Asanko Gold Receives Ghana Government Approval for US$185 Million Gold Fields Joint Venture Transaction
Asanko Gold Receives Ghana Government Approval for US$185 Million Gold
Fields Joint Venture Transaction
VANCOUVER, British Columbia, June 22, 2018 -- Asanko Gold Inc. (“Asanko” or the “Company”) (TSX:AKG) (NYSE
MKT:AKG) is pleased to announce that it has received approval from the Ghanaian Minister of Lands and Natural Resources,
whose approval was the principal condition to the closing of Asanko’s previously announced joint venture transaction (the
“Transaction”) with Gold Fields Limited (JSE, NYSE: GFI) for a 50% interest in Asanko’s 90% interest in the Asanko Gold
Mine in Ghana, West Africa.
Completion of the Transaction is now expected in early July, 2018. The final form of the joint venture agreement will be
publically filed after completion. Completion now remains subject only to certain customary closing documentation and a
lender’s consent from Exp T2 Ltd. (“Red Kite”), which are all expected to be in-hand in the ordinary course before the targeted
completion time.
Red Kite has agreed to defer the first principal repayment, approximately US$20 million, due on July 1, 2018 until August 1,
2018 to facilitate the Transaction. Asanko intends to use the cash proceeds from the Transaction to repay in full all
outstanding principal and accrued interest (US$164 million) owing to Red Kite under the Definitive Senior Facilities Agreement.
There are no early repayment penalties associated with the Red Kite debt.
Peter Breese, President and CEO, said “I’d like to thank the Minister of Lands and Natural Resources for expediting approval
of our Joint Venture transaction with Gold Fields and our in-country advisors, Kimathi and Partners, who have guided us
through this approval process. Upon conclusion of this Transaction and repayment of the Red Kite debt facility, we will be
debt-free and poised to grow our business and expand our production base.”
About Asanko Gold Inc.
Asanko’s vision is to become a mid-tier gold mining company that maximizes value for all its stakeholders. The Company’s
flagship project is the multi-million ounce Asanko Gold Mine located in Ghana, West Africa.
Asanko is managed by highly skilled and successful technical, operational and financial professionals. The Company is
strongly committed to the highest standards for environmental management, social responsibility, and health and safety for its
employees and neighbouring communities.
Forward-Looking and other Cautionary Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release,
other than statements of historical facts, that address the completion of announced agreements including the agreement with
Gold Fields, future operations and completion conditions are forward-looking statements. Although the Company believes the
forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as
guarantees of future performance and actual results or developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially from those in forward-looking statements include
unexpected third party requirements, the absence of any material adverse events between the date hereof and completion..
The Company is subject to the specific risks inherent in the mining business as well as general economic and business
conditions. For more information on the Company, Investors should review the Company's Annual Form 40-F filing with the
United States Securities Commission and its home jurisdiction filings that are available at www.sedar.com.
Neither Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Enquiries:
For further information please visit: www.asanko.com, email: [email protected] or contact:
Alex Buck - Manager, Investor and Media Relations
Toll-Free (N.America): 1-855-246-7341
Telephone: +44-7932-740-452
Email: [email protected]
Rob Slater – Executive, Corporate Development and Strategy
Telephone: +27-11-467-2758
Email: [email protected]