ASANTE GOLD COMMISSIONING MILESTONE - CRUSHER START UP THE BIBIANI GOLD MINE

Vancouver, British Columbia – May 9, 2022 – Asante Gold Corporation (CSE: ASE/ FRANKFURT: 1A9/U.S.OTC: ASGOF) (“Asante” or the “Company”) is pleased to announce the successful refurbishment and operation of the primary crusher and associated equipment at the Bibiani Gold Mine.  Stockpiling of crushed ore to support the imminent commencement of processing will continue for several weeks, while downstream process plant equipment is commissioned and confirmed operational.

The Bibiani Gold Mine came out of care and maintenance in September 2021 and an extensive refurbishment program has continued since that time.  With the support of its key contractors, Asante is on track to pour gold in the third quarter 2022.  Stockpiling of ore on the Run of Mine Pad has been ongoing since mining commenced in February 2022.

The primary crusher system includes a 42” X 72” gyratory crusher capable of delivering 544 tonnes per hour to the mill.  Comprehensive refurbishment was completed on the primary crusher and ancillary equipment which included total overhaul of the hydraulic lubrication unit, piping, electrical, instrumentation and replacement of other mechanical components.

Asante is pleased to recognize and thank the team from Kenmore Limited, lead contractor on the crusher re-build, for completing the refurbishment ahead of schedule. All associated conveyors and control equipment have been refurbished or replaced and made operational by Harlequin International (HIT).

Dave Anthony, President and CEO stated, “We are very pleased that our refurbishment efforts at the Bibiani Gold Mine have been delivered ahead of schedule.  The excellent and timely work completed by local contractors, Kenmore Limited and Harlequin International, is just another example of how the Ghanaian mining industry is fully resourced to support development and maintenance of modern, large-scale mining operations. With the crusher and all associated equipment now operational, Asante is now ready to advance with commissioning of downstream process plant equipment.”

We also wish to congratulate our Bibiani team that recently reported 2 million hours without a Lost Time Incident, a testament to the team’s commitment to operational safety and excellence.”

About Asante Gold Corporation

 Asante is a gold exploration, project development and operations company with a high-quality portfolio of projects in Ghana, Africa’s largest and safest gold producer. Asante is focused on developing gold projects including the Bibiani and Kubi Gold mines located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, located in Ghana. Asante is listed on the Canadian Securities Exchange and Frankfurt Stock Exchange and has announced plans to co-list its shares in Ghana. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle. Additional information is available on our web site at:  www.asantegold.com.

 

About the Bibiani Gold Mine

The Bibiani Gold Mine is a historically significant Ghanaian gold mine situated in the Western North region of Ghana. Bibiani has previous production of +4Moz, is fully permitted with available mining and processing infrastructure on site consisting of a 3 million tonne per annum mill and processing plant, and existing underground mining infrastructure.

The Current Mineral Resource Estimate for Bibiani, as reported on November 7, 2021 and filed on SEDAR, is Measured and Indicated 20.1 million tonnes at 2.71 grams of gold per tonne for 1.81 Moz of gold; and Inferred 8.41 million tonnes at 2.78 grams of gold per tonne for 0.753 Moz of gold. The Mineral Resource has been reported above a 0.65 g/t gold cut-off and has been depleted for both historical open pit and underground development as of 31 August 2017. The Bibiani Main Pit mineral resource has been prepared by Competent Persons (Optiro, 2017) using accepted industry practices and have been classified and reported in accordance with the JORC Code (JORC, 2012).  There are no material differences between the definitions of Measured, Indicated and Inferred Mineral Resources under the CIM Definition Standards and the equivalent definitions in the JORC Code.  The Satellite pit resource is an update completed in 2018 by Resolute Mining Limited.  The Satellite pit resource is also reported above a cut-off grade of 0.65 g/t gold inside a pit shell defined at a gold price of US$1,950. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

 

Qualified Person Statement

Scientific and technical information contained in this news release has been reviewed and approved by Kwamina Ackun-Wood, a member of the Australasian Institute of Mining and Metallurgy, and the Exploration Manager for Mensin Gold Bibiani Ltd. (a wholly owned subsidiary of Asante Gold Corporation), and who is a “qualified person” under NI 43-101.

 

For further information please contact:

Dave Anthony, President & CEO, tel: +1 647-382-4215; E-mail: dave@asantegold.com

Malik Easah, Executive Director, E-mail:  malik@asantegold.com

Alec Rowlands, Capital Markets Consultant, E-mail:  alec@asantegold.com

 

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America.  No securities of the Company have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

LEI Number: 529900F9PV1G9S5YD446.  Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

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