Asante completes final payment for Viviani gold mine, Canadian Business Journal

VANCOUVER, British Columbia, November 28, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE:ASE | GSE:ASG | Frankfurt: 1A9 | USOTC:ASGOF) (“Asante” or “we”) is pleased to announce that we have completed the final payment to Resolute Mining Limited (“Resolute”) pursuant to an amended letter agreement signed on August 31, 2022. See press release dated).

The amendment provides for a 90-day extension of the term of the final tranche deferred payment of US$30 million in connection with the US$90 million acquisition of Mensin Gold Bibiani Limited, whose subsidiary owns a 90% interest in the Bibiani gold mine. (“Bibiani”). The revised payment terms include payment of US$10 million (completed) on or before September 19, 2022, US$10 million (completed) on or before October 19, 2022, and final payment on or before November 18, 2022. payment (completion) was included.

Viviani Gold Mine – Acquisition to Production Timeline

Asante has successfully developed the Viviani gold mine from initial acquisition to commercial production over the past 15 months.

• Acquisition of the Bibiani gold mine from Resolute on August 4, 2021
• September 5, 2021 Start renovation of process plant
• February 28, 2022 open pit mining start
• Completed process plant refurbishment and commissioning to start operations on June 2, 2022
• First gold injection completed on July 7, 2022, two months ahead of schedule
• Submit updated NI 43-101 report on Viviani gold mine on September 1, 2022
• Commercial production announced on November 10, 2022
• Final payment for Viviani gold mine completed on November 28, 2022

An exploration program near the mine, with drilling of approximately 30,000 meters per year planned for 2022, 2023 and 2024, is expected to add 8.3 years to the Viviani open pit mine life (LOM).

Regarding the recent announcement by the Government of Ghana to require gold producers to sell 20% of their annual production at Cedi, we are pleased that this initiative will continue for several months with Ghanaian gold producers represented by the Chamber of Mines and Commerce. point out that it is being discussed. We recognize that local currency spending requirements for Asante and most mining companies far exceed this demand. Feedback provided by the Mines Chamber of Commerce was that the Ghanaian industry exceeded this level of spending in Cedis. confirm.

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. Any mining and processing infrastructure available on-site consisting of a newly refurbished 3 million tonnes per year processing plant and existing mining infrastructure is fully permissible. Mining began in his late February, with the first gold spill announced on July 7, 2022, with a projected 12-month gold production of 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 our 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]

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.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements include resources, reserves, exploration results, development programs, near-mine exploration programs at Viviani and production projections. 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 obtaining necessary permits. including, but not limited to, inability 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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