you can easily deploy and use apps utilizing websocket technology, but not everybody realizes that scaling them out is not that trivial. In his session at 21st Cloud Expo, Roman Swoszowski, CTO and VP, Cloud Foundry Services, at Grape Up, will show you an example of how to deal with this issue. He will demonstrate a cloud-native Spring Boot app running in Cloud Foundry and communicating with clients over websocket protocol that can be easily scaled horizontally and coordinate...
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, discussed how AI can simplify cloud operations. He covered the following topics: why cloud mana...