ASANTE Provides Operational Update, Canadian Business Journal

VANCOUVER, British Columbia, October 12, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE: ASE | | GSE:ASG | Frankfurt:1A9 | USOTC:ASGOF) is pleased to provide an update and status report on the initiatives we have taken at the Viviani and Tyrano gold mines in Ghana.

Viviani LambP. get on track

• The first gold pour at the Viviani gold mine (“Viviani”) took place on July 7, 2022, two months ahead of schedule.
• All process plants and mining facilities operate 24 hours a day and processed approximately 220,000 tonnes of ore in September. Asante plans to increase throughput to 250,000 tonnes per month by Q1 2023.
• September gold output was just above 9,300 oz, 17% above the company’s start-up plans.
• The mining plan and mining-to-milling coordination of the Walsh Satellite Pit and Main Pit were on target.
• Walshpit continues to outperform compared to originally projected gold production. The area between Walsh his pit and the main pit was historically used for tailings storage. The area is now partially surveyed and the measured and indicated Mineral Resource has increased from 20,000 Oz to over 100,000 Oz (1.37 MT at Au grade 2.62 g/t). A drilling program has been initiated to investigate this trend and support the planned underground mining strategy.
• Company plans to extend Vibiani LOM (Life of Mine) from 8.3 years to +10 years are on track with successful development exploration at Russell South (see press release dated March 29) .^th and August 17th^th), and drilling programs were initiated at the Grasshopper and Elizabeth deposits. The Company continues its mine development exploration program with plans to drill approximately 30,000 meters per year in 2022, 2023 and 2024.
• We have submitted an updated National Instrument 43-101 – Mineral Project Disclosure Standards (“NI 43-101”) The Technical Report on the Viviani Gold Mine of September 1, 2022 incorporates the results of the exploration and mine planning up to February 28, 2022, with the Mineral Resources measured and indicated. It increased by 26.4% to 2.29 million ounces (31.57 MT). 2.24 g/t Au grade) and is further classified as a Proven and Inferred Mineral Reserve of 1.95 million ounces (28.4 MT with 2.14 g/t Au grade). An update to the NI 43-101 Technical Report incorporating results from the 2022 exploration program is planned for Q3 2023. This report is expected to define additional ounces to the current resource and LOM.

Chirano my Transition planning and business improvementS. going well

• The acquisition of Tyranno Gold Mine (“Tyrano”) was completed on August 10, 2022. The acquisition added a Measured and Indicated Mineral Resource of 28.1Mt at 1.26 g/t Au (1.13 Moz) and an Inferred Mineral Resource of 6.05Mt at 1.91 g/t. t (0.37 Moz) into Asante’s gold resource. Cirano’s latest NI 43-101 technical report was filed by the company on October 11, 2022. The technical report is based on information and plans developed by Tyrano’s previous owner, Kinross Gold Corporation. 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 the results of the 2022 exploration program and business improvement plan.
• The Company has launched a Tyranno Transition and Business Improvement Plan to increase Tyranno’s current gold production by 30% and reduce AISC by 10% by 2024 through the following initiatives: .
  • Design and procurement of the gravity plant are progressing well, with installation expected to be completed in Q2 2023.
  • The addition of oxygen to the CIL (Leachable Carbon) process is underway and the oxygen plant is expected to be installed in Q2 2023. To date, the gold recovery rate has increased by 3% to 89%.
  • A pebble crusher has been ordered and a primary crushing upgrade will be installed in Q2 2023, increasing the process plant’s throughput from 3.2 million tonnes/year to 4 million tonnes/year.
  • A minor infrastructure and facility relocation is underway to provide access to the expansion of the Akoti South open pit and to commence a second round of drilling at the Sariehu open pit. These initiatives access low-cost resources.
  • Research and related initiatives are underway to improve material handling systems for cost-effective delivery of ore to process plants.
  • Initiatives to capture synergies between the Bibiani and Chirano mines are beginning to generate benefits related to the supply of key consumables.
  • Accelerated development of the Wide Obra Orebodies, Lower Tano Underground Mine, and Mannao Open Pit Mine to process low-cost resources.When
  • Asante will invest a minimum of $5 million/year in near-mine and regional exploration over the next three years, with the goal of increasing Chirano’s LOM from the current five years to +10 years. Exploration of the Aboduabo and Chine targets has begun.

