Asante Offers Operations and Company Replace

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VANCOUVER, British Columbia, Feb. 06, 2024 (GLOBE NEWSWIRE) — Asante Gold Company (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Firm”) is happy to supply an replace on its operations and company actions.

Operations Replace – Bibiani Mine

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The Firm is happy to announce a key milestone has been reached, with growth of the detour highway. We are able to now report that it’s on observe for completion February 20, 2024.

• An MOU has been signed with the group to assist chopping the Nationwide Freeway when the detour highway is full;
• There will probably be a interval of redirection of visitors on to the detour highway and affirmation that visitors management techniques are working as anticipated;
• Observe-up session with the communities concerned will proceed to make sure all expectations have been met which is able to permit for the Nationwide freeway to be lower;
• When the Nationwide freeway is lower, the Bibiani mine may have entry to increased grade, oxide mineralized materials situated near floor leading to a big improve in gold restoration and manufacturing. That is estimated as a 100,000 oz improve in gold manufacturing for this fiscal 12 months ending January 31, 2025.

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Mining operations have continued on the Important Pit, Grasshopper and Walsh pits into 2024 as deliberate. The method plant continues to function with 86 to 90% availability.

All lengthy lead gear for the Sulphide therapy Plant has been manufactured and the civil works are 60% full. The detailed design and undertaking execution plan are full. Undertaking execution for the Sulphide Remedy Plant is six months from undertaking kick-off. That is anticipated to supply 92% gold restoration for the Lifetime of Mine (“LOM”), when treating sulphide ore.

The Firm will lengthen the Bibiani open pit LOM because of profitable exploration and growth at South Russel (see information releases dated March 29, 2022, August 17, 2022, January 17, 2023 and September 14, 2023). The Starter Pit growth has been initiated.

• Newest mineral useful resource definition drilling outcomes at South Russell verify consistency of high-grade vein within the footwall shear together with:
  • Constrained Indicated Mineral Sources of two.5Mt @ 1.79g/t for 157k oz of contained gold inside an optimum pit shell of $1,850/oz gold worth (see press launch of September 14, 2023);
  • The Mineral Useful resource Estimate (“MRE”) for South Russel is supported by roughly 20,000m of drilling;
  • A number of mineralized materials shoots with mineralization open alongside strike and down plunge;
  • The MRE confirms a transparent high-grade shoot intersected within the footwall area with a mean grade of 8.26g/t over an interval of 15m; and
  • Further drilling has commenced, to incorporate infill of the inferred mineral useful resource areas inside the constrained shell, grade management drilling and likewise to develop the mineral assets to the south.

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Drilling packages on the Grasshopper and Elizabeth satellite tv for pc deposits are superior and the Firm continues its close to mine growth exploration program with deliberate drilling of roughly 25,000 metres per 12 months.

The Firm is progressing with an underground mine planning research to outline growth of an underground mine operation that might entry mineralized deposits beneath the Bibiani Important Pit and the satellite tv for pc pits. The Firm anticipates that the underground mine program initiative will start in 2025 and can improve annual gold manufacturing considerably from 2026. It’ll lengthen mine life past the interval of open pit mining towards 2035. The outcomes of this research and 2023 exploration outcomes will probably be reported intimately within the NI-43-101 replace famous beneath.

Bibiani is concentrated on rising gold manufacturing and lowering unit working prices by means of the next initiatives:

• The gravity restoration plant is performing as deliberate with as much as 35% of gold being recovered by this facility;
• The oxygen plant has been put in on schedule and has been offering oxygen to the plant since September 2023. As well as, a MACH Reactor™ will probably be put in to extend oxygen utilization throughout fiscal Q1 of this 12 months;
• A pebble crusher has been acquired with plans for set up throughout fiscal Q2 this 12 months, with the goal of accelerating course of plant throughput from 3.0 Mt/y to 4.0Mt/y within the subsequent two years;
• The first crusher improve has been accomplished;
• Sulphide restoration plant lengthy lead objects are able to be shipped for set up with 60% of civil works at the moment full;
• Upgrades and expansions of the CIL and elution services are in progress and anticipated to be accomplished throughout fiscal Q1 of this 12 months;
• Different price saving and productiveness enchancment initiatives are ongoing;
• The Firm has developed a 12-year operational technique as a part of its LOM extension program which is systematically up to date; and
• Exploration of close to mine targets proved to achieve success with the South Russell undertaking, the place a starter pit is deliberate by April 2024.

