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(Kitco News) - Galiano Gold (TSX: GAU) said today that preliminary annual gold production of 170,342 ounces at the Asanko gold mine in Ghana significantly exceeded original 2022 guidance of 100,000 – 120,000 ounces of gold.
The company noted that preliminary total cash costs were $1,031 per ounce and all-in sustaining costs were $1,191 per ounce during the fourth quarter, adding that preliminary total cash costs per ounce were $1,157 and all-in sustaining costs were $1,346 per ounce for the full year.
Galiano also said it ended the year with $97.6 million in cash, gold sales receivable and doré, with zero debt.
"Full year production exceeded our original guidance estimates and enabled the company to strengthen our balance sheet. We believe that the second half of 2022 represented a pivotal period for Galiano, as our team and third-party consultants successfully deepened our understanding of the Nkran, Miradani, Abore and Esaase deposits," stated President and CEO Matt Badylak. "We anticipate releasing the updated mineral resources and mineral reserves for the Asanko gold mine, along with highlights from a new technical report during the first quarter of 2023.".
Galiano Gold operates and manages the Asanko gold mine, located in Ghana, West Africa, jointly owned with Gold Fields Ltd.
