Asante Gold Corporation has announced that its Company has completed the final payment to Resolute Mining Limited pursuant to an amendment letter agreement that was signed on August 24, 2022.
The amendment provided for a 90-day extension of time for the final tranche deferred payment of US$30 million in connection with the US$90 million acquisition of Mensin Gold Bibiani Limited, which subsidiary company owns a 90% interest in the Bibiani Gold Mine (“Bibiani”).
The revised payment terms included payment of US$10 million on or before September 19, 2022 (completed), US$10 million on or before October 19, 2022 (completed) and the final payment due on or before November 18, 2022 (completed).
Bibiani Gold Mine – Timeline from Acquisition to Production
Asante has successfully advanced development of the Bibiani Gold Mine from initial acquisition to commercial production over the past 15 months.
With respect to the recent announcement by the Government of Ghana requiring gold producers to sell 20% of annual production in Cedis, the Company notes that the initiative has been discussed with gold producers in Ghana, represented by the Chamber of Mines for several months.
The Company notes that the local currency expenditure requirement of Asante and most mining companies far exceeds this request. The feedback presented by the Chamber of Mines has been that the industry in Ghana exceeds this level of expenditure in Cedis. The Company confirms that this requirement will not affect its activities and conduct of business.
About Asante Gold Corporation
Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with a combined forecast production of 335,000 oz of gold over the next 12 months. The Company continues with detailed technical studies at its Kubi Gold Project for early production. All mines and projects are 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 newly refurbished 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, with forecast 12 month gold production of 175,000 oz.
