Asante Completes Final Payment For The Bibiani Gold Mine

ASANTE COMPLETES FINAL PAYMENT FOR THE BIBIANI GOLD MINE

Vancouver, British Columbia – November 28, 2022 – Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to announce that the Company has completed the final payment to Resolute Mining Limited (“Resolute”) pursuant to an amendment letter agreement that was signed on August 24, 2022 (see press release dated August 31, 2022).

The amendment provided for a 90-day extension of time for the final tranche deferred payment of US$30 million in connection with the US$90 million acquisition of Mensin Gold Bibiani Limited, which subsidiary company owns a 90% interest in the Bibiani Gold Mine (“Bibiani”).  The revised payment terms included payment of US$10 million on or before September 19, 2022 (completed), US$10 million on or before October 19, 2022 (completed) and the final payment due on or before November 18, 2022 (completed). 

Bibiani Gold Mine – Timeline from Acquisition to Production

Asante has successfully advanced development of the Bibiani Gold Mine from initial acquisition to commercial production over the past 15 months:

  • Acquired the Bibiani Gold Mine from Resolute on August 4, 2021
  • Initiated refurbishment of the process plant September 5, 2021
  • Commenced open pit mining operations February 28, 2022
  • Completed refurbishment and commissioning of the process plant, with start of operations June 2, 2022
  • First gold pour completed July 7, 2022, two months ahead of schedule
  • Filed an updated NI 43-101 report for the Bibiani Gold Mine on September 1, 2022
  • Commercial production announced November 10, 2022
  • Final payment for Bibiani Gold Mine completed

Near mine exploration programs, with planned drilling of approximately 30,000 metres per year for 2022, 2023 and 2024, are expected to extend the Bibiani open pit Life of Mine (LOM) of 8.3 years. 

With respect to the recent announcement by the Government of Ghana requiring gold producers to sell 20% of annual production in Cedis, the Company notes that the initiative has been discussed with gold producers in Ghana, represented by the Chamber of Mines for several months. The Company notes that the local currency expenditure requirement of Asante and most mining companies far exceeds this request.  The feedback presented by the Chamber of Mines has been that the industry in Ghana exceeds this level of expenditure in Cedis.  The Company confirms that this requirement will not affect its activities and conduct of business.

About Asante Gold Corporation

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with a combined forecast production of 335,000 oz of gold over the next 12 months.  The Company continues with detailed technical studies at its Kubi Gold Project for early production. All mines and projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana.  Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. 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 the Company’s website at www.asantegold.com.

About the Bibiani Gold Mine

Bibiani is a historically significant gold mine situated in the Western Region of Ghana, with previous gold production of more than 4Moz.  It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant and existing mining infrastructure. Mining commenced in late February with the first gold pour announced on July 7, 2022, with forecast 12 month gold production of 175,000 oz.

For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to Asante’s press releases dated July 18, 2022 and September 1, 2022 and the technical report titled “NI 43-101 Technical Report, Bibiani Gold Project, Ghana, West Africa”, dated August 31, 2022 (with an effective date of February 28, 2022) filed on its SEDAR profile (www.sedar.com) on September 1, 2022.

About the Chirano Gold Mine

Chirano is an operating open-pit and underground mining operation located in Western North region of Ghana, immediately south of the Company’s Bibiani Gold Mine.  Chirano was first explored and developed in 1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. Gold Equivalent Production in 2021 was 154,668 oz on a 100% basis (source Kinross Gold Corporation).

For additional information relating to the mineral resource and mineral reserve estimates for Chirano, please refer to Asante’s press release dated October 11, 2022 and the technical report titled “NI 43-101 Technical Report, Chirano Gold Mine, Ghana, West Africa”, dated September 30, 2022 (with an effective date of December 31, 2021) filed on its SEDAR profile (www.sedar.com) on October 11, 2022.

For further information please contact:

Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana), dave@asantegold.com

Frederick Attakumah, Executive Vice President, frederick@asantegold.com

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, P.Eng. (Alberta and Ontario) Mining and Metallurgy, President and CEO of Asante, who is a “qualified person” under NI 43-101.

