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TSX- and NYSE-listed Asanko Gold delivered a strong operational performance in the final quarter of 2018, producing 59 823 oz of gold, taking full year output to 223 152 oz.
This was above guidance of 200 000 oz to 220 000 oz.
The company sold 61 821 oz of gold in the fourth quarter, which generated $284.1-million from sales at an average realised price of $1 247/oz.
Asanko president and CEO Peter Breese said that, during the quarter, initial development of the large-scale Esaase deposit had started and that the company has, so far, completed the haul road and site establishment of the mining contractor, and had started trial mining operations.
“Key information from the trial mining will assist with the finalisation of the updated life-of-mine plans for the Asanko gold mine, which will also include updated mineral resource estimates, revised mine plans and capital estimates.”
These are expected to be published in the second quarter, ahead of an investment decision to progress with full-scale long-term mining operations at Esaase and the construction of an overland conveyor.
Asanko manages and operates the Asanko gold mine, in Ghana, with 50% ownership, while Gold Fields holds the remaining 50%.