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Asante Announces US$140M Forward Gold Purchase Agreement

VANCOUVER, British Columbia, July 15, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) ("Asante" or the "Company") announces that effective July 15, 2022 the Company has completed the first US$100 million tranche of a US$140 million financing package from strategic financial institutions in Ghana (the "Financing Institutions").

The initial drawdown of US$100 million will be used to cover local operating costs and the Company's near–term broader funding and strategic objectives.

Repayment terms are to be 25% of the principal and interest in four equal installments of US$26.88 million, with the final payment due July 12, 2023. Settlement will be in US funds by delivery of gold at the financial institutions' designated gold refinery in Switzerland and sold at the then Bloomberg BGN XAUUSD spot market price less 7%. The annual interest rate of this gold forward facility is 7.53%.

The Company assumes no derivative risks from the transaction as the loan principal is denominated in US funds and repayments from gold deliveries will be made in US funds, thereby providing a natural currency hedge.

Through this facility Asante obtains an immediate and non–dilutive financing, repayable from gold production. The Bibiani Mine has completed its commissioning, with the first gold pour announced on July 7, 2022.

The Company thanks the Financing Institutions for their confidence and financial support as Asante continues to develop its production profile in Ghana.

The Company is also in advanced discussions on additional senior secured debt facilities to provide for ongoing sustaining capital.

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, is completing the acquisition of the Chirano Gold Mine from Kinross Gold Corporation (the Chirano Acquisition), 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. Additional information is available on the Company's website at www.asantegold.com.

About the Bibiani Gold Mine

Bibiani is a historically significant gold mine situated in the western region of Ghana, with previous gold production close to 5 Moz. It is fully permitted with available mining and processing infrastructure on–site consisting of a 3 million tonne per annum mill and processing plant, and existing mining infrastructure. Mining commenced in late February with the first gold pour announced on July 7, 2022. The Company is targeting 175,000 oz of gold production over the next 12 months.

The Current Mineral Resource Estimate for Bibiani, as reported in the Technical Report on the Bibiani Gold Mine, Ghana, by Principal Author Ian M Glacken FAusIMM (CP), FAIG, CEng and Qualified Person Dan Bansah MSc, MAusIMM (CP), FWAIMM, MGIG, dated November 7, 2021, and filed on SEDAR, is Measured and Indicated 20.1 million tonnes at 2.71 grams of gold per tonne for 1.81 Moz of gold, plus Inferred 8.41 million tonnes at 2.78 grams of gold per tonne for 0.75 Moz of gold from an open pit mine. The Mineral Resource has been reported above a 0.65 g/t gold cut–off and has been depleted for both historical open pit and underground development as of August 31, 2017. The Bibiani Main Pit mineral resource has been prepared by Competent Persons (Optiro, 2017) using accepted industry practices and have been classified and reported in accordance with the JORC Code (JORC, 2012). There are no material differences between the definitions of Measured, Indicated and Inferred Mineral Resources under the CIM Definition Standards and the equivalent definitions in the JORC Code. The Satellite pit resource is an update completed in 2018 by Resolute Mining Limited. The Satellite pit resource is also reported above a cut–off grade of 0.65 g/t gold inside a pit shell defined at a gold price of US$1,950. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

About the Chirano Gold Mine

The Chirano Gold Mine is an operating open–pit and underground mining operation located in southwestern Ghana, immediately south of the Company's Bibiani Gold Mine. The Chirano Gold Mine was first explored and developed in 1996 and began production in October 2005. The Chirano Gold 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.

For further information please contact:

Dave Anthony, President & CEO: CAN+1 647 382 4215 or GH+233 55 879 3309, dave@asantegold.com
Malik Easah, Executive Director, malik@asantegold.com
Frederick Attakumah, Executive Vice President, frederick@asantegold.com
Alec Rowlands, Capital Markets Consultant, alec@asantegold.com
Valentina Gvozdeva, Manager IR, valentina@asantegold.com
Kirsti Mattson, Media Relations, kirsti.mattson@gmail.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 timing of the completion of the balance of the US$140 million financing package, additional potential financing, the structure and terms of the Chirano Acquisition, timing for completion of the Chirano Acquisition, the ability of the Company to complete the Chirano Acquisition on the terms announced, anticipated synergies, the resources, reserves, exploration results, and development program at Chirano, Bibiani and Kubi, including timing of future mine development and the start of production. Factors that could cause actual results to differ materially from these forward–looking statements include, but are not limited to, the inability to satisfy any condition required to complete the balance of the US$140 million financing package, the inability to satisfy any condition required to complete the Chirano Acquisition, termination of the share purchase agreement, 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.
LEI Number: 529900F9PV1G9S5YD446.