Cautionary Statement on Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements, including the resources, reserves, exploration results, development programs, near-mine exploration programs at Bibiani and production forecasts. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company’s inability to raise the necessary capital or to be fully able to implement its business strategies, and the price of gold. The reader is referred to the Company’s public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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

Asante Announces Commercial Production At The Bibiani Gold Mine

ASANTE ANNOUNCES COMMERCIAL PRODUCTION AT THE BIBIANI GOLD MINE

Vancouver, British Columbia – November 10, 2022 – Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) is pleased to announce that the Bibiani Gold Mine (“Bibiani”)  ramp up remains on track and commercial production has been established with three months of consistent production since the first gold pour was completed in early July 2022.  Operational highlights include:

  • The first gold pour at Bibiani was completed July 7, 2022, two months ahead of schedule. Metallurgical performance and gold production is on track with the ramp up schedule.
  • All process plant and mine facilities have been operating on a 24 hour per day basis from late June, with ~220,000 tonnes in September and~206,000 tonnes in October. Asante plans to increase throughput to 250,000 tonnes ore per month by Q1 2023.
  • Gold production in September was above 9,300 ounces, 17% above the Company’s start up plan. October production was 9,910 ounces, 15% above plan.  Gold production will continue to ramp up to ~20,000 oz per month by early 2023.
  • The Walsh Pit continues to outperform relative to our initial planned gold production. As this pit has been developed, the grade control drilling program has been a key component to development of this trend.
  • The Company’s plan to extend the Bibiani open pit Life of Mine (LOM) from 8.3 years to +10 years is on track with successful development exploration at Russel South (see press releases of March 29th and August 17th) and drilling programs continue at the Grasshopper and Elizabeth deposits as planned. The Company will continue its near mine development exploration program with planned drilling of approximately 30,000 metres per year for 2022, 2023 and 2024. 
  • The Bibiani orebodies typically dip near-vertical and are open at depth. Bibiani has initiated an underground mine planning study to define development of an underground mine operation that will access mineralized deposits below the Main Pit and the satellite pits. Asante anticipates the underground mine program initiative will increase annual gold production significantly and proceed from 2025 and extend mine life beyond the period of open pit mining.

Dave Anthony, President and CEO stated, “We are very pleased with the progress has been achieved at Bibiani. Over the past 12 months the Bibiani Mine Team has established a track record of over achievement and we look forward to increasing the value of this asset.  As we gather momentum at the Bibiani Mine, and advance with exploration activities and production improvement initiatives, we look forward to providing further updates.”

For more details on Asante’s current plans for Bibiani and Chirano, please refer to the Company’s press release dated October 12, 2022 and our November 2022 Investor Presentation that can be found on our website at www.asantegold.com.

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, P.Eng. (Alberta and Ontario) Mining and Metallurgy, President and CEO of Asante, who is a “qualified person” under NI 43-101.

About Asante Gold Corporation 

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with a combined forecast production of 335,000 oz of gold over the next 12 months.  The Company continues with detailed technical studies at its Kubi Gold Project for early production. All mines and projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana.  Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. 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 the Company’s website at www.asantegold.com.

About the Bibiani Gold Mine

Bibiani is a historically significant gold mine situated in the Western Region of Ghana, with previous gold production of more than 4Moz.  It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant, and existing mining infrastructure. Mining commenced in late February with the first gold pour announced on July 7, 2022, with forecast 12 month gold production of 175,000 oz.

For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to Asante’s press releases dated July 18, 2022 and September 1, 2022 and the technical report titled “NI 43-101 Technical Report, Bibiani Gold Project, Ghana, West Africa”, dated August 31, 2022 (with an effective date of February 28, 2022) filed on its SEDAR profile (www.sedar.com) on September 1, 2022.

About the Chirano Gold Mine

Chirano is an operating open-pit and underground mining operation located in Western North region of Ghana, immediately south of the Company’s Bibiani Gold Mine.  Chirano was first explored and developed in 1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. Gold Equivalent Production in 2021 was 154,668 oz on a 100% basis (source Kinross Gold Corporation).

For additional information relating to the mineral resource and mineral reserve estimates for Chirano, please refer to Asante’s press release dated October 11, 2022 and the technical report titled “NI 43-101 Technical Report, Chirano Gold Mine, Ghana, West Africa”, dated September 30, 2022 (with an effective date of December 31, 2021) filed on its SEDAR profile (www.sedar.com) on October 11, 2022.