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A Nationwide Instrument 43-101 technical report (“NI 43-101”) is superior to confirm outcomes of all initiatives famous above. This report is deliberate to be issued in April 2024.  

Operations Replace – Chirano Mine

Chirano open pit operations proceed to be targeted at Sariehu and Mamnao South pits, with extension of Mamnao North beginning in February 2024. Underground mining continues at Akwaaba, Akoti, Tano, Suraw and Obra mines.

Chirano is concentrated on rising gold manufacturing and lowering unit working and sustaining capital prices by means of the next initiatives:

• The gravity restoration plant was accomplished and commissioned in December 2023. Operation and optimization continues, with very constructive outcomes thus far;
• Oxygen plant building for provide of oxygen to the carbon-in-leach (“CIL”) course of was accomplished in December 2023 lowering working prices and rising gold restoration. Set up of a Maelgwyn Aachen Reactor™ will proceed this quarter to enhance mineral shear and leach kinetics;
• A pebble crusher was put in on schedule in 2023 and throughput capability has elevated from 3.4Mt/y to three.7Mt/y. Additional main grinding upgrades, together with CIL plant agitators, pump upgrades and cyclone substitute to enhance grind dimension management are deliberate to be operational by April 2024 with the goal of accelerating course of plant metallurgical efficiency and throughput from 3.7Mt/y to 4.0Mt/y;
• Relocation of minor infrastructure and services, deliberate to supply entry to and growth of the Akoti South open pit, will probably be undertaken this 12 months;
• The second cutback on the Sariehu open pit is progressing properly and delivering as deliberate;
• Mining from the Mamnao Central and South pits has been in the reduction of with stripping operations ongoing. Gold manufacturing from these areas has been changed by Sariehu, adopted by Obra pit and Mamnao North pit;
• Research and related initiatives are progressing on schedule to be finalized by April 2024, with designs to enhance the present materials dealing with techniques on the northern mines, to ship mineralized materials to the method plant in a dependable and cost-effective method. This initiative will assist extension of mining depth and LOM;
• Growth of Obra (broad orebody), Suraw and the decrease Tano underground mines is progressing to plan and stays the operational focus, whereas creating Tano and Akoti south mines to create a extra sturdy mining program;
• The Firm is dedicated to take a position a minimal of US$9 million per 12 months in close to mine and regional exploration over the following three years with intention to extend Chirano’s LOM to 10+ years;
• Underground confirmed and indicated reserve exploration initiatives such because the Suraw mine, Obra mine and open pit mining life extension initiatives on the Sariehu/Mamnao space are progressing as deliberate to assist a sturdy mining program and lengthen the mine life; and
• The Firm has developed a +10 -15 12 months operational technique as a part of its LOM extension program.

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A NI-43-101 technical report replace has been initiated to include the outcomes of initiatives famous above. This report is deliberate for problem in April 2024.  

Drilling outcomes at Aboduabo lengthen the footprint of the prospect to the north, to roughly one kilometer in size. There are important intercepts down plunge in a number of mineralized buildings, which spotlight the robust upside potential of the Aboduabo prospect. All 94 drill holes thus far have intersected mineralization. The intercepts are according to these beforehand encountered in each gold grade and thickness. The prospect stays open alongside strike and at depth. Metallurgical take a look at work is in progress and with Aboduabo being on the Bibiani shear, comparable metallurgical habits as at Bibiani foremost pit is noticed.

