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ASANTE GOLD closes C $ 102.26 MILLION PLACEMENT, Canadian Business Journal

This news release is not intended to be distributed to the United States or US news agencies.

Vancouver, British Columbia, March 2, 2022 (GLOBE NEWSWIRE) –

Asante Gold Corporation (CSE: ASE/ / Frankfurt: 1A9 / USOTC: ASGOF). (“Asante” or “Company”) has completed a previously announced private placement of the Company’s common stock (see press release dated February 16, 2022) at a price of $ 1.75 per share, CAD 102,255,850. We would like to inform you that we have raised dollars. share. A total of 58,431,914 shares will be issued as a result of the placement.

Subscribers include the Ghana Mineral Revenue Investment Fund (“MIIF”), which has subscribed to 14,514,286 shares of common stock, and Emiral Resource Limited (“Emiral”), which has subscribed to an additional 12,249,208 shares. Is maintained.

The funds will be used for initial mine development costs and working capital at the Bibiani mine. A finder fee totaling C $ 32.01 million will be paid at a rate of 4% for some of the placements. All issued securities are subject to a four-month and one-day holding period under Canadian securities law.

“Douglas R. McCulley”
President and CEO

About Asante Gold Corporation

Asante is a pure gold exploration and development company with a high quality project portfolio in Ghana, Africa’s largest gold producer. Asante is focused on developing high-margin gold projects, including the Bibiani and Kubi gold mines on the prolific Bibiani and Ashanti gold belts. Asante has an experienced and skilled team of miners, builders and operators. 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 on our website at www.asantegold.com.

About the Bibiani Gold Mine

Bibiani is a historically important Ghanaian gold mine located in the western part of the country. 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. The factory refurbishment will begin in September 2021 and the first gold injections of interest are expected to be completed in the third quarter. 2022.

The current estimates of Bibiani’s mineral resources, reported on November 7, 2021 and submitted to SEDAR, are as follows: Per 0.75 Moz ton of gold. 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: alec@asantegold.com
Valentina Gvozdeva, Manager IR, 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 potential variations in the nature, quality and quantity of the deposits, 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 closes C $ 102.26 MILLION PLACEMENT, Canadian Business Journal

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