Asante Announces Update Regarding Acquisition of the Chirano GOLD MINE
ASANTE ANNOUNCES UPDATE REGARDING ACQUISITION
OF THE CHIRANO GOLD MINE
Vancouver, British Columbia, June 1, 202 2 – Asante Gold Corporation (CSE:ASE |
FRANKFURT:1A9 | U.S.OTC:ASGOF) ("Asante" or the "Company") announces that the closing of its
previously-announced acquisition (the " Chirano Acquisition") of the Chirano Gold Mine (the " Chirano
Gold Mine ") has been temporarily delayed pending r esolution of certain outstanding administrative
matters. Following resolution and completion of such matters, the Company expects to proceed to closing
of the Chirano Acquisition. All material terms of the Chirano Acquisition remain the same.
About the Chirano Gold Mine
The Chirano Gold Mine is an operating open-pit and underground mining operation located in southwestern
Ghana, immediately south of the Company's Bibiani Gold Mine. The Chirano Gold Mine was first explored
and developed in 1996 an d began production in October 2005. The Chirano Gold 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.
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 most reliab le gold producer. Asante is currently focused on
completing the purchase of the Chirano Gold Mine previously announced on April 25, 2022 and developing
to production its Bibiani and Kubi Gold mines locat ed on the prolific Bibiani and Ashanti Gold Belts.
Asante has an experienced and skilled team of mine finders, builders and operators. 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, Fa hiakoba 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
Bibiani is a historically significant gold mine situated in the western region of Ghana, with previous gold
production close to 5 Moz. It is fully permitted with available mining and processing infrastructure on-site
consisting of a 3 million tonne pe r annum mill and processing plant, and existing surface and mining
infrastructure. Mining commenced in late February and first gold production is on track for Q3 2022.
The Current Mineral Resource Estimate for Bibiani, e ffective 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 Lt d. as Qualified Person and filed on SEDAR, is
Measured and Indicated for the Bibiani main pit and th e Satellite pits at 20.8 million tonnes at 2.71 grams
of gold per tonne for 1.81 Moz of gold; and Infe rred 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 practic es in accordance with the JORC Code (JORC, 2012).
2
There are no material differences between the defin itions 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 re ported 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.
For further information please contact:
Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana) or
Malik Easah, Executive Director, [email protected]
Alec Rowlands, Capital Markets Consultant, [email protected]
Valentina Gvozdeva, Manager IR, [email protected]
Kirsti Mattson, Media Relations, [email protected]
Cautionary Statement on Forward-Looking Statements
This news release contains forward-looking statem ents. 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 a ll administrative matters required in order to consummate the Chirano
Acquisition, anticipated synergies, the resources, re serves, exploration results, and development program
at Chirano, Bibiani and Kubi, including timing of fu ture mine development and the start of production.
Factors that could cause actual results to differ mate rially from these forward-looking statements include,
but are not limited to, the inability to satisfy any co ndition required to complete the Chirano Acquisition,
termination of the share purchase agreement, variati ons in the nature, quality a nd quantity of any mineral
deposits that may be located, the Company's inab ility 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 Ca nadian 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: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities
regulatory authority accepts responsibility for the adequacy or accuracy of this release.