GAU.TO · 2020-02-20 12:00:00

Asanko Gold Provides Updated Mineral Reserve Estimate (All dollar amounts are

Resource Estimates

Asanko Gold Provides Updated Mineral Reserve

Estimate

(All dollar amounts are

United States

dollars unless otherwise stated)

VANCOUVER

Feb. 20, 2020

/CNW/ -

Asanko Gold Inc. ("Asanko" or the "Company") (TSX, NYSE American:

AKG)

reports an updated Mineral Resource Estimate ("MRE") and Mineral Reserve Estimate ("MRev") for the

Asanko Gold Mine ("AGM" or the "Project"), located in

Ghana

West Africa

. The AGM is a 50:50 joint venture ("JV")

with Gold Fields Ltd (JSE, NYSE: GFI), which is managed and operated by Asanko.

Estimated Mineral Resources and Mineral Reserves at the Asanko Gold Mine Highlights (100% basis)

Estimated Measured and Indicated Mineral Resources of 64.1 million tonnes ("Mt") at 1.70 g/t gold for 3.50

million ounces ("Moz") gold contained (Measured Mineral Resources at 2.3 Mt at 0.76 g/t gold for 0.06 Moz

gold contained and Indicated Mineral Resources at 61.7 Mt at 1.74 g/t gold for 3.45 Moz gold contained).

Estimated Proven and Probable Mineral Reserves of 53.4 Mt at 1.38 g/t gold for 2.38 Moz of gold contained

(Proven Mineral Reserves of 2.3 Mt at 0.76 g/t gold for 0.06 Moz gold contained and Probable Mineral

Reserves of 51.1 Mt at 1.41 g/t gold for 2.32 Moz gold contained).

Estimated Inferred Mineral Resources of 7.0 Mt at 1.59 g/t gold for 0.36 Moz of gold contained.

The MRE and MRev are effective

December 31

, 2019. Mineral Resources were estimated using a

$1,500

/oz gold

price and are inclusive of Mineral Reserves which were estimated using a

$1,300

/oz gold price. An updated NI 43-

101 compliant technical report outlining the life of mine plan supporting the updated estimates will be filed on SEDAR

www.sedar.com

as soon as practically possible, but no later than

April 5, 2020

Asanko Gold Mine Life of Mine Plan Highlights and Optimization (100% basis)

Estimated gold production of 2.1 Moz of gold over an expected 10-year mine life at projected all-in sustaining

costs ("AISC")

$1,135

/oz.

8 years of mining operations planned at the open pit deposits that make up the AGM (Esaase, Nkran,

Akwasiso, Abore, Asuadai and Adubiaso).

10 years of processing mined ore and run-of-mine stockpiles projected through the existing 5.4 Mtpa

processing plant.

Initial 2 years (2020-21) expected to produce on average 242,000 ounces of gold per year at an anticipated

$1,048

/oz AISC

, with the potential for strong margins and projected free cash flow

$91.3 million

at an

assumed

$1,400

/oz gold price.

Limited anticipated development capital expenditures of

$105 million

over the life of mine including the

$25

million

Tetrem village relocation currently underway and expected to be completed in 2020.

Launched major cost reduction initiative with the goal of driving down AISC

by approximately

$100

/oz.

Increased focus on exploration with the aim of unlocking potential within 21,000 hectare land package.

The updated Mineral Reserve Estimate for

the Asanko Gold Mine is in-line with the development plan that we

announced in August last year which targeted 8-10 years of mine life at a production rate of 225,000 to 250,000

ounces per year," said

Greg McCunn

, Chief Executive Officer. "2020 and 2021 are both expected to be good

years for the mine with projected strong free cash flow. Using this updated life of mine plan as a baseline, we are

launching a major cost reduction initiative at the AGM and increasing focus on exploration on our prospective

21,000 hectare land package.

When we look at our 50% share of the Asanko Gold Mine cashflows at today's gold price, we estimate that we

continue to trade at a discount to our net asset value. As a result, we are continuing with our share buy-back

program. As of the end of January, we had purchased and cancelled 1.8 million shares, returning approximately

$1.6 million

to Asanko Shareholders."

This news release should be read in conjunction with, and is subject to, the final NI 43-101 compliant technical report dated February 2020, which will be available on the Company's website and filed on

SEDAR as soon as practically possible, but no later than April 5, 2020.

