Asante Provides Operations Update
ASANTE PROVIDES OPERATIONS UPDATE
Vancouver, British Columbia – October 12, 2022 – Asante Gold Corporation (CSE:ASE | GSE:ASG
| FRANKFURT:1A9 | U.S.OTC:ASGOF ) is please d to provide an update and status report for the
initiatives the Company has taken at its Bibiani and Chirano Gold Mines in Ghana.
BIBIANI RAMP UP ON TRACK
• The first gold pour at the Bibiani Gold Mine (“Bibiani”) occurred on July 7, 2022 , two months ahead
of schedule.
• All process plant and mine facilities are operating on a 24 hour per day basis, with ~220,000 tonnes of
ore treated in September. Asante plans to increase throughput to 250,000 tonnes ore per month by Q1
2023.
• Gold production in September was just above 9,300 ounces, 17% above the Company’s start up plan.
• Mine plan and mine to mill reconciliation for the Walsh satellite pit and Main Pit were on target.
• The Walsh Pit continues to outperform, relative to our initial planned gold production. The area
between the Walsh and Main pits were historically used for tailings storage . This area has now been
partially explored and Measured and Indicated Mineral Resources have increased from 20,000 to more
than 100,000 ounces (1.37 MT with Au grade of 2.62 g/t) . The drilling program to explore this trend
and to support the planned underground mining strategy has been initiated.
• The Company’s plan to extend the Bibiani LOM (life of mine) from 8.3 years to +10 years is on track
with successful development exploration at Russel South (see press releases of March 29th and August
17th) and drilling programs have commenced at the Grasshopper and Elizabeth deposits. The Company
will continue its near mine development exploration program with planned drilling of approximately
30,000 metres per year for 2022, 2023 and 2024.
• The Company filed an updated National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43 -101”) technical report on the Bibiani Gold Mine on September 1, 2022 that
incorporates exploration and mine planning results to February 28, 2022 and increased the Measured
and Indicated Mineral Resources by 26.4% to 2.29M ounces (31.57 MT with Au grade of 2.24 g/t) and
are further classified as 1.95M ounces of Proven and Probable Mineral R eserves (28.4 MT with Au
grade of 2.14 g/t). An updated NI 43-101 technical report to incorporate results of the 2022 exploration
program is planned for Q3 2023. We anticipate this report will define additional ounces to the current
resource and LOM.
CHIRANO MINE TRANSITION PLAN AND BUSINESS IMPROVEMENTS ON TRACK
• The Chirano Gold Mine (“Chirano”) acquisition was completed on August 10, 2022. This acquisition
added Measured and Indicated Mineral Resources of 28.1Mt at 1.26 g/t Au (1.13 Moz) and Inferred
Mineral Resources of 6.05Mt at 1.91 g/t (0.37 Moz) to Asante’s gold resource. An updated NI 43-101
technical report for Chirano was filed by the Company on October 11, 2022 . The technical report is
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based upon information and planning developed by Kinross Gold Corporation, the former owner of
Chirano. Asante continues to identify and develop opportunities to add value to this asset. An update
to this technical report is planned for Q3 2023 and will incorporate results of the 2022 exploration
program and Business Improvement Plan, referenced below.
• The Company has initiated a Chirano Transition and Business Improvement Plan to increase Chirano
current gold production by 30% and to reduce AISC (all-in sustaining costs) by 10% by 2024 through
the following initiatives:
o Gravity plant design and procurement are well advanced with installation planned for completion
at Q2 2023;
o Oxygen addition to the CIL (carbon-in-leach) process is proceeding and an oxygen plant is planned
for installation in Q2 2023; to date, we have increased gold recovery by +3% to 89%.
o A pebble crusher has been ordered and primary grinding upgrades are planned to be installed in Q2
2023 to increase process plant throughput from 3.2 to 4.0M t/y;
o Relocation of minor infrastructure and facilities is underway, to provide access to expansion of the
Akoti South open pit and to start the second cut at the Sariehu open pit . These initiatives will
access lower cost resources;
o Studies and associated initiatives are underway to improve the material handling systems to deliver
ore to the Process Plant at lower cost;
o Initiatives to capture synergies between the Bibiani and Chirano mines have started to yield benefits
related to supply of principle consumable materials;
o Development of the wide Obra orebody, the lower Tano underground mines and the Mamnao open
pit mine have been accelerated, to provide lower cost resources for treatment; and
o Asante plans to invest minimum of $5M/y in near mine and regional exploration over the next three
years with the target to increase Chirano LOM from current 5 to +10 years ; exploration of the
Aboduabo and Chine targets has been initiated.
OPERATING SYNERGY INITIATIVES UNDERWAY
The Company has commenced
initiatives to capture synergies
between its’ Bibiani and Chirano
mines, that are situated with their
process plants approximately 15 km
apart. These initiatives include
development of an access road to
directly link the process plants and
provide access for exploration along
the highly mineralized Bibiani-
Chirano shear zone. This road will be
upgraded to become a mine haul road,
so that ore can be treated where most
appropriate, based upon availability
and mineralogy. Asante continues to
develop opportunities to share
infrastructure and to realize
operational cost reductions.
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Dave Anthony, President and CEO stated, “We are very pleased with the progress that we have made thus
far in 2022. Over the past 12 months Asante has been transformed from an early exploration company to
a mid-tier producer. We continue to develop the business as planned and delivered more than 20,750
ounces in September. Value creation initiatives are proceeding across our business as planned. A s we
gather momentum on both of our mining operations, on exploration activities and advance with production
improvement initiatives, we look forward to providing further updates.”
For more details on Asante’s current plans for Bibiani and Chirano, please refer to our September 26, 2022
Investor Presentation that can be found on our website at www.asantegold.com.
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed and approved by
David Anthony, P.Eng. (Alberta and Ontario) Mining and Metallurgy, President and CEO of Asante, who
is a "qualified person" under NI 43-101.
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 with a combined
forecast production of 335,000 oz of gold over the next 12 months. The Company continues with detailed
technical studies at its Kubi Gold Project for early production. All mines and 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 experience in Ghana. Asante 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 a historically significant gold mine situated in the Western Region of Ghana, with previous gold
production of more than 4Moz. 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. Mining commenced in late February with the first gold pour announced on July 7, 2022, with
forecast 12 month gold production of 175,000 oz.
For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani
Gold Mine, please refer to Asante’s press releases dated July 18, 2022 and September 1, 2022 and the
technical report titled " NI 43-101 Technical Report, Bibiani Gold Project, Ghana, West Africa", dated
August 31, 2022 (with an effective date of February 28, 2022) filed on its SEDAR profile (www.sedar.com)
on September 1, 2022.
About the Chirano Gold Mine
Chirano is an operating open- pit and underground mining operation located in Western North region of
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 mi ne 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).
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For additional information relating to the mineral resource and mineral reserve estimates for Chirano, please
refer to Asante’s press release dated October 11, 2022 and the technical report titled "NI 43-101 Technical
Report, Chirano Gold Mine , Ghana, West Africa", dated September 30 , 2022 (with an effective date of
December 31, 2021) filed on its SEDAR profile (www.sedar.com) on October 11, 2022.
For further information please contact:
Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana),
Frederick Attakumah, Executive Vice President, [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 the
resources, reserves, exploration results, and development programs. 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, and the price
of gold. 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 securities
exchanges on which the Company 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.