For further information please contact:

Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana), dave@asantegold.com

Frederick Attakumah, Executive Vice President, frederick@asantegold.com

Cautionary Statement on Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements, including the resources, reserves, exploration results, development programs and production forecasts. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company’s inability to raise the necessary capital or to be fully able to implement its business strategies, and the price of gold. The reader is referred to the Company’s public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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

Asante Confirms Payments For Bibiani Gold Mine And Gold Forward Purchase Agreement

ASANTE CONFIRMS PAYMENTS FOR BIBIANI GOLD MINE AND GOLD FORWARD PURCHASE AGREEMENT

Vancouver, British Columbia – October 20, 2022 – Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) announces that the Company has completed the second US$10 million payment to Resolute Mining Limited (“Resolute”) pursuant to an amendment letter agreement that was signed on August 24, 2022 (see press release dated August 31, 2022) that provided for a 90 day extension of time for the final tranche deferred payment of US$30 million (plus US$2.7 million in respect of an environmental bond) in connection with the US$90 million acquisition of Mensin Gold Bibiani Limited, which subsidiary company owns a 90% interest in the Bibiani Gold Mine.  The revised payment terms provided for payment of US$10 million on or before September 19, 2022 (completed), US$10 million on or before October 19, 2022 (completed) and US$12.7 million and interest payable on or before November 18, 2022.  To date, Asante has paid Resolute US$80 million in cash with the final payment scheduled for mid-November.

Asante also announces that it has completed its first quarterly tranche payment on its forward gold purchase agreement (see press release dated July 15, 2022) through the delivery of 16,249.6 ounces gold. 

About Asante Gold Corporation

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with a combined forecast production of 335,000 oz of gold over the next 12 months.  The Company continues with detailed technical studies at its Kubi Gold Project for early production. All mines and projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana.  Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. 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 the Company’s website at www.asantegold.com.

About the Bibiani Gold Mine

Bibiani is a historically significant gold mine situated in the Western Region of Ghana, with previous gold production of more than 4Moz.  It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant, and existing mining infrastructure. Mining commenced in late February with the first gold pour announced on July 7, 2022, with forecast 12 month gold production of 175,000 oz.

For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to Asante’s press releases dated July 18, 2022 and September 1, 2022 and the technical report titled “NI 43-101 Technical Report, Bibiani Gold Project, Ghana, West Africa”, dated August 31, 2022 (with an effective date of February 28, 2022) filed on its SEDAR profile (www.sedar.com) on September 1, 2022.

About the Chirano Gold Mine

Chirano is an operating open-pit and underground mining operation located in Western North region of Ghana, immediately south of the Company’s Bibiani Gold Mine.  Chirano was first explored and developed in 1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. Gold Equivalent Production in 2021 was 154,668 oz on a 100% basis (source Kinross Gold Corporation).

For additional information relating to the mineral resource and mineral reserve estimates for Chirano, please refer to Asante’s press release dated October 11, 2022 and the technical report titled “NI 43-101 Technical Report, Chirano Gold Mine, Ghana, West Africa”, dated September 30, 2022 (with an effective date of December 31, 2021) filed on its SEDAR profile (www.sedar.com) on October 11, 2022.

For further information please contact:

Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana), dave@asantegold.com

Frederick Attakumah, Executive Vice President, frederick@asantegold.com

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, P.Eng. (Alberta and Ontario) Mining and Metallurgy, President and CEO of Asante, who is a “qualified person” under NI 43-101.

Cautionary Statement on Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements, including the resources, reserves, exploration results, and development programs. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company’s inability to raise the necessary capital or to be fully able to implement its business strategies, and the price of gold. The reader is referred to the Company’s public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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

Asante Provides Operations Update

ASANTE PROVIDES OPERATIONS UPDATE

Vancouver, British Columbia – October 12, 2022 – Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) is pleased to provide an update and status report for the initiatives the Company has taken at its Bibiani and Chirano Gold Mines in Ghana.

BIBIANI RAMP UP ON TRACK

The first gold pour at the Bibiani Gold Mine (“Bibiani”) occurred on July 7, 2022, two months ahead of schedule.