The updated life of mine plan contemplates a substantial pushback of the Nkran pit ("Cut 3") to access its

anticipated mineral reserves. The Company is currently initiating an exploration program aimed at delineating near

mine targets on existing mining licences in order to defer an investment decision on Nkran Cut 3.

Additionally, the Company has initiated a cost reduction program at the Asanko Gold Mine with the objective of

driving down operational costs. Specifically, the program envisages delivering a sustainable saving of

$100

/oz AISC

over the remaining mine life. The program will focus on (amongst other items):

Retendering of existing mining contracts with the goal of driving down per unit mining costs, increasing

efficiencies and reducing the fixed cost allocation over more production units.

Retendering of existing haulage contracts for the haulage of ore from Esaase to the processing facility in order

to increase efficiencies and reduce the fixed cost allocation over more production units.

Optimisation of all sustaining and development capital expenditures.

Review of general and administrative expenditures at the Asanko Gold Mine.

Assessment of energy inputs.

Optimizing crushing, ore re-handling and plant throughput.

Asanko Gold Mine Mineral Resource Estimates (100% basis)

Updated MRE's are reported for the six deposits that make up the AGM, replacing the previous NI 43-101 report

dated

June 5, 2017

. CSA Global (UK) Ltd ("CSA Global") compiled the updated MRE's for the Nkran, Esaase and

Akwasiso deposits. The Updated MRE's for the Abore, Adubiaso and Asuadai deposits were compiled by Asanko

under supervision of the CSA Global QP.

The MRE's are reported in compliance with the definitions and guidelines for the reporting of Exploration Information,

Mineral Resources and Mineral Reserves in

Canada

, "the CIM Standards on Mineral Resources and Reserves –

Definitions and Guidelines" dated

10 May 2014

(CIM, 2014).

The effective date of the Mineral Resource is

31 December 2019

, presented in the form of a combined global

Mineral Resource table below. The Esaase Resources below includes the Mineral Reserves contained in both the

Esaase Main and Esaase South pits (as described in the MRE).

Mineral Resource Estimate as at

31 December 2019

Measured

Indicated

Measured & Indicated Total

Inferred

Deposit

Tonnes

(Mt)

grade

(g/t)

Contained

(koz)

Tonnes

(Mt)

grade

(g/t)

Contained

(koz)

Tonnes

(Mt)

grade

(g/t)

Contained

(koz)

Tonnes

(Mt)

grade

(g/t)

Contained

(koz)

Nkran

8.5

2.14

586

8.5

2.14

586

Esaase

43.2

1.69

2,348

43.2

1.69

2,348

5.4

1.54

269

Akwasiso

2.8

1.82

165

2.8

1.82

165

0.4

2.16

Abore

4.7

1.46

221

4.7

1.46

221

0.9

1.69

Asuadai

1.3

1.32

1.3

1.32

0.0

1.24

Adubiaso

1.2

1.88

1.2

1.88

0.2

1.43

Stockpiles

2.3

0.76

2.3

0.76

Total

2.3

0.76

61.7

1.74

3,447

64.1

1.70

3,504

7.0

1.59

357

Notes:

•

Estimated Mineral Resources are reported at a cut-off grade of 0.5 g/t gold and assuming a gold price of US$1,500/oz.

•

Figures are rounded to the appropriate level of precision for the reporting of Mineral Resources.

•

Due to rounding, some columns or rows may not compute as shown.

•

Estimated Mineral Resources are stated as in situ dry metric tonnes.

•

Estimated Mineral Resources are reported inclusive of Estimated Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of

Mineral Resources may be materially affected by environmental,

permitting, legal, title, taxation, socio-political, marketing, or

other relevant issues including but not limited to those noted under

Cautionary Note Regarding Forward-Looking Statements.

•

The Nkran, Esaase and Akwasiso MREs have been prepared by CSA Global who are independent of Asanko. The Abore, Asuadai and Adubiaso MREs have been prepared by Asanko and reviewed

and accepted by CSA Global.

Asanko Gold Mine Mineral Reserve Estimate (100% basis)

The MRev has been prepared by CSA Global using CIM, 2014 classification standards.

