Asante Announces Project Update for Bibiani Gold Mine Sulfide Recovery Plant

VANCOUVER, British Columbia, June 13, 2024 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | USOTC: ASGOF) (“Asante” or the “Company”) is pleased to announce that the main long lead time equipment for the sulphide recovery plant planned for installation at the Bibiani Gold Mine (“Bibiani” ) is expected to ship in mid-August 2024. This facility is key to the Company’s plans to increase gold production at Bibiani to over 250,000 ounces per year, with cumulative production of 1.2 million ounces of gold over the next five years, with lower all-inclusive sustaining costs (“AISC”). as detailed in the Bibiani 2024 technical report (“Technical Report”). The installation of the sulfide recovery plant is expected to improve gold recovery and have a significant impact on sustaining cost per ounce produced (AISC) and profit margins at Bibiani. Gold recovery from sulphide ore is expected to increase from 70% to approximately 92%.

The Company has made substantial progress towards the completion of the sulphide recovery plant, with 50% of the project’s civil works completed. Manufacturing of the long-term equipment has been completed and items are currently being prepared for shipment to the Bibiani site, with an expected arrival mid-August 2024.

When the sulfide recovery plant is completed, Asante expects to produce approximately 20,000 ounces of gold per month at Bibiani, which is consistent with the company’s long-term plan for the mine. Asante looks forward to the completion of the sulphide recovery plant as the company strives to improve and optimize its operating mines.

Qualified person declaration

The scientific and technical information contained in this press release has been reviewed and approved by David Anthony, P.Eng., Mining and Mineral Processing, President and CEO of Asante, who is a “Qualified Person” under of Regulation 43-101.

Non-IFRS measures

This press release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”), including “all-in sustaining costs” (or “ AISC”). Non-IFRS measures do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures used by other companies. The data presented is intended to provide supplementary information and should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS and should be read in conjunction with Asante’s consolidated financial statements. Readers should refer to Asante’s MD&A under the heading “Non-IFRS Measures” for a more detailed discussion of how Asante calculates certain of these measures and a reconciliation of certain measures to IFRS terms.

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About Asante Gold Corporation

Asante is a gold exploration, development and mining company with a portfolio of high quality projects and mines in Ghana. Asante currently operates the Bibiani and Chirano gold mines and is continuing detailed technical studies on its Kubi Gold project. All mines and exploration projects are located on the prolific Bibiani and Ashanti gold belts. Asante has an experienced and knowledgeable team of researchers, constructors and mine operators, with extensive experience in Ghana. The Company 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 adjacent to or located along major gold mines close to the center 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 an operating open pit gold mine located in the North West region of Ghana, with a past gold production of over 4.5 million ounces. This is fully permitted with the mining and processing infrastructure available on-site, consisting of a recently renovated 3 million tonne per annum processing plant and existing mining infrastructure. Asante began mining at Bibiani in late February 2022 and the first gold pour was announced on July 7, 2022. Commercial production was announced on November 10, 2022.

For additional information regarding mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to the Bibiani 2024 Technical Report filed on the Company’s SEDAR profile (www.sedarplus.ca) on April 30, 2024 .

For more information please contact:

Dave Anthony, President and CEO
Frederick Attakumah, Executive Vice President and Country Director

[email protected]
+1 604 661 9400 or +233 303 972 147

Caution Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements, including, but not limited to, forecast all-inclusive production and sustaining costs for the Bibiani gold mine, results and exploration potential , development programs, opportunities for expansion and mine life extension, and completion of plant upgrades. 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. Factors that could cause actual results to differ materially from these forward-looking statements include, without limitation, variations in the nature, quality and quantity of any mineral deposits that may be located, the inability of the Company to obtain the necessary permits and consents. or approvals 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 invited to consult the Company’s public information file, available on SEDAR (www.sedarplus.ca). 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 speak only as of the date of this press release, and no No assurance can be given that these forward-looking statements 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.