Capturing Synergies Between Bibiani and Chirano Mines

The Firm has commenced initiatives to seize synergies between Bibiani and Chirano mines. These initiatives embrace advantages associated to provision of assist companies, logistics and provide of principal consumable supplies. Growth of a 15 km entry highway has been initiated which is able to immediately hyperlink the method vegetation and improve entry for logistics and exploration alongside the extremely mineralized Bibiani-Chirano shear zones. This highway will turn out to be a mine haul highway in order that ore may be handled the place most applicable. Asante continues to develop alternatives to share infrastructure and to comprehend operational price reductions amongst its operations.

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The Genser gas-fired energy plant began operation at Chirano in mid 2023. The development in reliability of energy provide has allowed course of plant availability to exceed 96%. The Firm has initiated planning for an influence line to be prolonged from the Genser facility to the Bibiani Mine which will even enhance course of plant availability from 88% to 96%.

Different Initiatives

• The Firm plans to proceed exploration drilling actions in under-explored areas inside the Bibiani mining lease, principally the realm additional south of South Russel and the Pamunu prospect space supported by exploration fieldwork alongside the Chirano-Bibiani shear zones;
• Intensive geophysical surveys will proceed to the north of Bibiani Mine Lease, protecting the Donkoto prospecting license; and
• Preparatory work for wildlife evaluation research are deliberate to start on the Kubi Gold Mine in preparation for a biodiversity offset plan as a precursor to environmental allow functions.

Company and Financing Replace

The Firm continues to give attention to the execution of its near-term progress plans and financing initiatives, together with discussions with probably events relating to strategic alternate options. Any proposals, if obtained, will probably be reviewed by the Firm, in session with its monetary and authorized advisors. The Firm doesn’t undertake any obligation to supply any updates with respect to any proposals, besides as required underneath relevant regulation.

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Additional to the Firm’s press launch of September 21, 2023 asserting the US$40 million ahead sale of gold settlement, the Firm reviews that it has delivered 4,000 ounces of refined gold per thirty days as scheduled and anticipates the US$40 million will probably be re-advanced on the fifth month anniversary in March 2024.

The Firm continues to pursue different near-term, non-dilutive financing initiatives to assist capital investments and dealing capital necessities.

Dave Anthony, President and CEO of Asante, acknowledged, “We’re happy to have made constructive developments at each Bibiani and Chirano by way of undertaking worth and gold manufacturing. We stay up for profitable completion of our present financing initiatives.”

Certified Particular person Assertion

Scientific and technical data contained on this information launch has been reviewed and permitted by Daniel Apau, a member of the Australasian Institute of Geoscientists, and the Exploration Supervisor for Chirano Gold Mines Restricted, and by Dave Anthony, P.Eng., Mining and Mineral Processing, President and CEO of Asante, all of whom are “certified individuals” underneath NI 43-101.  

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About Asante Gold Company

Asante is a gold exploration, growth and working firm with a high-quality portfolio of initiatives and mines in Ghana. Asante is at the moment working the Bibiani and Chirano Gold Mines and continues with detailed technical research at its Kubi Gold Undertaking. All mines and exploration initiatives are situated on the prolific Bibiani and Ashanti Gold Belts. Asante has an skilled and expert workforce of mine finders, builders and operators, with in depth expertise in Ghana. The Firm is listed on the Canadian Securities Trade, the Ghana Inventory Trade and the Frankfurt Inventory Trade. Asante can be exploring its Keyhole, Fahiakoba and Betenase initiatives for brand spanking new discoveries, all adjoining or alongside strike of main gold mines close to the centre of Ghana’s Golden Triangle. Further data is offered on the Firm’s web site at www.asantegold.com.