The estimated Mineral Reserves are inclusive and derived from the Mineral Resource block models and estimates

and are based on the estimated Measured & Indicated Mineral Resources that have been identified as being

potentially economically extractable and which incorporate expected mining losses and the addition of expected

waste dilution.

Mineral Reserve Estimate as at

31 December 2019

Deposit

Proven

Probable

Proven and Probable Total

Tonnes

(Mt)

Grade

(g/t)

Contained

(koz)

Tonnes

(Mt)

Grade

(g/t)

Contained

(koz)

Tonnes

(Mt)

Grade

(g/t)

Contained

(koz)

Nkran

10.9

1.64

577

10.9

1.64

577

Esaase Main

29.1

1.33

1,245

29.1

1.33

1,245

Esaase South

4.5

1.44

210

4.5

1.44

210

Akwasiso

1.9

1.43

1.9

1.43

Abore

2.8

1.42

127

2.8

1.42

127

Adubiaso

0.8

1.51

0.8

1.51

Asuadai

1.0

1.12

1.0

1.12

Stockpiles

2.3

0.76

2.3

0.76

Total

2.3

0.76

51.1

1.41

2,320

53.4

1.38

2,377

Notes:

•

Estimated Mineral Reserves are reported assuming a gold price of US$1,300/oz.

•

Estimated Mineral Reserves are defined within pit designs guided by pit shells derived from Whittle Four-X™ software (Whittle).

•

Estimated Mineral Reserves are reported based on the maximum of: (a) the calculated marginal cut-off grades for each of the pits ranging between (0.38

- 0.71)

g/t gold, and (b) 0.50 g/t gold.

•

Figures are rounded to the appropriate level of precision for the reporting of Mineral Reserves. Due to rounding, some columns or rows may not compute as shown.

•

Estimated Mineral Reserves are stated as in situ dry metric tonnes.

•

The mine plan underpinning the estimated Mineral Reserves has been prepared by Snowden and reviewed and accepted by CSA Global. Both Snowden and CSA Global are independent of Asanko.

•

No Mineral Reserves have been estimated using estimated Inferred Mineral Resources.

The estimate of Mineral Reserves may be materially affected by environmental,

permitting, legal, title, taxation,

socio-political, marketing, or other relevant issues

including but not limited to those noted under Cautionary Note Regarding Forward-Looking Statements.

Asanko Gold Mine Updated Life of

Mine Plan

("LOM") (100% basis)

Background

Following the conclusion of a 50/50 Joint Venture transaction with a subsidiary of Gold Fields on

July 31, 2018

Asanko holds a 45% economic interest in the AGM and gold exploration tenements (collectively the "joint venture" or

"JV") on both the Asankrangwa and Sefwi Gold Belts in the Republic of

Ghana

("Ghana"),

West Africa

. The

ownership structure of the JV is 45% Asanko Gold, 45% Gold Fields with the remaining 10% held by the

Government of

Ghana

as a free-carried equity interest. The AGM concessions are located in the Amansie West

District of the Ashanti Region of

Ghana

The AGM is a multi-deposit complex with two main deposits, Nkran and Esaase, four satellite deposits and a

carbon-in-leach (CIL) processing plant with a current design capacity of 5.4 million tonnes per annum ("Mtpa").

Operations commenced in

January 2016

following an 18-month construction period.

LOM Study

A National Instrument 43-101 (NI 43-101) compliant Technical Report on the Life of

Mine Study

of the AGM was

completed to support the updated Mineral Resource and Reserve Estimates. The Life of

Mine Study

will be

available on the Company's website and filed on SEDAR no later than

April 5, 2020

The LOM Study with associated supporting documentation is considered to have been compiled to the level of

confidence as presented in a Pre-Feasibility Study (PFS). The term "Pre-Feasibility Study" has the meaning

ascribed by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM, 2014). Under CIM guidelines, the

AGM is a "production property", a property on which mining is currently taking place; with adjacent "development

property" sections (properties that are being prepared for mineral production and for which economic viability has

been demonstrated to a PFS level of confidence).

CSA Global, Snowden Mining and Industry Consultants, DRA Global, ABS Africa (Pty) Ltd, Ernst & Young Global

Limited, Knight Piésold and SRK Consulting were commissioned by Asanko to produce the LOM Study for the

Project.

