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Galiano reports gold production at Asanko in Q3 in line with guidance

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(Kitco News) - Yesterday, Galiano Gold (TSX: GAU) (NYSE American: GAU) reported that in Q3 2021, gold production at the Asanko gold mine in Ghana was 49,543 ounces, virtually unchanged from 48,974 ounces produced in Q3 2020 and in line with 2021 production guidance.

The company said that Q3 2021 gold revenue was on plan at $85.2 million generated from 48,435 ounces sold at an average realized price of $1,758 per ounce.

Importantly, Galiano added that stripping at Akwasiso advanced throughout the quarter and will be completed in Q4.

"Production for Q3 remained at similar levels to Q2 as we continued to develop Akwasiso for its third phase of mining," said President and CEO Matt Badylak. "With Akwasiso pivoting to sustainable ore delivery in Q4 we expect gold production to revert to historical levels with per unit costs trending downwards positioning the AGM well for the achievement of restated full year guidance."

In its statement, Galiano also pointed out that it continues to remain on schedule to publish its updated Reserve and Resource statement in Q4 of this year.

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

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