Asante GOLD Enters into Exclusivity Agreement with Kinross GOLD to Purchase Chirano GOLD MINE IN Ghana
ASANTE GOLD ENTERS INTO EXCLUSIVITY AGREEMENT
WITH KINROSS GOLD TO PURCHASE CHIRANO GOLD
MINE IN GHANA
Vancouver, British Columbia, April 6, 2022 – Asante Gold Corporation ( CSE:ASE |
FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to announce that it has
entered into an Exclusivity Agreement with Kinross Gold Corporation to negotiate the potential purchase
of all of their interests in Ghana (“Kinross Ghana”), including its 90% interest in the Chirano Gold Mine
(“Chirano”).
Chirano is an open- pit and underground mining operation located in southwestern Ghana, immediately
south of the Company’s Bibiani Gold Mine. It is 90% owned by Toronto-based Kinross Gold Corporation.
The Government of Ghana has a 10% carried interest.
Chirano was explored and developed in 1996 and began production in October 2005. The Chirano 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, development, and operating company with a high-quality portfolio of projects
in Ghana, Africa’s largest and most reliable gold producer. Asante is currently focused on 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.
Asante is listed on the Canadian Securities Exchange and the 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 centr e 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 close to 5 Moz. It 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 surface and mining
infrastructure.
The Current Mineral Resource Estimate for Bibiani, as reported in the Technical Report on the Bibiani
Gold Mine, Ghana, by Principal Author Ian M Glacken FAusIMM (CP), FAIG, CEng and Qualified Person
Dan Bansah MSc, MAusIMM (CP), FWAIMM, MGIG, dated 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, plus
Inferred 8.41 million tonnes at 2.78 grams of gold per tonne for 0.75 Moz of gold from an open pit mine.
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 Bibiani Main Pit mineral
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resource has been prepared by Competent Persons (Optiro, 2017) using a ccepted 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.
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 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 potential negotiations and acquisitions, the resources, reserves, exploration results, and
development program at 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, 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 an d 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 discl osed 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: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities
regulatory authority accepts responsibility for the adequacy or accuracy of this release.