Asante Announces Project Update FOR the Sulphide Recovery Plant at the Bibiani GOLD MINE
ASANTE ANNOUNCES PROJECT UPDATE FOR THE
SULPHIDE RECOVERY PLANT AT THE BIBIANI GOLD MINE
Vancouver, British Columbia, June 13, 2024 – Asante Gold Corporation ( CSE:ASE | GSE:ASG |
FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to announce that the
principle, long lead equipment for the Sulphide Recovery Plant planned for installation at the Bibiani Gold
Mine (“Bibiani”) are expected to be shipped mid August 2024. This facility is key to the Company’s plans
to grow gold production at Bibiani to more than 250,000 ounces per year, with cumulative production of
1.2 million ounces of gold over the next five years, with lower all-in sustaining costs (“AISC”), as detailed
in the 2024 Bibiani Technical Report (“Technical Report”). Installation of the Sulphide Recovery Plant is
expected to improve gold recovery and have significant impact on the all in sustaining cost per ounce
produced (AISC) and profit margins at Bibiani. Gold recovery from sulphide ore is expected to increase
from 70% to approximately 92%.
The Company has made substantial progress toward completion of the Sulphide Recovery Plant with 50%
of the civil works for the project complete d. Fabrication of the long lead equipment has been completed
and the items are currently being prepared for shipment to the Bibiani site, with arrival expected mid August
2024.
When the Sulphide Recovery Plant is completed, Asante expects to be producing approximately 20,000
ounces of gold per month at Bibiani, which is in line with the Company’s long- term plan for the mine.
Asante looks forward to the completion of the Sulphide Recovery Plant as the Company works to improve
and optimize its operating mines.
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed and approved by
David Anthony, P.Eng., Mining and Mineral Processing, President and CEO of Asante, who is a "qualified
person" under NI 43-101.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry
that are not defined under International Financial Reporting Standards ( “IFRS”), including “all-in
sustaining costs” (or “AISC”). Non-IFRS measures do not have any standardized meaning prescribed under
IFRS, and therefore they may not be comparable to similar measures employed by other companies. The
data presented is intended to provide additional information and should not be considered in isolation or as
a substitute for measures of performance prepared in accordance with IFRS and should be read in
conjunction with Asante’s consolidated financial statements. Readers should refer to Asante's Management
Discussion and Analysis under the heading "Non-IFRS Measures" for a more detailed discussion of how
Asante calculates certain of such measures and a reconciliation of certain measures to IFRS terms.
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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 and continues with
detailed technical studies at its Kubi Gold Project. All mines and exploration 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 expe rience in Ghana. The Company 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 an operating open pit gold mine situated in the Western North Region of Ghana, with previous
gold production of more than 4.5 million ounces. 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. Asante commenced mining at Bibiani in late February 2022 with the first gold pour
announced on July 7, 2022. Commercial production was announced November 10, 2022.
For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani
Gold Mine, please refer to the 2024 Bibiani Technical Report filed on the Company’s SEDAR profile
(www.sedarplus.ca) on April 30, 2024.
For further information please contact:
Dave Anthony, President & CEO
Frederick Attakumah, Executive Vice President and Country Director
+1 604 661 9400 or +233 303 972 147
Cautionary Statement on Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements, including but not limited to,
production and all-in sustaining costs forecasts for the Bibiani Gold Mine, exploration results and potential,
development programs, expansion and mine life extension opportunities, and completion of plant upgrades.
Forward-looking statements involve risks, uncertainties and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from those expre ssed or implied by such
forward-looking statements. 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, an d the price of gold. The reader is referred to the
Company’s public disclosure record which is available on SEDAR ( www.sedarplus.ca). 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
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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.