Canaccord Genuity Upgrades Asanko Gold Inc to Buy

Brokerage firm Canaccord Genuity Upgrades its rating on Asanko Gold Inc(NYSEMKT:AKG). The shares have been rated Buy. Previously, the analysts had a Hold rating on the shares. The rating by Canaccord Genuity was issued on Jun 6, 2016.

Asanko Gold Inc (AKG) shares turned negative on Fridays trading session with the shares closing down -0.05 points or -1.21% at a volume of 9,96,678. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $4.15. The peak price level was also seen at $4.15 while the days lowest was $3.79. Finally the shares closed at $4.07. The 52-week high of the shares is $4.165 while the 52-week low is $1.27. According to the latest information available, the market cap of the company is $802 M.

Asanko Gold Inc. (Asanko) is a Canada-based exploration and development stage company. The Company’s primary asset is its Asanko Gold Mine Project located on the Asankrangwa gold belt in Ghana. In addition to its principal project the Company holds a portfolio of other Ghanaian gold concessions in various stages of exploration. The Asanko Gold Mine Project is located in the Amansie West district of the Ashanti region of Ghana approximately 250 kilometer northwest of the capital Accra and about 50 to 80 kilometer southwest of the regional capital of Kumasi. The Company is developing Asanko Gold Mine Project in two Phases. The Phase I consists of Nkran pit which accounts for 85% of the Phase I ore reserves and four satellite deposits Abore Asuadai Dynamite Hill and Adubiaso.

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