The 2019 LOM Study includes the following over the period considered:

Expected mining schedule annual summary

Component/area

Total

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Mining

Total ex-pit movement (Mt)

304.3

33.8

35.9

59.4

60.0

59.0

33.6

18.7

4.1

Abore

17.6

3.1

9.1

5.4

Adubiaso

10.3

3.3

6.3

0.7

Akwasiso

12.6

11.1

1.5

Asuadai

5.1

3.2

1.8

0.1

Esaase South

31.2

10.9

2.3

6.3

7.6

4.0

0.0

Esaase Main

134.4

7.9

28.9

41.1

24.5

22.0

6.1

3.3

0.7

Nkran

93.0

3.9

2.9

22.5

29.8

22.3

9.0

2.6

Strip ratio (w:o)

5.0

4.7

3.6

5.7

6.8

7.0

4.8

2.5

0.8

Ex-pit waste movement (Mt)

253.2

27.8

28.0

50.5

52.3

51.6

27.8

13.3

1.8

Ex-pit ore mined (Mt)

51.1

6.0

7.9

8.9

7.7

7.3

5.8

5.3

2.2

Grade mined (g/t)

1.41

1.38

1.24

1.34

1.43

1.56

1.60

1.68

Long-term stockpiling

Stockpile size (Mt)

14.3

2.7

5.4

8.9

11.2

13.1

13.9

14.3

11.1

5.7

Stockpile grades (g/t)

0.68

0.82

0.76

0.74

0.73

0.71

0.67

Processing

Total processed (Mt)

53.4

5.7

5.1

5.4

5.0

4.9

5.4

5.7

Grade processed (g/t)

1.39

1.45

1.62

1.61

1.63

1.68

1.71

1.67

1.16

0.77

0.67

Oxide %

27%

28%

50%

39%

20%

31%

Recovered gold (koz)

2,110

241

243

247

249

251

247

181

106

Capital Costs

The capital cost estimates for the Project have been developed to a Class 3 level of accuracy (+/-25%) consistent

with PFS standards and guidelines. The base date for the capital cost estimate is

November 2019

and the base

currency is US$.

Capital estimate summary

Item

Value (US$ million)

Sustaining Capital

General Plant Sustaining Capex

26.7

TSF Lifts

57.3

Total Sustaining Capital

84.0

Development Capital

Village Relocations

38.7

Esaase Haul Road

33.6

Esaase Infrastructure

22.1

Mining Pre-production costs

10.8

Total Development Capital

105.2

Closure costs

60.2

Total Capital

249.3

Operating Costs

Operating costs are defined as direct operating costs and include contract mining and owner mining costs, ore

haulage costs, processing costs, and general and administrative costs.

The Nkran ore deposit is located within close proximity to the process plant at Obotan, whilst ore from Esaase

(South and Main Pit), Akwasiso, Adubiaso, Abore and Asuadai is transported by haul road 28 km, 5 km, 5 km,

13.4 km and 14.2 km respectively. Oxide ore from Esaase is currently transported to Obotan at a rate of 2.2 Mtpa.

The scope of the LOM Study includes a planned upgrade of the haul road to facilitate the transport of up to 5.4

Mtpa ore from Esaase.

The operating cost and AISC

estimates for the LOM is summarised below. The summary assumes a total of 304.3

Mt mined and 53.4 Mt ore feed to the process plant.

Life of Mine Estimated Operating cost summary

Opex component

Amount (US$ million)

Unit value (US$/oz)