  • All process plant and mine facilities are operating on a 24 hour per day basis, with ~220,000 tonnes of ore treated in September. Asante plans to increase throughput to 250,000 tonnes ore per month by Q1 2023.
  • Gold production in September was just above 9,300 ounces, 17% above the Company’s start up plan.
  • Mine plan and mine to mill reconciliation for the Walsh satellite pit and Main Pit were on target.
  • The Walsh Pit continues to outperform, relative to our initial planned gold production. The area between the Walsh and Main pits were historically used for tailings storage. This area has now been partially explored and Measured and Indicated Mineral Resources have increased from 20,000 to more than 100,000 ounces (1.37 MT with Au grade of 2.62 g/t).  The drilling program to explore this trend and to support the planned underground mining strategy has been initiated. 
  • The Company’s plan to extend the Bibiani LOM (life of mine) from 8.3 years to +10 years is on track with successful development exploration at Russel South (see press releases of March 29th and August 17th) and drilling programs have commenced at the Grasshopper and Elizabeth deposits. The Company will continue its near mine development exploration program with planned drilling of approximately 30,000 metres per year for 2022, 2023 and 2024. 
  • The Company filed an updated National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report on the Bibiani Gold Mine on September 1, 2022 that incorporates exploration and mine planning results to February 28, 2022 and increased the Measured and Indicated Mineral Resources by 26.4% to 2.29M ounces (31.57 MT with Au grade of 2.24 g/t) and are further classified as 1.95M ounces of Proven and Probable Mineral Reserves (28.4 MT with Au grade of 2.14 g/t). An updated NI 43-101 technical report to incorporate results of the 2022 exploration program is planned for Q3 2023.  We anticipate this report will define additional ounces to the current resource and LOM.

CHIRANO MINE TRANSITION PLAN AND BUSINESS IMPROVEMENTS ON TRACK

The Chirano Gold Mine (“Chirano”) acquisition was completed on August 10, 2022. This acquisition added Measured and Indicated Mineral Resources of 28.1Mt at 1.26 g/t Au (1.13 Moz) and Inferred Mineral Resources of 6.05Mt at 1.91 g/t (0.37 Moz) to Asante’s gold resource. An updated NI 43-101 technical report for Chirano was filed by the Company on October 11, 2022.  The technical report is based upon information and planning developed by Kinross Gold Corporation, the former owner of Chirano.  Asante continues to identify and develop opportunities to add value to this asset.  An update to this technical report is planned for Q3 2023 and will incorporate results of the 2022 exploration program and Business Improvement Plan, referenced below.  

  • The Company has initiated a Chirano Transition and Business Improvement Plan to increase Chirano current gold production by 30% and to reduce AISC (all-in sustaining costs) by 10% by 2024 through the following initiatives:
  • Gravity plant design and procurement are well advanced with installation planned for completion at Q2 2023;
  • Oxygen addition to the CIL (carbon-in-leach) process is proceeding and an oxygen plant is planned for installation in Q2 2023; to date, we have increased gold recovery by +3% to 89%.
  • A pebble crusher has been ordered and primary grinding upgrades are planned to be installed in Q2 2023 to increase process plant throughput from 3.2 to 4.0M t/y;
  • Relocation of minor infrastructure and facilities is underway, to provide access to expansion of the Akoti South open pit and to start the second cut at the Sariehu open pit. These initiatives will   access lower cost resources;
  • Studies and associated initiatives are underway to improve the material handling systems to deliver ore to the Process Plant at lower cost;
  • Initiatives to capture synergies between the Bibiani and Chirano mines have started to yield benefits related to supply of principle consumable materials;
  • Development of the wide Obra orebody, the lower Tano underground mines and the Mamnao open pit mine have been accelerated, to provide lower cost resources for treatment; and
  • Asante plans to invest minimum of $5M/y in near mine and regional exploration over the next three years with the target to increase Chirano LOM from current 5 to +10 years; exploration of the Aboduabo and Chine targets has been initiated.

OPERATING SYNERGY INITIATIVES UNDERWAY

The Company has commenced initiatives to capture synergies between its’ Bibiani and Chirano mines, that are situated with their process plants approximately 15 km apart.  These initiatives include development of an access road to directly link the process plants and provide access for exploration along the highly mineralized Bibiani-Chirano shear zone.  This road will be upgraded to become a mine haul road, so that ore can be treated where most appropriate, based upon availability and mineralogy.  Asante continues to develop opportunities to share infrastructure and to realize operational cost reductions.

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Dave Anthony, President and CEO stated, “We are very pleased with the progress that we have made thus far in 2022.  Over the past 12 months Asante has been transformed from an early exploration company to a mid-tier producer.  We continue to develop the business as planned and delivered more than 20,750 ounces in September.  Value creation initiatives are proceeding across our business as planned.   As we gather momentum on both of our mining operations, on exploration activities and advance with production improvement initiatives, we look forward to providing further updates.”

