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ASANTE GOLD begins mining in Bibiani, Ghana, Canadian Business Journal

Vancouver, British Columbia, February 28, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE: ASE/ / Frankfurt:1A9 / USOTC: ASGOF). (“Asante” or “Company”) announces that after a successful hearing, it has obtained the latest environmental and mine operating permits required to initiate an open pit mining activity in Bibiani, Ghana’s latest mine. increase.

Open pit mining business has startedFocuses on the delivery of ore from the Strauss and Walsh satellite pits. The # 1 cutback in the main pit has also started. Mine transport roads, safety shores, waste disposal sites, and mining benches are being renovated. The first ore was delivered to the Run of MinePad more than a month earlier than planned.

Receiving these permits follows an extensive process of scoping surveys, environmental impact survey presentations and detailed reviews, public consultations and mine operation plan reviews. Environmental and mine operating permits govern all aspects of Bibiani mine development, including operations and expansion, national highway readjustment, water and tailling management, explosives transport and utilization, mining and disposal.

Douglas McCulley, President and Chief Executive Officer, said: We thank the Environmental Protection Agency and the Minerals Commission of Ghana, as well as the overwhelming support and commitment of the Chief and the community to the Bibiani mining project, and the approval of our permit.

When I bought the asset in late August 2021, I remembered the following:Bibiani is a mine, mine is bibiani‘, Has a history of peaceful and mutually beneficial cooperation for over 100 years. I was excited and humbled to have the opportunity to bring this high-grade Ghanaian gold mine back into production and add it to nearly 5 million ounces of historic production. “

COO Dave Anthony said: “All the activities and initiatives needed to bring the Bibiani mine to gold production in the third quarter of 2022 are on track.

PW Mining (Ghana) was selected as a mining contractor in December 2021. Mobilization and site establishment accelerated in February and are now two months ahead of schedule with more than 75 heavy equipment and maintenance facilities on the site. The full fleet of open pit mining will eventually increase to 130 units, allowing processing of 3.0 Mtpa.

In addition, the process plant refurbishment is on schedule and within budget, with + 60% of the planned work completed. All work activities are proceeding as planned. Key drive was brought offsite in 2021 and serviced as needed. These are currently being returned to the site for installation. Electrical components, instrumentation, and control systems have been tested and upgraded as needed to improve performance compared to the original design. With the purchase and installation of the latest Knelson 6G Concentrator and Moonlight ILR (Centralized Leachate Reactor), the gravity recovery circuit has been upgraded to “Model Year 2021” level capabilities and automation.

Local subcontractors are engaged in earthwork, metal and plumbing repairs, painting, liner and belt installation to ensure safe and efficient operation. Equipment that was purchased but not made operational by the previous owner is ready for test run and operation. As of mid-February, more than 900 contractors and employees are working at the process plant site.

The Bibiani mine will pour its first gold in the third quarter of 2022 and will produce approximately 175,000 ounces of gold in the first 12 months of operation. The Bibiani mine will then produce 220,000 to 270,000 ounces annually for a minimum of seven years. “

Asante plans to begin developing underground mine designs in the third quarter of 2022 with a PEA-level study, with a view to developing underground mine operations from 2026. In 2029. “

“Douglas R. McCulley” “”Dave Anthony P.Eng.
President and Chief Executive Officer

Qualified person
The technical information contained in this news release related to the mining industry at the Bibiani mine is National Instrument 43-101, Dave Anthony P. Eng, a “qualified person” in the sense of disclosure standards for mineral projects. Approved by.

About Asante Gold Corporation

Asante is a gold operations, exploration and development company with a high quality project portfolio in Ghana, Africa’s largest and most reliable gold producer. Asante focuses on the development and operation of gold projects, including the prolific Bibiani and Bibiani and Kubi gold mines in the Ashanti Gold Belt. Asante has a team of experienced and skilled miners, builders and operators with extensive experience in Ghana.

Asante is listed on the Canadian Stock Exchange and the Frankfurt Stock Exchange and has announced plans to jointly list its shares in Ghana. Asante is also investigating the Keyhole, Fahiakoba and Betenase projects for new discoveries, either adjacent to a major gold mine near the center of Ghana’s Golden Triangle or along the strike. Additional information is available at the following website: www.asantegold.com

About the Bibiani Gold Mine
Bibiani is a historically important gold mine located in the western part of Ghana. Bibiani has produced nearly 5 Moz of gold to date, with on-site mining and processing infrastructure consisting of 3 million tonnes of mills and processing plants, as well as existing surface and underground mining infrastructure. Fully allowed at.

Bibiani’s current mineral resource estimates, reported on November 7, 2021 and submitted to SEDAR, are 20.1 million tonnes of 2.71 grams of gold for 1.81 Moz of gold and 8.41 million tonnes of 2.78 grams of gold. Is estimated to be. Gold per ton of 0.75 Moz gold from an open pit mine. Mineral resources have been reported to exceed the 0.65 g / t gold cutoff and are depleted in both historic open pit mining and underground development as of August 31, 2017. The mineral resources of the Viviani main pit are prepared and reported according to the JORC Code (JORC, 2012) using accepted industry practices prepared by competent figures (Optiro, 2017). There are no significant differences between the definition of measured, labeled, and estimated mineral resources under the CIM definition criteria and the equivalent definition of the JORC code. Satellite Pit Resources is an update completed in 2018 by Resolute Mining Limited. Satellite pit resources have been reported above the 0.65 g / t gold cutoff grade within the pit shell defined at a gold price of US $ 1,950. Mineral resources that are not mineral reserves have not demonstrated economic feasibility..

For more information, please contact:
Douglas MacQuarrie, President and CEO, tel: +1 604-558-1134; Email: douglas@asantegold.com
Malik Easah, Executive Director, Email: malik@asantegold.com
Alec Rowlands, Capital Markets Consultant, Email: alc@asantegold.com
Valentina Gvozdeva, Business Development, Email: valentina@asantegold.com
Kirsti Mattson, Media Relations, Email: kirsti.mattson@gmail.com

Precautions regarding forward-looking statements
This news release contains forward-looking statements. Forward-looking statements include risks, uncertainties, and other factors that may trigger actual results, performance, outlook, and opportunities. A program in Bibiani, including the timing of future mine development and the start of production.

Factors that may cause actual results to differ materially from these forward-looking statements include changes in the nature, quality and quantity of deposits that may be identified, and our inability to obtain the necessary permits and consents. Includes, but is not limited to. Or the approval required for the planned activity and the company’s inability to raise the necessary capital or to fully execute the business strategy. Readers should refer to our public records available at SEDAR (www.sedar.com). We believe that the assumptions and factors used in making forward-looking statements are reasonable, but we should place undue reliance on these statements that apply only as of the date of this news release. And there is no such guarantee. The event does not occur within the disclosed time frame or at all. Except as required by securities law and the policies of the Canadian Stock Exchange, we disclaim any intention or obligation to update or revise any forward-looking statement as a result of new information, future events, etc.

LEI number: 529900F9PV1G9S5YD446. Neither the IIROC nor the stock exchange or other securities regulators are responsible for the validity or accuracy of this release...


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ASANTE GOLD begins mining in Bibiani, Ghana, Canadian Business Journal

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