mining TSX

October 20th, 2014
Building a Mine: Asanko Gold Inc

Oct. 20th, 2014
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Dear Valued Readers:

Today I present a company I recommended years ago at $1.00CA and it was called Quicksilver at the time. Since then it had a high of $9.59CA! I have traded the company but haven't owned it since 2011.

The company then became Keegan Resources for a few years and finally it became Asanko Gold.

    

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Company: Asanko Gold
Symbol: AKG Exchange: TSX & AMEX
Website: http://www.asanko.com
October 20th TSX:: $2.13CA

 


Click Chart for Full Size

Why I like it:

 

  1. Asanko Gold's years of drilling on their Ghana gold project has proven to be very successful. They are starting to build the Asanko Gold Mine. From their web site: "The Asanko Gold Mine has 7.5Moz of Measured and Indicated Resources, including 4.8Moz of Proven and Probable Reserves."
  2. Asanko will have production revenue in less than 1.5 years! From their September News: "Phase 1 is currently under construction and expected to produce first gold in Q1 2016 with steady state production of 200,000 ounces of gold per year by Q2 2016. Studies are underway to incorporate Asanko's adjacent Esaase deposit as Phase 2 with the potential to expand operations up to 400,000 ounces of gold per year."
  3. The company is fully funded to production.
  4. Gold is at around $1235US/oz and their estimated operating costs are $722/oz US including royalty and refining costs.
  5. September 12th News: Asanko was added the S&P/TSX Composite Index.
  6. Management is excellent.

You should take the time to go through all the information at their web site. Read about their upcoming mine and how they expanded their project by acquiring the deposit next door by buying PMI Gold.

[ The Asanko Gold Mine ]

Asanko's stock took a bit of a run in September from $2.30 to about $2.80 when it was added to the S&P/TSX Composite index. This rise was probably because certain funds that are required to own the companies in the Index were buying Asanko.

Since then we have had the recent pullback in the markets and some investors got to buy some Asanko in the low $2s. The stock has some support around $2.00 but if we get some more bleeding in the markets there could be some real deals if it breaks the support line I drew on the chart.

Risks are of course the gold price, and the stability of Ghana. I think Ghana is fairly stable and there are several majors with mines in Ghana: "Newmont’s Ahafo and Akyem mines in Ghana accounted for 12 percent of company revenue in 2013, according to data compiled by Bloomberg. Greenwood Village, Colorado-based Newmont is considering expanding a processing plant and constructing a new underground mine in the West African country." (from a Bloomberg Article)

Give the company a look and thanks for reading! Hopefully you will get your name into our sponsor's draw (read the green column).

 

Warren
Blogger/Researcher

 

 

Have a great week!

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