Vancouver - Asante Gold Corporation (CSE: ASE/FRANKFURT: 1A9/U.S.OTC: ASGOF) ('Asante' or the 'Company') is pleased to announce that all activities planned to bring its' Bibiani Mine into production in Q3 2022 are on track.

Asante is preparing a plan to deliver a mine that can produce approximately 190,000 ounces of gold at Bibiani in its first 12 months of operation and circa 240,000 ounces every year thereafter for a minimum of 6 years. Tenders have been invited for the selection of a Mining Contractor.

We anticipate mobilization of the Mining Contractor to proceed in Q1 2022.

The Process Plant refurbishment is slightly ahead of schedule and on budget. Harlequin International has been contracted to complete the refurbishment EPCM and has mobilized as scheduled. The full EPCM Team, plus requisite complement of tradespeople, is on site, to provide training, safety and project delivery systems and resources needed to ensure achievement of a safe and productive work environment.

All work activities are proceeding as planned. Principal equipment motors and drives have been taken off site, to be serviced as needed. Electrical components, instrumentation and control systems have been tested and are being upgraded as needed to provide improved performance, above the original design. Gravity recovery equipment is being upgraded to '2020' level of competence and automation. This includes the purchase of a new high efficiency 6G Knelson concentrator and Gekko ILR (intensive leach reactor).

Sub-contractors have been engaged, to proceed with sand blasting, metal and pipework repair, painting, installation of liners and belts, and to ensure safe and efficient operation. Equipment that is on site but that was not fully installed by the former owners is in the process of being made ready for operation. As of the last week of October, there are more than 200 workers on site. To date the project remains on budget.

In July 2018, Resolute Mining Limited, based on some 50,500 metres of drilling, released an updated feasibility study for Bibiani reporting JORC compliant Mineral Resources at Bibiani of 21.7 million tonnes at 3.6 grams of gold per tonne for 2.5Moz of gold.

About Asante Gold Corporation

Asante is a pure gold exploration and development company with a high-quality portfolio of projects in Ghana, Africa's largest and safest gold producer. We are focused on developing high margin projects including the Bibiani (5Moz past production) and Kubi Gold mines located on the prolific Bibiani and Ashanti Gold Belts. Refurbishment of the Bibiani Mine processing plant has commenced with completion scheduled for Q3 2022. Asante has an experienced and skilled team of mine finders, builders and operators, with more than 24Moz of gold resources and reserves discovered and developed in Ghana. Asante is listed on the Canadian Securities and Frankfurt Stock Exchanges and has announced plans to co-list its shares in Ghana. We are also exploring our 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.

Contact:

Douglas MacQuarrie

Tel: +1 604-558-1134

Email: douglas@asantegold.com

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 statements regarding the mineral reserves, resources, exploration and development program at Bibiani and Kubi, including results of drilling, and future exploration plans. 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, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com). 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 Canadian Securities Exchange, 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. No securities of the Company have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933 (the '1933 Act') or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

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