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.


Asante Announces First Gold Pour at Bibiani Gold Mine

VANCOUVER, British Columbia, July 07, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) ("Asante" or the "Company") is pleased to announce that the first gold pour at the Bibiani Gold Mine has been completed successfully with process of gravity gold concentrate recovered by the Knelson Concentrator.

Asante acquired the Bibiani Gold Mine in August 2021 and completed its project execution plan that included refurbishment and upgrade of the Process Plant, Tailings Storage Facility and Mine Site Infrastructure. In September 2021, Asante announced start of the refurbishment process and the Company's plan to pour gold in Q3 2022.

In early June 2022, Asante announced the start of commissioning and operation of the Bibiani Process Plant. Since July 1, 2022, 24 hour per day operation has proceeded with the Carbon–in–Leach, carbon stripping and elution areas now operating. Hot Commissioning of the Gold Refinery was completed on July 7th. This is the final operating area of the Process Plant to be commissioned. Scale up of production is continuing as planned, including collection of gold on carbon, leading to delivery of approximately 175,000 oz gold over the next 12 months.

Asante Gold's CEO, Dave Anthony, stated,

"From the outset of our acquisition of the Bibiani Gold Mine, Asante has made a number of commitments to our stakeholders, including the local community, the Government of Ghana and our investors. We are proud that all of the commitments we made in the past 10 months relating to the Bibiani Gold Mine have been met or exceeded, up to this time.

"The quality and timeliness of work completed by the Asante team is testament to their abilities and commitment to delivering results as planned. We recognize and thank our principal project partners, all of which have been Ghanaian companies, including Harlequin International, Rabotec, KPS, Kozah Construction, iConstruction, Emak, Electrowind, FLSmidth "" Ghana, Caesar Furnace, Mining Project Processing and Engineering Limited (MPPE), Top Quality Investments Limited, Rand Sandblasting Company, Tesla Electricals, Multigeomatics, Knight Piesold Ghana Limited, Bosch Rexroth (Ghana) and PW International (Gh) Ltd."

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 focused on closing the acquisition of the Chirano Gold Mine from Kinross Gold Corporation and developing to production its Bibiani and Kubi Gold mines 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 quoted on 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. Additional information is available on the Company's website at www.asantegold.com.

About the Bibiani Gold Mine

The Bibiani Gold Mine is a historically significant Ghanaian gold mine situated in the Western North region of Ghana. Bibiani has previous production of +4Moz, is fully permitted with available mining and processing infrastructure on site consisting of a 3 million tonne per annum mill and processing plant.

The Current Mineral Resource Estimate for Bibiani, effective as of November 7, 2021, as set out in the Technical Report titled "Technical Report on the Bibiani Gold Mine, Ghana", prepared by Ian M. Glacken (FAusIMM (CP), FAIG, CEng) of Optiro Pty Limited and assisted by Dan Bansah (MSc, MAusIMM (CP), FWAIMM, MGIG) of Minecon Resources and Services Ltd. as Qualified Person and filed on SEDAR, is Measured and Indicated for the Bibiani main pit and the Satellite pits at 20.8 million tonnes at 2.71 grams of gold per tonne for 1.81 Moz of gold; and Inferred 8.41 million tonnes at 2.78 grams of gold per tonne for 0.753 Moz of gold. The Mineral Resource has been reported above a 0.65 g/t gold cut–off and has been depleted for both historical open pit and underground development as of August 31, 2017. The Technical Report was prepared using accepted industry practices in accordance with the JORC Code (JORC, 2012). There are no material differences between the definitions of Measured, Indicated and Inferred Mineral Resources under the CIM Definition Standards and the equivalent definitions in the JORC Code. The Satellite pit resource is an update completed in 2018 by Resolute Mining Limited, the former owner of the Bibiani Gold Mine. The Satellite pit resource is also reported above a cut–off grade of 0.65 g/t gold inside a pit shell defined at a gold price of US$1,950. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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 (source Kinross Gold Corporation).