For more details on Asante’s current plans for Bibiani and Chirano, please refer to our September 26, 2022 Investor Presentation that can be found on our website at www.asantegold.com.

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, P.Eng. (Alberta and Ontario) Mining and Metallurgy, President and CEO of Asante, who is a “qualified person” under NI 43-101.

About Asante Gold Corporation

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with a combined forecast production of 335,000 oz of gold over the next 12 months.  The Company continues with detailed technical studies at its Kubi Gold Project for early production. All mines and projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana.  Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. 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 the Company’s website at www.asantegold.com.

About the Bibiani Gold Mine

Bibiani is a historically significant gold mine situated in the Western Region of Ghana, with previous gold production of more than 4Moz.  It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant, and existing mining infrastructure. Mining commenced in late February with the first gold pour announced on July 7, 2022, with forecast 12 month gold production of 175,000 oz.

For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to Asante’s press releases dated July 18, 2022 and September 1, 2022 and the technical report titled “NI 43-101 Technical Report, Bibiani Gold Project, Ghana, West Africa”, dated August 31, 2022 (with an effective date of February 28, 2022) filed on its SEDAR profile (www.sedar.com) on September 1, 2022.

About the Chirano Gold Mine

Chirano is an operating open-pit and underground mining operation located in Western North region of Ghana, immediately south of the Company’s Bibiani Gold Mine.  Chirano was first explored and developed in 1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. Gold Equivalent Production in 2021 was 154,668 oz on a 100% basis (source Kinross Gold Corporation).

For additional information relating to the mineral resource and mineral reserve estimates for Chirano, please refer to Asante’s press release dated October 11, 2022 and the technical report titled “NI 43-101 Technical Report, Chirano Gold Mine, Ghana, West Africa”, dated September 30, 2022 (with an effective date of December 31, 2021) filed on its SEDAR profile (www.sedar.com) on October 11, 2022.

For further information please contact:

Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana), dave@asantegold.com

Frederick Attakumah, Executive Vice President, frederick@asantegold.com

Cautionary Statement on Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements, including the resources, reserves, exploration results, and development programs. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company’s inability to raise the necessary capital or to be fully able to implement its business strategies, and the price of gold. The reader is referred to the Company’s public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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

Asante Gold Announces Filing Of Technical Report For The Chirano Gold Mine

ASANTE GOLD ANNOUNCES FILING OF TECHNICAL REPORT FOR THE CHIRANO GOLD MINE

Vancouver, British Columbia – October 12, 2022 – Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to announce the filing of a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in connection with the Company’s recently acquired Chirano Gold Mine (“Chirano” or the “Mine”), located immediately south of the Company’s Bibiani Gold Mine. 

The technical report entitled “NI 43-101 Technical Report, Chirano Gold Mine, Ghana, West Africa” dated September 30, 2022 (with an effective date of December 31, 2021) has been prepared for Asante by dMb Management Services, BARA Consulting Pty Ltd, Snowden Optiro and GB Independent Consulting (Pty) Ltd. (the “Technical Report”). A copy of the Technical Report is available on SEDAR (www.sedar.com) under Asante’s issuer profile.

The Technical Report includes an updated Mineral Resource Estimate and a Mineral Reserve Estimate along with a detailed mining schedule and economic analysis relevant for continued open pit mining and underground operations. The Technical Report presents a plan which supports the current mining practices and equipment to deliver a robust economic outcome while minimizing execution risk. Asante plans to continue open pit and underground operations at the Mine.

Key highlights of the Technical Report include:

  • Measured and Indicated Mineral Resources of 28.1Mt at 1.26 g/t Au (1.13 Moz) and Inferred Mineral Resources of 6.05Mt at 1.91 g/t (0.37 Moz)
  • Proven and Probable Mineral Reserves of 15.76Mt at 1.95 g/t Au (0.989 Moz)
  • Life of Mine of five years (Open Pit and Underground)
  • Post-Tax NPV (5%) of US$258 million at US$1,712/oz Au
  • AISC of US$1,122/oz Au
  • Gold recovery of 88.5% yielding 873Koz Au from run of mine grade of 1.9 g/t
  • Main driver of increase in Indicated Resources is a result of exploration drilling (additions from Suraw and Obra underground and Mamnao open pit mines)
  • Significant exploration upside along the developed 11 km of the Chirano Shear Zone and extensive growth potential
  • Strong community and traditional authority support

The current operating 3.4Mtpa process plant is forecast to treat approximately 16.1Mt of total mineralized material from 2022 to 2026, comprised of both fresh and oxide mineralized material from both open pit and underground sources.

