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Galiano posts gold production drop at Asanko in Q2 -

Friday, 16 July 2021

Galiano Gold (TSX: GAU) reported Thursday preliminary second quarter production of 50,421 ounces of gold from the Asanko gold mine, located in Ghana, West Africa, which is 27% less compared to 69,026 ounces of gold produced in Q2 2020.

Despite a decline in gold output in Q2 2021, which the company attributed to mill feed that was sourced primarily from Esaase and augmented with lower grade run of mine stockpiles, Galiano pointed out that production is in line with its 2021 operational guidance.

The company added that it has advanced stripping of Cut 3 at Akwasiso during Q2 2021 with ore delivery expected to resume on schedule in Q3 2021.

President and CEO Matt Badylak commented, "In line with expectations, production in Q2 was lower than the previous quarter. This in turn resulted in operating costs increasing relative to the previous quarter. Operating costs are forecast to decrease from Q3 2021 once Akwasiso is brought back into production. Moving forward we continue to focus on achieving consistent ore supply from Akwasiso and advancing the exploration program at the AGM."

Galiano currently operates and manages the Asanko gold mine, located in Ghana, West Africa, which is jointly owned with Gold Fields Ltd.

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