Mining Cost

783.2

371

Ore Transport & Handling

224.1

106

Processing Cost

596.7

283

G&A

262.5

124

Operating Costs

1,866.5

884

Royalties

156.6

Refining Costs

8.4

Sustaining Capital

84.0

Sustaining Capital Stripping

278.2

132

All-in Sustaining Costs

2,393.7

1,135

Estimated Cash Flow at

$1,400

/ oz gold

US$000

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Summary Cash Flow

Revenue

331,227

339,686

345,716

348,139

351,125

351,462

346,191

253,665

148,813

137,784

Mining Cost

97,374

97,683

107,059

104,221

100,459

138,952

78,421

35,748

14,011

9,300

Ore Transport & Handling

12,572

25,792

32,342

28,277

32,430

14,236

4,385

15,239

22,135

36,643

Processing Cost

62,058

56,572

58,618

60,336

60,896

58,769

58,539

60,884

60,339

59,732

G&A

30,000

15,000

7,500

Cash Operating Costs

202,004

210,047

228,018

222,835

223,784

241,956

171,345

141,870

111,485

113,175

Royalties

17,128

18,383

18,854

18,697

19,207

18,293

17,442

13,108

7,935

7,545

Refining Cost

946

971

988

995

1,003

1,004

989

725

425

394

Total operating costs

220,078

229,400

247,860

242,527

243,994

261,254

189,776

155,703

119,846

121,114

Sustaining Capital

11.556

14,445

9,447

12,991

7,998

6,999

7,295

7,050

5,676

1,000

Sustaining Capital Stripping

20,251

10,812

52,035

87,304

106,508

1,305

All-in Sustaining Costs

251,885

254,657

309,341

342,322

358,500

268,253

198,376

162,753

125,522

122,114

Development Capital

28,943

43,611

26,407

2,763

950

1,950

500

Closure Costs

658

660

689

717

778

809

850

4,035

14,693

Working Capital

(1,098)

1,206

2,983

750

1,104

(7,367)

(5,784)

(1,092)

(907)

(66)

(7,229)

Tax

24,784

6,037

Cash Flow After Tax

49,300

41,967

12,291

3,116

(7,938)

73,114

140,723

88,970

(6,436)

(5,125)

(21,922)

Cumulative project cash flow

49,300

91,267

103,558

106,674

98,736

171,851

312,573

401,543

395,108

389,982

368,060

Cash Operating Costs (US$/oz)

840

866

923

896

892

964

693

783

1,049

1,199

All-in Sustaining Costs (US$/oz)

1,047

1,050

1,253

1,377

1,429

1,069

802

898

1,181

1,294

Notes:

•

Table has been cut-off at 2030 for the purposes of presentation and excludes the remaining $21.6M of final closure costs.

Notes:

Non-GAAP Performance Measures

The Company has included certain non-GAAP performance measures in this press release. These non-GAAP

performance measures do not have any standardized meaning and have been included specifically for the purpose

of providing additional information to the MRev. These performance measures may be different from the Company's

non-GAAP performance measures included in the Company's Management Discussion and Analysis for the year

ended

December 31

, 2019and should not be considered in isolation or as a substitute for measures of performance

prepared in accordance with GAAP.

Free cash flo

The Company believes that in addition to conventional measures prepared in accordance with IFRS, the

Company and certain investors and analysts use free cash flow to evaluate the JV's performance with respect

to its operating cash flow capacity to meet non-discretionary outflows of cash. The presentation of free cash

flow is not meant to be a substitute for the cash flow information presented in accordance with IFRS, but rather

should be evaluated in conjunction with such IFRS measures. Free cash flow is calculated as the GAAP

measure "cash flows from operating activities" of the JV, adjusted for cash flows associated with sustaining and

non-sustaining capital expenditures which are derived from the GAAP measure "cash flows used in investing

activities" of the JV. Free cash flow is also adjusted for payments made to mining contractors for leases

capitalized under IFRS 16, which is derived from the GAAP measure "cash flows used in financing activities" of

the JV.

All-in Sustaining Costs Per Gold Ounce

AISC, for the purposes of this news release, is comprised of GAAP measures production costs (which includes

mining costs other than those mining costs capitalized as leases under IFRS 16, ore transport and handling

costs, processing costs, site-based general and administrative ("G&A") costs and refining costs), royalties and

G&A expenses. AISC also includes sustaining capital expenditure and capitalized stripping costs which are

derived from the GAAP measure "cash flows used in investing activities" of the JV. AISC further includes

payments made to mining contractors for leases capitalized under IFRS16, which is derived from the GAAP

measure "cash flows used in financing activities" of the JV. AISC is expressed on a per gold ounce sold basis

and, specifically for the purpose of the MRev, does not include reclamation costs.

Qualified Person Statement

The scientific and technical contents in this news release have been approved by Mr DM Begg, Pr.Sci.Nat., Senior

Vice President Technical Services of Asanko Gold Inc., who is a "Qualified Person" as defined by Canadian National

Instrument 43-101 (Standards of Mineral Disclosure). Mr. Begg is not independent of Asanko Gold Inc.

The data verification processes applied for the purposes of this news release are consistent with those described in

the Company's Amended and Restated Definitive Feasibility Study related to the AGM on

June 5, 2017

(amended

and restated on

December 20

, 2017).

