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    6073   JP3117350003

ASANTE INCORPORATED

(6073)
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Delayed Japan Exchange  -  01:00 2022-12-02 am EST
1587.00 JPY   -1.31%
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Asante Gold Announces Additional Significant Gold Intercepts From the South Russel Prospect, Bibiani Gold Mine, Ghana

08/18/2022 | 10:19am EST

VANCOUVER - Asante Gold Corporation (CSE: ASE | GSE: ASG | FRANKFURT: 1A9 | U.S.OTC: ASGOF) ('Asante' or the 'Company') is pleased to announce drill results from its ongoing drilling program at the South Russel prospect located on the Bibiani Gold Mining Lease, 3.8 km southwest from the Bibiani Process Plant.

The discovery hole, MGRCD21-047, was announced March 29, 2022 with follow up drilling demonstrating potential for possible development of a satellite pit. To date, Asante has confirmed over 200m strike length of mineralization. The gold mineralized system remains open along strike and at depth.

Highlights

Additional drill intercepts up to 17.2m down hole grading at 4.47g/t Au.

Significant gold mineralization has been intersected at shallower depths and from surface.

Footprint of mineralization tested and confirmed over 200m strike length and remains open along strike and depth.

Assay results provide strong indication of potential for gold endowment at the southern portion of the Bibiani Mining Lease.

Follow-up drill holes are planned to the south and north along strike of the recent intercepts.

About Asante Gold Corporation

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects in Ghana. Asante is currently operating the Bibiani Gold Mine with forecast production of 175,000 oz of gold over the next 12 months, has completed the acquisition of the Chirano Gold Mine, an operating open-pit and underground mining operation located immediately south of the Bibiani Gold Mine, and is developing to production its Kubi Gold Mine, all located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. Asante 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 adjoining or along strike of major gold mines near the centre of Ghana's Golden Triangle.

About the Bibiani Gold Mine

Bibiani is a historically significant gold mine situated in the Western Region of Ghana, with previous gold production of more than 4Moz. It is fully permitted with available mining and processing infrastructure on-site consisting of a 3 million tonne per annum process plant, and existing mining infrastructure. Mining commenced in late February with the first gold pour announced on July 7, 2022. The Company is forecasting 175,000 oz of gold production over the next 12 months.

About the Chirano Gold Mine

Chirano is an operating open-pit and underground mining operation located in southwestern Ghana, immediately south of the Company's Bibiani Gold Mine. Chirano was first explored and developed in 1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. Gold Equivalent Production in 2021 was 154,668 oz on a 100% basis.

Contact:

Dave Anthony

Tel: +1 647 382 4215

Cautionary Statement on Forward-Looking Statements

This news release contains forward-looking statements. 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, including the resources, reserves, exploration results, the development program and production forecast at Bibiani. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations 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 referred to the Company's public disclosure record which is available on SEDAR.

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 only apply as of the date of this news release, and no assurance can be given that such events 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.

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ASANTE GOLD CORPORATION 1.59% 1.28 Delayed Quote.0.00%
ASANTE INCORPORATED -1.31% 1587 Delayed Quote.-6.51%
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Financials
Sales 2022 13 699 M 101 M 101 M
Net income 2022 579 M 4,28 M 4,28 M
Net cash 2022 6 175 M 45,6 M 45,6 M
P/E ratio 2022 27,6x
Yield 2022 4,25%
Capitalization 17 438 M 129 M 129 M
EV / Sales 2021 0,99x
EV / Sales 2022 0,72x
Nbr of Employees 1 046
Free-Float 63,7%
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Sei Miyauchi President, CEO, Representative Director & GM-Sales
Atsushi Nishiyama Deputy Manager-Corporate Planning Office
Masami Iishiba Managing Director & GM-Administration
Katsumi Uchida Independent Outside Director
Shigeharu Dogakinai Independent Outside Director
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