Concerning the Bibiani Gold Mine

Bibiani is an working open pit gold mine located within the Western North Area of Ghana, with earlier gold manufacturing of greater than 4.5 million ounces. It’s totally permitted with accessible mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne every year course of plant and current mining infrastructure. Asante commenced mining at Bibiani in late February 2022 with the primary gold pour introduced on July 7, 2022. Industrial manufacturing was introduced November 10, 2022.

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For added data regarding the mineral useful resource and mineral reserve estimates for the Bibiani Gold Mine, please consult with Asante’s press releases dated July 18, 2022 and September 1, 2022 and the technical report filed on its SEDAR profile (www.sedarplus.ca) on September 1, 2022.

Concerning the Chirano Gold Mine

Chirano is an working open pit and underground mine situated within the Western Area of Ghana, instantly south of the Firm’s Bibiani Gold Mine. Chirano was first explored and developed in 1996 and commenced manufacturing in October 2005. The mine contains the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Prolonged, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines.

For added data regarding the mineral useful resource and mineral reserve estimates for the Chirano Gold Mine, please consult with Asante’s press releases dated October 15, 2022 and Could 15, 2023 and the technical report filed on its SEDAR profile (www.sedarplus.ca).

For additional data please contact:

Dave Anthony, President & CEO
Frederick Attakumah, Government Vice President and Nation Director

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information@asantegold.com
+1 604 661 9400 or +233 303 972 147

Cautionary Assertion on Ahead-Wanting Statements

Sure statements on this information launch represent forward-looking statements, together with however not restricted to, manufacturing and all-in sustaining prices forecasts for the Bibiani and Chirano Gold Mines, estimated mineral assets, reserves, exploration outcomes and potential, growth packages and will increase in mine-life, starter pit growth and potential synergies between Chirano and Bibiani. Ahead-looking statements contain dangers, uncertainties and different components that would trigger precise outcomes, efficiency, prospects, and alternatives to vary materially from these expressed or implied by such forward-looking statements. Components that would trigger precise outcomes to vary materially from these forward-looking statements embrace, however aren’t restricted to, variations within the nature, high quality and amount of any mineral deposits which may be situated, the Firm’s incapacity to acquire any obligatory permits, consents or authorizations required for its deliberate actions, the Firm’s incapacity to lift the mandatory capital or to be totally capable of implement its enterprise methods, and the value of gold. The reader is referred to the Firm’s public disclosure report which is offered on SEDAR (www.sedarplus.ca). Though the Firm believes that the assumptions and components utilized in making ready the forward-looking statements are cheap, undue reliance shouldn’t be positioned on these statements, which solely apply as of the date of this information launch, and no assurance may be provided that such occasions will happen within the disclosed time frames or in any respect. Besides as required by securities legal guidelines and the insurance policies of the securities exchanges on which the Firm is listed, the Firm disclaims any intention or obligation to replace or revise any forward-looking assertion, whether or not because of new data, future occasions or in any other case.

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Cautionary Word Relating to Non-GAAP Monetary Measures

Various efficiency measures on this information launch resembling “AISC” are furnished to supply further data. These non-GAAP efficiency measures are included on this information launch as a result of these statistics are used as key efficiency measures that administration makes use of to observe and assess efficiency of Bibiani and Chirano, and to plan and assess the general effectiveness and effectivity of mining operations. These efficiency measures shouldn’t have a normal which means inside Worldwide Monetary Reporting Requirements (“IFRS”) and, subsequently, quantities introduced will not be corresponding to comparable knowledge introduced by different mining firms. These efficiency measures shouldn’t be thought-about in isolation as an alternative choice to measures of efficiency in accordance with IFRS.

All-In Sustaining Value (“AISC”) – AISC contains money prices and sustaining capital and exploration bills. The Firm believes that this measure is helpful to exterior customers in assessing working efficiency and the Firm’s skill to generate free money circulation from present operations.

LEI Quantity: 529900F9PV1G9S5YD446. Neither IIROC nor any inventory trade or different securities regulatory authority accepts accountability for the adequacy or accuracy of this launch.

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