Manipulating synergyY efforts underway

The Company has initiated an initiative to capture synergies between its Viviani and Tirano mines, which are located in process plants approximately 15 km apart. These initiatives include the development of access roads that directly connect the process plants, providing access to exploration along the highly mineralized Viviani-Tirano shear zone. This road will be upgraded to a mine haul road, allowing ore to be processed at the most suitable location based on availability and mineralogy. Asante continues to develop opportunities to share infrastructure and realize lower operating costs.

Dave Anthony, President and CEO, said: “we are very satisfied with that progress we have done so far in 2022〇ver past 12 metersmonthly Asante converted From early exploration companies to medium-sized producers. we, develop business as planned When delivered is more than 20,750 september ounce. Efforts to create value progress throughout our business As planned. awe are gaining momentum on both mining operationexploring activity and move forward When Efforts to improve productivity, We look forward to providing further updates.“

For more information on Asante’s current plans for Bibiani and Chirano, please refer to the September 26, 2022 investor presentation on our website www.asantegold.com.

Qualified person statement

Scientific and technical information contained in this news release has been reviewed and approved by David Anthony of P.Eng. (Alberta and Ontario) Mining and Metallurgy, a “qualified person” under NI 43-101, is President and CEO of Asante.

About Asante Gold Corporation

Asante is a gold exploration, development and operations company with a portfolio of quality projects and mines in Ghana. Asante currently operates the Vibiani and Cirano gold mines, which are expected to produce a combined 335,000 ounces of gold over the next 12 months. We are continuing detailed technical research with the Kubi Gold Project for early production. All mines and projects are located in the prolific Viviani and Ashanti Gold Belts. Asante has a team of experienced and skilled mine detectors, builders and operators with extensive experience in Ghana. Asante is listed on the Canadian Stock Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also investigating the Keyhole, Fajiacova, and Betenase projects for new discoveries. All of these are adjacent to or adjacent to major gold mines near the center of Ghana’s Golden Triangle. Additional information is available on the company’s website at www.asantegold.com.

About Viviani Kanayama

Viviani is a historically significant gold mine located in the western region of Ghana with a previous gold production of over 4Moz. This is fully permitted with on-site available mining and processing infrastructure consisting of a newly renovated 3 million tonnes per year processing plant and existing mining infrastructure. Mining began in late February, with the first gold spill announced on July 7, 2022, with 12-month gold production forecast at 175,000 ounces.

For additional information regarding the Mineral Resources and Mineral Reserve Estimates for the Viviani Gold Mine, please refer to Asante’s press releases dated July 18, 2022 and September 1, 2022, “NI 43-101 Technical Report, Viviani Gold Project”. See technical report titled , Ghana, West Africa”, dated 31 August 2022 (with an effective date of 28 February 2022 for him) and submitted to his SEDAR profile (www.sedar.com) on 1 September 2022 .

About Chirano Gold Mine

Chirano is an open pit and underground mining operation located in the northwestern part of Ghana, just south of the company’s Viviani gold mine. Chirano he was first explored and developed in 1996 and started production in October 2005. Pavoase Underground Mine. Gold equivalent production in 2021 was 154,668 ounces on a 100% basis (by Kinross Gold Corporation).
For additional information on Chirano’s Mineral Resources and Mineral Reserve estimates, see Asante’s press release dated October 11, 2022 and technical report “NI 43-101 Technical Report, Chirano Gold Mine, October 11, 2022. See Ghana, West Africa. On 30 September 2022 (effective date 31 December 2021), on 11 October 2022 he was submitted to the SEDAR profile (www.sedar.com).

For more information, please contact:

Dave Anthony, President and CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana), [email protected]
Frederick Attakumah Executive Vice President [email protected]

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors and may affect actual results, performance, prospects and opportunities, including resources, reserves, exploration results and development programs. They may differ materially from those expressed or implied by forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include variations in the nature, quality and quantity of mineral deposits that may be discovered and the Company’s approval of any necessary permits. Including, but not limited to, inability to obtain and consent. or approvals required for planned activities, the company’s inability to raise the required capital or fully implement its business strategy, and the price of gold. Readers should refer to the company’s public records available at SEDAR (www.sedar.com). Although we believe that the assumptions and factors used in making our forward-looking statements are reasonable, we should not place undue reliance on these statements and Applies only in The event will occur in the disclosed time frame or not at all. Except as required by securities laws and the policies of the stock exchanges on which we are listed, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise. denies any obligation.

LEI number: 529900F9PV1G9S5YD446. No IIROC, stock exchanges or other securities regulators are responsible for the adequacy or accuracy of this release.

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