Galiano GOLD Receives No Objection Letter from the Ministry of Lands & Natural Resources of Ghana
GALIANO GOLD RECEIVES NO OBJECTION LETTER FROM THE
MINISTRY OF LANDS & NATURAL RESOURCES OF GHANA
Vancouver, British Columbia, February 21, 2024 – Galiano Gold Inc. (“Galiano” or the “Company”) (TSX, NYSE
American: GAU) is pleased to announce that the Ministry of Lands and Natural Resources of the Republic of Ghana
(the “Ministry”) has formally notified the Company that it has no objection to the Company becoming the controller
of Asanko Gold Ghana Ltd., pursuant to the Company’s acquisition of the Gold Fields Limited group’s (“Gold Fields”)
45% interest in the Asanko Gold Mine (the “AGM”) announced on December 21, 2023 (the “Acquisition”). The no
objection letter was issued by the Ministry in accordance with Section 52 of the Minerals and Mining Act, 2006 (Act
703) and on the advice and recommendation of the Minerals Commission.
No further regulatory approvals are required in order for the Company and Gold Fields to close the Acquisition and
the Company expects to close the Acquisition in Q1 as previously disclosed.
Contact Information
Krista Muhr
Toll-Free (N. America): 1-855-246-7341
Telephone: 1-778-239-0446
Email: [email protected]
About Galiano Gold Inc.
Galiano is focused on creating a sustainable business ca pable of value creation for all stakeholders through
production, exploration and disciplined deployment of its financial resources. The Company operates and manages
the Asanko Gold Mine, which is located in Ghana, West Africa, and jointly owned with Gold Fields. Galiano is
committed to the highest standards for environmental management, social responsibility, and the health and safety
of its employees and neighbouring communities. For more information, please visit www.galianogold.com.
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 collectiv ely as "forward-looking statements". Forward-looking
statements are statements and informat ion 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", "pla n", "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: statements with respect to the
completion and timing of the Acquisit ion; the ability of Galiano to satisf y other conditions to complete the
Acquisition; the expected timing of cl osing of the Acquisition; and the benefits of the Acquisition to the Company
and its shareholders. Such forward-looking statements are based on a number of material factors and assumptions,
including, but not limited to: the ability of the Company to satisfy the conditions requested to close the Acquisition;
the ability of the Company to meet the expected timing for closing the Acqu isition; development plans and capital
expenditures; the price of gold will not decline significantly or for a protracted period of time; the accuracy of the
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estimates and assumptions underlying mineral reserve an d mineral resource estimate s; the Compan y's ability to
raise sufficient funds from future equity financings to support its operations, and ge neral business and economic
conditions; the global financial markets and general economic conditions will be stable and prosperous in the future;
the ability of the joint venture (“JV”) and the Company to comply with applicable go vernmental regulations and
standards; the mining laws, tax laws and other laws in Ghana applicable to the AGM and the JV will not change, and
there will be no imposition of addition al exchange controls in Ghana; the success of th e JV and the Company in
implementing its development strategies and achieving it s business objectives; the JV will have sufficient working
capital necessary to sustain its operat ions on an ongoing basis and the Comp any will continue to have sufficient
working capital to fund its operations and contributions to the JV; and the key personnel of the Company and the JV
will continue their employment.
The foregoing list of assumptions cannot be considered exhaustive.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to differ ma terially from those anticipated in such forward-looking
statements. The Company believes the expectations reflec ted 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 expr essed in the forward-looking statements contained in this
news release, include, but are not limited to: risks relate d to the Company’s ability to close the Acquisition, risks
related to the expected benefits of the Acquisition; the Co mpany’s ability to satisfy or waive all necessary closing
conditions; the mineral reserve and mineral resource es timates may change and may prove to be inaccurate;
metallurgical recoveries may not be ec onomically viable; life of mine estimates are based on a number of factors
and assumptions and may prove to be incorrect; actual production, costs, returns and other economic and financial
performance may vary from the Company's estimates in resp onse to a variety of factors, many of which are not
within the Company's control; inflationary pressures and the effects thereof; the 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;
adverse geotechnical and geological conditions (including ge otechnical failures) may result in operating delays and
lower throughput or recovery, closures or damage to mine infr astructure; 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 JV's mineral properties may experience a lo ss of ore due to illegal mining activities; the Company's
operations may encounter delays in or losses of production due to equipment delays or the availability of equipment;
outbreaks of COVID-19 and other infect ious diseases may have a negative impact on global financial conditions,
demand for commodities and supply chains and could adversely affect the Company's business, financial condition
and results of operations and the market price of the common shares of the Company; 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 unsuccessfu l in attracting and retaining key personnel; labour
disruptions could adversely affect the Company's operations; recoveries may be lower in the future and have a
negative impact on the Company's financial results; the lower recoveries may persist and be detrimental to the AGM
and the Company; the Company's business is subject to risk s associated with operating in a foreign country; risks
related to the Company's use of contractors; the hazard s 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 effects of climate change or extreme weather
events may cause prolonged disruption to the delivery of essential commodities which could negatively affect
production efficiency; 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; geotechnical risks associat ed with the design and operation of a mine and related civil structures; the
Company's properties may be subject to claims by variou s community stakeholders; risks related to limited access
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to infrastructure and water; risks associated with establishing new mining operations; 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; the Company's shareholders may
be subject to future dilution; risks re lated to the control of AGM cashflows and operation through a joint venture;
risks related to changes in interest rates and foreign cu rrency exchange rates; risks relating to credit rating
downgrades; changes to taxation laws applicable to the Company may affect the Company's profitability and ability
to repatriate funds; risks related to the Company's internal controls over financial reporting and compliance with
applicable accounting regulations and se curities laws; risks related to information systems security threats; non-
compliance with public disclo sure obligations could have an adverse e ffect on the Company' s stock price; the
carrying value of the Company' s assets may change and thes e assets may be subject to impairment charges; risks
associated with changes in reporting standards; 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; the Company may be liable for uninsured or partially insured losses; the Company may be subject to
litigation; damage to the Company's reputation could re sult in decreased investor confidence and increased
challenges in developing and mainta ining community relations which may ha ve adverse effects on the business,
results of operations and financial conditions of the joint venture and the Company and the Company's share price;
the Company may be unsuccessful in identifying targets for acquisition or completing suitable corporate
transactions, and any such transactions may not be bene ficial to the Company or its shareholders; the Company
must compete with other mining companies and individua ls for mining interests; the Company's growth, future
profitability and ability to obtain financing may be impacted by global financial conditions; the Company's common
shares may experience price and trading volume volatilit y; the Company has never paid dividends and does not
expect to do so in the foreseeable future; the Company's shareholders may be unable to sell significant quantities
of the Company's common shares into the public trading ma rkets without a significant reduction in the price of its
common shares, or at all; and the risk factors described under the heading "Risk Factors" in the Company's Annual
Information Form.
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.