Technical Report

A National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") Technical Report that

summarizes the results of the LOM Plan and incorporates the mineral resource and reserve statement for the

Asanko Gold Mine will be filed within 45 days on SEDAR and on the Company's website (the "Technical Report").

For readers to fully understand the information in this news release, they should read the Technical Report in its

entirety, including all qualifications, assumptions and exclusions that relate to the LOM Plan. The Technical Report is

intended to be read as a whole, and sections should not be read or relied upon out of context.

About Asanko Gold Inc.

Asanko is focused on building a low-cost, mid-tier gold mining company through organic production growth,

exploration and disciplined deployment of its financial resources. The company currently operates and manages the

Asanko Gold Mine, located in

Ghana

West Africa

which is jointly owned with Gold Fields Ltd. The Company is

strongly committed to the highest standards for environmental management, social responsibility, and health and

safety for its employees and neighbouring communities. For more information, please visit

www.asanko.com

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred

Resources

The terms "mineral resource", "measured mineral resource", "indicated mineral resource", "inferred mineral

resource" used herein are Canadian mining terms used in accordance with NI 43-101 under the guidelines set out

in the Canadian Institute of Mining and Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and

Mineral Reserves, adopted by the CIM Council, as may be amended from time to time. These definitions differ

from the definitions in

the United States

Securities & Exchange Commission ("SEC") Industry Guide 7. In

the

United States

, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally

extracted or produced at the time the mineral reserve determination is made.

While the terms "mineral resource", "measured mineral resource," "indicated mineral resource", and "inferred

mineral resource" are recognized and required by Canadian regulations, they are not defined terms under

standards in

the United States

and normally are not permitted to be used in reports and registration statements

filed with the SEC. As such, information contained herein concerning descriptions of mineralization and resources

under Canadian standards may not be comparable to similar information made public by U.S. companies in SEC

filings.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to

"indicated mineral resource" and "inferred mineral resource", there is a great amount of uncertainty as to their

existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any

part of a "measured mineral resource", "indicated mineral resource" or "inferred mineral resource" will ever be

upgraded to a higher category.

Accordingly, information herein containing descriptions of our mineral deposits may not be comparable to similar

information made public by US companies subject to the reporting and disclosure requirements under US federal

securities laws and the rules and regulations thereunder.

Cautionary Note Regarding Forward-Looking Statements

Certain statements and information contained in this news release constitute "forward-looking statements" within

the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable

Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking

statements are statements and information regarding possible events, conditions or results of operations that are

based upon assumptions about future conditions and courses of action. All statements and information other than

statements of historical fact may be forward looking statements. In some cases, forward-looking statements can

be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue",

"forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar

words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.

Forward-looking statements in this news release include, but are not limited to: estimates of Mineral Resources

and Mineral Reserves; estimates of contained and recovered gold; expected gold production; mining, mine

schedule and mine life estimates, including anticipated strip ratios, grade estimations and processing estimates;

cost estimates, including planned capital expenditures and expected operating costs; statements in respect of

planned operations at the AGM, including with respect to the timing and completion of the village relocation, future

exploration activities, the pushback of the Nkran pit and the upgrade of the haul road; statements in respect of

AGM's generation of free cash flow and the associated estimates of revenues, costs and taxes; the aims and

anticipated effects of the Company's cost reduction initiative; and statements with respect to the Company's share

buy-back program. Such forward-looking statements are based on a number of material factors and assumptions,

including, but not limited to: the accuracy of the estimates and assumptions underlying the Mineral Resource and

Mineral Reserve estimates, including future gold prices, cut-off grades and production and processing estimates;

the successful completion of development and exploration projects, planned expansions or other projects within

the timelines anticipated and at anticipated production levels; that mineral resources can be developed as

planned; that the Company's relationship with joint venture partners will continue to be positive and beneficial to

the Company; interest and exchange rates; that required financing and permits will be obtained; general economic

conditions; that labour disputes or disruptions, flooding, ground instability, geotechnical failure, fire, failure of

plant, equipment or processes to operate are as anticipated and other risks of the mining industry will not be

encountered; that contracted parties provide goods or services in a timely manner; that there is no material

adverse change in the price of gold or other metals; competitive conditions in the mining industry; title to mineral

