Asante Gold Corporation has announced its operating and financial results for the three months ended October 31, 2022.
This update is a status report for the initiatives the Company has undertaken at its Bibiani Gold Mine (“Bibiani”) and Chirano Gold Mine (“Chirano”) in Ghana.
In Asante Gold Q3 highlights the Company recorded Gold production and sales of 53,503 ounces with a Revenue of $116.3 million.
The Mining Company, completed US$20 million in deferred payments for Bibiani acquisition and completed US$26.8 million payment on the Company’s gold forward sale agreement.
They also initiated a Chirano business improvement plan targeting 30% increase in production and 10% decrease in AISC for calendar 2024.
In their subsequent to quarter end November, highlights, Gold sold in the month totaled 29,550 gold equivalent ounces.
They subsequently completed US$10 million payment for Bibiani, finalizing the US$90 million acquisition.
The Chirano acquisition was closed on August 10, 2022 and results for the FY 2023 Q3 only include operating results for the period of August 10 to October 31, 2022.
All process plant and mine facilities are operating on a 24 hour per day basis, with ~265,000 tonnes of ore treated in November, as budgeted. Preliminary gold production in November was 10,800 ounces, with 89% recovery from 1.41 g/t average mill feed gold grade.
Asante plans to invest in near mine and regional exploration at Chirano over the next three years with the target to increase Chirano’s life of mine from its current 5 years to over 10 years. Advanced exploration at the Aboduabo and Chine targets have been initiated.
Dave Anthony, President and CEO of Asante stated, “We have made exceptional progress thus far in 2022. Over the past 12 months we have transformed Asante from an early-stage exploration company to a mid-tier gold producer. Over the past five months we have made payments totaling US$56.8 million towards closing our Bibiani acquisition and repaying our gold forward sale agreement. Looking forward, we have consolidated two operating mines near each other, creating a district scale land package with tremendous exploration potential. Value creation initiatives are proceeding across our business as we look to make the Bibiani-Chirano complex one of the top mining districts in Africa” He said.
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 combined forecast production of approximately 400,000 ounces of gold for 2023.
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.