Dave Anthony, President and CEO, stated, “We are pleased to submit this Technical Report on the Chirano Gold Mine which is based on Kinross data and planning in 2021.   We believe there is significant economic upside to the Mine which has been in continuous production since 2005, and a strong opportunity to increase mineral inventory along the prolific Bibiani-Sefwi Gold Belt.  We are also encouraged by the opportunity to add value through adjustments to operating facilities and practices. As we move forward with Chirano and consider and implement these value initiatives, the Company plans to publish an updated technical report in 2023 that will reflect Asante data and planning.  Asante thanks the Chirano technical team and principal consultants dMb Management Services Pty Ltd, BARA Consulting Pty Ltd, Snowden Optiro and GB Independent Consulting (Pty) Ltd for delivering the Technical Report.”

 MINERAL RESOURCES AND MINERAL RESERVES

Snowden Optiro has reviewed the Mineral Resources for the Chirano operations and did not identify any material issues with the Mineral Resource estimation and considers the standard procedures and internal controls in place at Chirano to be transparent and robust. Snowden Optiro’s validations of the Mineral Resources agree with those undertaken by Chirano; that the estimates are a reasonable representation of the grade distributions evident by the composite database informing the estimates.

Chirano consists of a multi-deposit complex with 11 mineralized deposits currently making up the updated Mineral Resources contained in the Technical Report.  The Chirano gold deposits have been historically mined from both open pit and underground operations since 2005. The Mineral Resources for the Chirano Underground and Chirano Open Pits are constrained by resource optimized shapes and shells based on a US$1,600 gold price.

Table 1 – Total Inclusive Chirano Underground Mineral Resource as at December 31, 2021

Chirano Underground – Summary of Total Inclusive Mineral Resources

 

Measured and Indicated

Inferred

 

Tonnes

Au Grade

Au Content

Tonnes

Au Grade

Au Content

Underground Operation

(Mt)

(g/t)

(Moz)

(Mt)

(g/t)

(Moz)

Obra

3.476

1.66

0.186

1.788

1.87

0.108

Akwaaba

2.296

1.99

0.147

0.223

2.48

0.018

Tano

2.072

1.77

0.118

0.646

2.24

0.047

Paboase

0.164

2.13

0.011

0.063

1.89

0.004

Akoti

2.121

2.04

0.139

0.514

1.89

0.031

Suraw

0.922

2.32

0.069

1.558

2.71

0.136

Total *

11.05

1.88

0.669

4.791

2.22

0.343

Notes:

*        Includes Measured Resources of 4.751Mt @ 2.01 g/t with 0.308 Moz and Indicated Resources of 6.299Mt @ 1.79 g/t with 0.362 Moz.

  1. Tonnes and ounces have been rounded and this may have resulted in minor discrepancies.
  2. Mineral Resources are not Mineral Reserves.
  3. The Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them.
  4. 1 troy ounce = 31.1034768 g.
  5. Akwaaba, Tano, Obra and Suraw were evaluated at resource cut-off grade of 1.14 g/t and Akoti and Paboase undergrounds were evaluated at 1.21 g/t and 1.34 g/t cut-off respectively.
  6. A density of 2.75t/m³, 2.30t/m³ and 1.56t/m³ on fresh, transition and oxidized sediments have been applied respectively.
  7. Geological losses and depletions have been applied.
  8. Inferred Mineral Resources have a lower level of confidence than that applied to Indicated Mineral Resources and have not been converted to Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

  

Table 2 – Total Inclusive Chirano Open Pit Mineral Resource as at December 31, 2021

Chirano Open Pit – Summary of Total Inclusive Mineral Resources

 

Measured and Indicated

Inferred

 

Tonnes

Au Grade

Au Content

Tonnes

Au Grade

Au Content

Open Pit Operation

(Mt)

(g/t)

(Moz)

(Mt)

(g/t)

(Moz)

Akoti South

3.17

0.88

0.09

0.01

1.32

0.00

Obra

6.7

0.79

0.17

0.9

0.67

0.019

Mamnao

4.83

0.9

0.14

0.32

0.86

0.009

Kolua

0.16

1.6

0.008

0

1.26

0

Sariehu

2.18

0.8

0.056

0.03

0.89

0.001

Total *

17.05

0.85

0.465

1.26

0.73

0.029

Notes:

*        Includes Measured Resources of 4.45Mt @ 0.8 g/t for with 0.115 Moz and Indicated Resources of 12.6Mt @ 0.86 g/t for 0.35 Moz.