properties; costs; taxes; the retention of the Company's key personnel; and changes in laws, rules and regulations

applicable to Asanko.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause

actual results, performance or achievements to differ materially from those anticipated in such forward-looking

statements. The Company believes the expectations reflected in such forward-looking statements are reasonable,

but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place

undue reliance on forward-looking statements contained herein. Some of the risks and other factors which could

cause actual results to differ materially from those expressed in the forward-looking statements contained in this

news release, include, but are not limited to: mineral reserve and resource estimates may change and may prove

to be inaccurate; life of mine estimates are based on a number of factors and assumptions and may prove to be

incorrect; AGM has a limited operating history and is subject to risks associated with establishing new mining

operations; sustained increases in costs, or decreases in the availability, of commodities consumed or otherwise

used by the Company may adversely affect the Company; actual production, costs, returns and other economic

and financial performance may vary from the Company's estimates in response to a variety of factors, many of

which are not within the Company's control; adverse geotechnical and geological conditions (including

geotechnical failures) may result in operating delays and lower throughput or recovery, closures or damage to

mine infrastructure; the ability of the Company to treat the number of tonnes planned, recover valuable materials,

remove deleterious materials and process ore, concentrate and tailings as planned is dependent on a number of

factors and assumptions which may not be present or occur as expected; the Company's operations may

encounter delays in or losses of production due to equipment delays or the availability of equipment; the

Company's operations are subject to continuously evolving legislation, compliance with which may be difficult,

uneconomic or require significant expenditures; the Company may be unsuccessful in attracting and retaining key

personnel; labour disruptions could adversely affect the Company's operations; the Company's business is subject

to risks associated with operating in a foreign country; risks related to the Company's use of contractors; the

hazards and risks normally encountered in the exploration, development and production of gold; the Company's

operations are subject to environmental hazards and compliance with applicable environmental laws and

regulations; the Company's operations and workforce are exposed to health and safety risks; unexpected costs

and delays related to, or the failure of the Company to obtain, necessary permits could impede the Company's

operations; the Company's title to exploration, development and mining interests can be uncertain and may be

contested; the Company's properties may be subject to claims by various community stakeholders; risks related to

limited access to infrastructure and water; the Company's exploration programs may not successfully expand its

current mineral reserves or replace them with new reserves; the Company's common shares may experience

price and trading volume volatility; the Company's revenues are dependent on the market prices for gold, which

have experienced significant recent fluctuations; the Company may not be able to secure additional financing

when needed or on acceptable terms; Company shareholders may be subject to future dilution; risks related to

changes in interest rates and foreign currency exchange rates; changes to taxation laws applicable to the

Company may affect the Company's profitability and ability to repatriate funds; the Company's primary asset is

held through a joint venture, which exposes the Company to risks inherent to joint ventures, including

disagreements with joint venture partners and similar risks; risks related to the Company's internal controls over

financial reporting and compliance with applicable accounting regulations and securities laws; the carrying value

of the Company's assets may change and these assets may be subject to impairment charges; the Company may

be liable for uninsured or partially insured losses; the Company may be subject to litigation; the Company may be

unsuccessful in identifying targets for acquisition or completing suitable corporate transactions, and any such

transactions may not be beneficial to the Company or its shareholders; the Company must compete with other

mining companies and individuals for mining interests; and risks related to information systems security threats.

Although the Company has attempted to identify important factors that could cause actual results or events to differ

materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive

and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no

obligation to update or revise any forward-looking statements included in, or incorporated by reference in, this

news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise

required by applicable law.

Neither Toronto Stock Exchange nor the Investment Industry Regulatory Organization of

Canada

accepts

responsibility for the adequacy or accuracy of this release.

View original content:

http://www.prnewswire.com/news-releases/asanko-gold-provides-updated-mineral-reserve-estimate-301008068.html

SOURCE

Asanko Gold Inc.

View original content:

http://www.newswire.ca/en/releases/archive/February2020/20/c0701.html

%SEDAR: 00015923E

For further information:

Enquiries: Lynette Gould, SVP Investor Relations, Toll-Free (N.America): 1-855-246-

7341, Telephone: +1 778 729 0608, Email: [email protected]

CO: Asanko Gold Inc.

CNW 07:00e 20-FEB-20

← Back to feed