Asante Announces First GOLD Pour at Bibiani GOLD MINE
ASANTE ANNOUNCES FIRST GOLD POUR AT BIBIANI GOLD MINE
Vancouver, British Columbia, July 7, 2022 – Asante Gold Corporation ( CSE:ASE |
GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “ Company”) is pleased
to announce that the first gold pour at the Bibiani Gold Mine has been completed successfully with
process of gravity gold concentrate recovered by the Knelson Concentrator.
Asante acquired the Bibiani Gold Mine in August 2021 and completed its p roject execution plan
that included refurbishment and upgrade of the Process Plant, Tailings Storage Facility and Mine
Site Infrastructure. In September 2021, Asante announced start of the refurbishment process and
the Company’s plan to pour gold in Q3 2022.
In early June 2022, Asante announced the start of commissioning and operation of the Bibiani
Process Plant. Since July 1, 2022, 24 hour per day operati on has proceeded with the Carbon- in-
Leach, carbon stripping and elution areas now operating. Hot Commissioning of the Gold
Refinery was completed on July 7 th. This is the final operating area of the Process Plant to be
commissioned. Scale up of pr oduction is continuing as planned, including collection of gold on
carbon, leading to delivery of approximately 175,000 oz gold over the next 12 months.
Asante Gold’s CEO, Dave Anthony, stated,
“From the outset of our acquisition of the Bibiani Gold Mine , Asante has made a number of
commitments to our stakeholders, including the local community, the Government of Ghana and
our investors. We are proud that all of the commitments we made in the past 10 months relating
to the Bibiani Gold Mine have been met or exceeded, up to this time.
“The quality and timeliness of work completed by the Asante t eam is testament to the ir abilities
and commitment to delivering results as planned . We recognize and thank our principal project
partners, all of which have been Ghanaian companies, including Harlequin International, Rabotec,
KPS, Kozah Construction, iConstruction, Emak, Electrowind, FLSmidth – Ghana, Caesar
Furnace, Mining Project Processing and Engineering Limited (MPPE), Top Quality I nvestments
Limited, Rand Sandblasting Company, Tesla Electricals, Multigeomatics, Knight Piesold Ghana
Limited, Bosch Rexroth (Ghana) and PW International (Gh) Ltd.”
About Asante Gold Corporation
Asante is a gold exploration, development, and operating company with a high- quality portfolio
of projects in Ghana. Asante is currently focused on closing the acquisition of the Chirano Gold
Mine from Kinross Gold Corporation and developing to production its 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, with extensive experience in Ghana.
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Asante is listed on the Canadian Securities Ex change, the Ghana Stock Exchange and quoted on
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 Tria ngle. Additional information is available on the Company’s website 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.
The Current Mineral Resource Estimate for Bibiani, effective as of November 7, 2021, as set out
in the Technical Report titled “Technical Report on the Bibiani Gold Mine, Ghana”, prepared by
Ian M. Glacken (FAusIMM (CP), FAIG, CEng) of Optiro Pty Limited and assisted by Dan Bansah
(MSc, MAusIMM (CP), FWAIMM, MGIG) of Minecon Resources and Services Ltd. as Qualified
Person and filed on SEDAR, is Measured and Indicated for the Bibiani main pit and the Satellite
pits at 20.8 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 August 31, 2017. The Technical Report was prepared using
accepted industry practices in accordance with the JORC Code (JORC, 2012). There are no
material differences between t he 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 former
owner of the Bibiani Gold Mine. 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.
About the Chirano Gold Mine
Chirano is an operating open- pit and underground mining operation located in southwestern
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 +233 558 799 3309 (Ghana) or
Malik Easah, Executive Director: [email protected]
Frederick Attakumah, Executive Vice President: [email protected]
Alec Rowlands, Capital Markets Consultant, [email protected]
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Valentina Gvozdeva, Manager IR, [email protected]
Kirsti Mattson, Media Relations, [email protected]
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 statements regarding the structure and terms of the Chirano Acquisition,
timing for completion of the Chirano Acquisition, the ability of the Company to complete the
Chirano Acquisition on the terms announced, the ability of the parties to satisfy all administrative
matters required in order to consummate the Chirano Acquisition, anticipated synergies, the
resources, reserves, exploration results, and development program at Chirano, Bibiani and Kubi,
including timing of future mine development and the start of production. Factors that could cause
actual results to differ materially from these forward -looking statements include, but are not
limited to, the inability to satisfy any condition required to complete the Chirano Acquisition,
termination of the share purchase agreement, 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, and the Company's inability to raise
the necessary capital or to be fully able to implement its business strategies. 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 Canadian Securities Exchange, 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: 529900F9PV1G9S 5YD446. Neither IIROC nor any stock exchange or other
securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.