Galiano Gold reports Q1 2021 production at Asanko was within guidance
(Kitco News) - Galiano Gold (TSX: GAU) reported today that the Asanko gold mine, located in Ghana, West Africa, produced 59,999 ounces of gold in Q1 2021, a 10% decline over Q1 2020 (66,333 ounces), and in line with 2021 guidance.
Asanko is a 50:50 joint venture with Gold Fields, which is managed and operated by Galiano. The company said that gold sales were 62,925 ounces at an average realized price of $1,757 per ounce, generating gold revenue of $110.6 million for the quarter. Distributions from Asanko to the joint venture partners during the quarter totalled $10.0 million ($5.0 million to Galiano).
"The Asanko gold mine delivered another solid operational quarter and with continued metal price strength was in a position to make a $10 million distribution to the JV partners, allowing Galiano's balance sheet to remain strong with approximately $65 million in cash and receivables as at March 31st and no debt," said CEO Greg McCunn. "The exploration programs at Asanko continue to remain a focus area with step out drilling at Miradani underway. Additionally, as a result of the successful 2020 exploration program, we are advancing stripping at Akwasiso Cut 3."