  1. Tonnes and ounces have been rounded and this may have resulted in minor discrepancies.
  2. Mineral Resources are not Mineral Reserves.
  3. The Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them.
  4. 1 troy ounce = 31.1034768 g.
  5. Akoti South, Obra, Mamnao, Kolua, Sariehu open pits were evaluated at cut-off grades of 0.24 g/t, 0.20 g/t, 0.31 g/t, 0.45 g/t and 0.22 g/t cut-offs respectively.
  6. A density of 2.75t/m³, 2.30t/m³ and 1.56t/m³ on fresh, transition and oxidized sediments have been applied respectively.
  7. Geological losses and depletions have been applied.
  8. Inferred Mineral Resources have a lower level of confidence than that applied to Indicated Mineral Resources and have not been converted to Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

The Mineral Resource Model, reviewed and validated by Qualified Persons (as defined under NI 43-101) from Snowden Optiro, is supported by an updated lithological model, analytical data, recent infill and exploration diamond drilling and geophysical logging and survey results. The data used as inputs to the model have been collected and compiled at a high standard supporting the conclusion that the Mine is a high-quality mineral asset.

The Mineral Reserve estimate has been reviewed by Bara Consulting and the relevant Qualified Persons are of the opinion that the declared Mineral Reserves are compliant with CIM reporting standards procedures for classifying the reported Mineral Reserves within the context of NI 43-101.

The Mineral Reserves have been calculated considering all modifying factors. Life of Mine plans and mining schedules have been completed for the underground and open pit operations to determine the Mineral Reserves.

The Mineral Reserves were derived from the Mineral Resource block models and estimates.  The Mineral Reserves are based on the Measured and Indicated Mineral Resources that have been identified as being economically extractable and which incorporate mining losses and the addition of waste dilution. 

The mine design supporting the Mineral Reserve is based on an optimum pit shell using a US$1,200/oz Au price.  The Mineral Reserve estimate as at December 31, 2021 is presented in the following table.

  

Table 3 – Summary of Mineral Reserve as at December 31, 2021

Summary of Mineral Reserve as at December 31, 2021

Reserve Classification  

Tonnes

(MT)

Au Grade

(g/t)

Au Ounces

(Moz)

Proven

4,777.20

1.63

0.251

Stockpile(s)

822.70

0.79

0.021

Subtotal

5,600.00

1.51

0.271

Probable

10,159.90

2.2

0.718

TOTAL Mineral Reserves

15,759.80

1.95

0.990

Notes:

  1. The Mineral Reserve is reported in accordance with the requirements and guidelines of CIM (2014) and NI 43-101 and are 90% attributable to Asante (10% Ghanaian Government).
  2. Apparent computational errors due to rounding are not considered significant.
  3. The Mineral Reserves are reported with appropriate modifying factors of dilution and recovery.
  4. The Mineral Reserves are reported at the head grade and at delivery to plant.
  5. The Mineral Reserves are stated at a price of US$1,200/oz as at December 31, 2021.
  6. Although stated separately, the Mineral Resources are inclusive of the Mineral Reserves.
  7. The mine plan underpinning the Mineral Reserves has been prepared by Chirano Gold Mines Limited and reviewed by BARA Consulting.
  8. No Inferred Mineral Resources have been included in the Mineral Reserve estimate.
  9. Quantities are reported in metric tonnes.
  10. The input studies are to the prescribed level of accuracy.
  11. The Mineral Reserve estimate contained herein may be subject to legal, political, environmental or other risks that could materially affect

the potential exploitation of such Mineral Reserves.

All technical information contained in this news release is qualified in its entirety by the complete text of the Technical Report, including all qualifications, assumptions, exclusions and risks provided therein. The Technical Report is intended to be read as a whole and sections should not be read or relied upon out of context.

Reasonable Prospects for Eventual Economic Extraction

 Chirano holds the relevant mining lease, surface rights, major approvals and permits required for the planned and ongoing mining operations.

