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Asanko Gold starts building on first phase of Ghana flagship

Asanko Gold starts building on first phase of Ghana flagship

Photo by Asanko Gold

20th August 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – West Africa-focused aspirant midtier gold producer Asanko Gold on Wednesday announced that it had started construction of the $295-million first phase of its eponymous flagship project, in Ghana.

Phase 1 is expected to produce 200 000 oz/y of gold at steady state, starting in the second quarter of 2016.

Earlier this year, the company undertook preparatory works at the project site, which included upgrading the access road, refurbishing the 225-person operations camp that already existed on site, installing temporary construction camp accommodation and upgrading the site utilities to support the additional construction population.

Following the board’s nod of approval to build the project last month, main construction activities had now started. The bulk earthworks contract was awarded and the contractor had mobilised to site.

Initial work had started on clearing ground for the three-million-tonne-a-year gravity/carbon-in-leach processing plant, which would be located near the main Nkran pit. Civil works and concrete pouring were expected to start in the coming months to take advantage of the dry season in Ghana.

The tender process for a mining contractor was under way and the prestripping contractor for the Nkran pit would mobilise to site during the fourth quarter.

"This marks an important milestone for the company and our stakeholders as we begin the main construction activity at the Asanko gold mine. We are expecting the construction activity to be completed over the next 18 months, with steady-state production anticipated in the second quarter of 2016,” Asanko president and CEO Peter Breese said.

Meanwhile, in parallel with the site construction activity, engineering and procurement activities were ongoing. The company said it was in the final stages of updating the mineral resource estimate (MRE) for the Phase 1 deposits, including a maiden resource for Dynamite Hill.

The revised MRE would be published in September, followed shortly by the associated National Instrument 43-101-compliant technical report. The overall MRE was not expected to be materially different from the previous estimate announced in 2012. However, the revised estimate would incorporate a more detailed geological model and use a combination of indicator Kriging and ordinary Kriging to bring a higher level of confidence and detail to the MRE that would make it more suitable for detailed mine planning.

Asanko said the definitive project plan for the first phase was also on track for publication in the fourth quarter and would include an update to the September 2012 definitive feasibility study (DFS) mine plan and operating cost estimate. The definitive project plan was not expected to be materially different to the DFS mining plan of 2.25-million ounces of gold produced over an 11.5-year mine life.

EBOLA AWARENESS

Further, Asanko said it was monitoring the outbreak of the Ebola virus in other West African countries.

Ebola had not been detected in Ghana yet and Asanko continued to operate normally. However, the company had taken proactive steps to prevent occurrences of the virus in its staff, contractor and local village populations.

These preventive measures included education programmes and implementing strict health measures at both the project site and the company's Accra offices. Asanko had also implemented a travel screening programme and pre-employment medical examinations to prevent the virus from being brought to the project site by mobile workers.

Crisis plans were developed should the virus be detected in Ghana and/or the local community and the company would continue to monitor the situation and continue with precautions until the virus was deemed to have been brought under control by health authorities.

Edited by Creamer Media Reporter

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