Asante GOLD Now Soliciting Bids FOR JV OR Buyout of Kubi GOLD Project, Ghana
ASANTE GOLD NOW SOLICITING BIDS FOR JV OR BUYOUT
OF KUBI GOLD PROJECT, GHANA
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
FOR IMMEDIATE RELEASE SHARES IS SUED: 57,160,221
Vancouver, British Columbia – October 4, 2018 – Asa nte Gold Corporation (CSE:ASE/
FRANKFURT:1A9) (“Asante” or the "Company") announces that in addi tion to our previous
disclosure re sourcing a 50:50 joint venture partne r for the exploration and development of our
Kubi Gold project in Ghana, that the Company will now consider cash bids for a 100% buy-out.
Asante is continuously evaluating its portfolio of gold mineral assets and options in order to build
value for our shareholders and stakeholders. Finan cing Kubi through either debt or equity have
proven challenging through this long bear gold market, and hence with the recent increase in gold
related M&A activity, we conclude that the JV or buy-out route will maximize our returns. Once
funded, Asante will commence aggressive exploration of Betenase located just to the south of
Obuasi and our other high potential gold exploratio n concessions, including Keyhole, on the
Asankrangwa gold belt in Ghana. Finders fees may be payable on a success basis, and any transfer
of mineral title interests in Ghana will require Ministerial approval.
On closing of a JV or a buy-out, the Company will c omplete the purchase of Kubi from Goknet
Mining Company Limited of Accra, by the issuance of seven million treasury shares, and by
reserving for future delivery 8,000 ounces of gold and a 1% Net Smelter Returns royalty. Royal
Gold, Inc. of Denver holds a 3% Net Proceeds of Pro duction royalty (net profits after all costs
including taxes and royalties), and the Ghana Government a statutory 10% free carry equity (10%
of any declared dividend) and 5% NSR royalty interest. There can be no guarantee that suitable
JV or buy-out terms will be agreed with any prospective investor .
Kubi currently has a NI 43-101 resource estimate, completed by SEMS Exploration Services Ltd.
of Accra, Ghana: Measured Resources 0.66 million to nnes @ 5.30g/t for 112,000 ounces;
Indicated Resources 0.66 million tonnes @ 5.65g/t f or 121,000 ounces; and Inferred Resources
0.67 million tonnes @ 5.31g/t for 115,000 ounces, w hich is filed on SEDAR. A 3D isometric
image of 2m composite drill intersections greater t han 2.5 g/t Au, showing the deepest gold
intersection, the proposed 4 x 5m decline and under ground level development, is available at:
http://www.asantegold.com/assets/img/KubiIsoDeepDDHAssay.pdf
By Order of the Board,
"Douglas R. MacQuarrie"
President and CEO
2
Scientific and technical information contained in this news release has been reviewed and approved by Douglas R.
MacQuarrie, P.Geo. (B.C.) Geology & Geophysics, the President and CEO of the Company, who is a "qualified
person" under NI 43-101.
For further information please contact:
Douglas MacQuarrie, President and CEO, tel: +1 604-558-1134; E-mail: [email protected]
Doreen Kent, Shareholder Communications, tel: +1 604-948-9450; E-mail: [email protected]
Valentina Gvozdeva, Business Development, E-mail: [email protected]
Florian Riedl-Riedenstein, Director; European Investor Relations, E-mail: [email protected]
Additional information is available on our web site at: www.asantegold.com
Further information on Kubi is available at: http://www.asantegold.com/projects/kubi-gold-mine
LEI Number: 529900F9PV1G9S5YD446
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the
adequacy or accuracy of this release.