The Chirano deposits lie within the Proterozoic terrain of southwest Ghana along a major structure separating the Bibiani-Sefwi Belt to the west from the Kumasi Basin to the east, known as the Bibiani Shear Zone (“BSZ”). The belt and basin architecture comprises rocks of Birimian age, with the belts being dominated by mafic volcanics and the basins typified by fine-grained, deep marine sediments. Both are intruded by granites. The Chirano deposits lie close to a splay off the BSZ known as the Chirano Shear Zone. The current deposits occur at regular intervals along a mineralised zone over 11 km long. The nature of the mineralization style and setting are well understood and can support a declared Mineral Resource and have additional exploration potential.

Snowden Optiro are satisfied that sampling methods, preparation, analyses and security are performed to Industry Standards and subsequent data is fit for use in mineral resource and mineral reserve estimation. Appropriate QA/QC programs, to address precision and accuracy of information, are adhered to by the Company geologists and exploration teams.

The various deposits at Chirano relevant to the Technical Report have been mined by both open pit and underground operations by previous owners.  Mineral Reserves are supported to date by a positive economic assessment assuming a US$1,200/oz Au price.  The cut-off grade selected is appropriate for the Company objectives.

Recovery methods at Chirano’s ore feed and processing plant facility and gold recovery assumptions (88.5%) are supported by ongoing and recent production and metallurgical test work.

Chirano has received all necessary legal requirements and complies with environmental and social requirements.  The various tailings storage facilities have been designed and continue to be managed under a current contract with Knight Piesold Ghana Limited.

The discounted cash flow model for the Mine demonstrates that Chirano is robust under the current techno-economic assumptions described in the Technical Report.  The analysis supports the declared Mineral Reserve and supports the Company’s decision to continue with production and expansion strategies.

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed and approved by the Qualified Persons (as defined under NI 43-101) and authors of the Technical Report, David Michael Begg of dMb Management Services Pty Ltd (South Africa), Dominic Claridge of BARA Consulting (UK), Glen Bezuidenhout of GB Independent Consulting (Pty) Ltd (South Africa) and Senzeni Mandava of Snowden Optiro (South Africa).  None of the Qualified Persons hold any interest in Asante, its associated parties, or in any of the mineral properties which are the subject of this news release.

Other scientific and technical information contained in this news release has been reviewed and approved by David Anthony, P.Eng. (Alberta and Ontario) Mining and Metallurgy, President and CEO of Asante, who is a “qualified person” under NI 43-101.

 About Asante Gold Corporation

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with a combined forecast production of 335,000 oz of gold over the next 12 months.  The Company continues with technical studies at its Kubi Gold Project, to define opportunities for advancement of production to 2023. All mines and projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana.  Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. 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 the Company’s website at www.asantegold.com.

About the Bibiani Gold Mine

 Bibiani is a historically significant gold mine situated in the Western Region of Ghana, with previous gold production of more than 4Moz.  It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant, and existing mining infrastructure. Mining commenced in late February with the first gold pour announced on July 7, 2022 with forecast 12 month gold production of 175,000 oz.

For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to Asante’s press releases dated July 18, 2022 and September 1, 2022 and the technical report filed on its SEDAR profile (www.sedar.com) on September 1, 2022.

 About the Chirano Gold Mine

 Chirano is an operating open-pit and underground mining operation located in Western North region of Ghana, immediately south of the Company’s Bibiani Gold Mine.  Chirano was first explored and developed in 1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. Gold Equivalent Production in 2021 was 154,668 oz on a 100% basis (source Kinross Gold Corporation).

 For further information please contact:

 Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana), dave@asantegold.com

Frederick Attakumah, Executive Vice President, frederick@asantegold.com

Cautionary Statement on Forward-Looking Statements

 This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements, including the resources, reserves, exploration results, and development programs. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company’s inability to raise the necessary capital or to be fully able to implement its business strategies and the price of gold. The reader is referred to the Company’s public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 Cautionary Note Regarding Non-GAAP Financial Measures

Alternative performance measures in this news release such as “AISC” are furnished to provide additional information. These non-GAAP performance measures are included in this news release because these statistics are used as key performance measures that management uses to monitor and assess performance of Chirano , and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standard meaning within International Financial Reporting Standards (“IFRS”) and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

Cash Costs – Cash costs include site operating costs (mining, processing, site G&A), refinery costs and royalties, but excludes head office G&A and exploration expenses. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance.

All-In Sustaining Cost (“AISC”) – AISC includes cash costs and sustaining capital and exploration expenses. The Company believes that this measure is useful to external users in assessing operating performance and the Company’s ability to generate free cash flow from current operations.

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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