For further information please contact:

Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 558 799 3309 (Ghana) or dave@asantegold.com
Malik Easah, Executive Director: malik@asantegold.com
Frederick Attakumah, Executive Vice President: frederick@asantegold.com
Alec Rowlands, Capital Markets Consultant, alec@asantegold.com
Valentina Gvozdeva, Manager IR, valentina@asantegold.com
Kirsti Mattson, Media Relations, kirsti.mattson@gmail.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 structure and terms of the Chirano Acquisition, timing for completion of the Chirano Acquisition, the ability of the Company to complete the Chirano Acquisition on the terms announced, the ability of the parties to satisfy all administrative matters required in order to consummate the Chirano Acquisition, anticipated synergies, the resources, reserves, exploration results, and development program at Chirano, Bibiani and Kubi, including timing of future mine development and the start of production. Factors that could cause actual results to differ materially from these forward–looking statements include, but are not limited to, the inability to satisfy any condition required to complete the Chirano Acquisition, termination of the share purchase agreement, 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.

LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.


Asante Gold to Commence Trading on the Ghana Stock Exchange

VANCOUVER, British Columbia, June 29, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) ("Asante" or the "Company") is pleased to announce that further to its application for a secondary listing by introduction on the Main Market of the Ghana Stock Exchange (the "GSE"), the Company has received final approval from the Ghana Securities and Exchange Commission and the Ghana Stock Exchange to commence trading.

Trading will commence under the symbol "ASG' at the opening on June 29, 2022.

A copy of the *Prospectus "SECONDARY LISTING BY INTRODUCTION ON THE GHANA STOCK EXCHANGE OF EXISTING 315,007,462 COMMON SHARES OF ASANTE GOLD CORPORATION" is available on the Company's website indicated below.

Listing Statistics

Price on CSE(as at date on day of Listing) CAD$1.58
Initial Listing Price on GSE1 GHS 8.87
Number of Ordinary Shares listed by Introduction2 315,007,462
Market capitalization at Listing Price (CAD$) 497,711,780
Market capitalization at Listing Price (GHS) 2,793,158,565

Notes:
1. Based on exchange rate of price on CSE at CAD$ 1.00 = GHS 5.6120 as at June 28, 2022 (Bank of Ghana)
2. Number of shares outstanding as at May 31, 2022, the date of the prospectus.

Douglas MacQuarrie, Non–Executive Chairman stated, "It is with a great sense of "having arrived' that Asante is now listed on Ghana's premier stock exchange, one of the best performing stock exchanges in Africa in 2021. This listing complements our listings in Canada and in Germany and provides our Ghanaian shareholders, and potential new investors, the opportunity to invest and trade their shares locally in Ghana."

Asante's CEO, Dave Anthony, added, "Asante has significant ownership by both private Ghanaian investors and Ghanaian institutions, and the Company is excited to be able to offer Ghana's investment community and all interested investors the opportunity to participate in our growth as we work to achieve our vision of becoming a Tier–1 gold producer in West Africa."

Black Star Advisors Limited and Black Star Brokerage Limited acted as Arranger and Sponsoring Broker respectively to Asante in respect of the Listing on the Ghana Stock Exchange.

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 focused on closing the acquisition of the Chirano Gold Mine from Kinross Gold Corporation and developing to production its Bibiani and Kubi Gold mines 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 quoted on 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. Additional information is available on the Company's website at www.asantegold.com.

About the Bibiani Gold Mine

The Bibiani Gold Mine is a historically significant Ghanaian gold mine situated in the Western North region of Ghana. Bibiani has previous production of +4Moz, is fully permitted with available mining and processing infrastructure on site consisting of a 3 million tonne per annum mill and processing plant.

The Current Mineral Resource Estimate for Bibiani, effective as of November 7, 2021, as set out in the Technical Report titled "Technical Report on the Bibiani Gold Mine, Ghana", prepared by Ian M. Glacken (FAusIMM (CP), FAIG, CEng) of Optiro Pty Limited and assisted by Dan Bansah (MSc, MAusIMM (CP), FWAIMM, MGIG) of Minecon Resources and Services Ltd. as Qualified Person and filed on SEDAR, is Measured and Indicated for the Bibiani main pit and the Satellite pits at 20.8 million tonnes at 2.71 grams of gold per tonne for 1.81 Moz of gold; and Inferred 8.41 million tonnes at 2.78 grams of gold per tonne for 0.753 Moz of gold. The Mineral Resource has been reported above a 0.65 g/t gold cut–off and has been depleted for both historical open pit and underground development as of August 31, 2017. The Technical Report was prepared using accepted industry practices in accordance with the JORC Code (JORC, 2012). There are no material differences between the definitions of Measured, Indicated and Inferred Mineral Resources under the CIM Definition Standards and the equivalent definitions in the JORC Code. The Satellite pit resource is an update completed in 2018 by Resolute Mining Limited, the former owner of the Bibiani Gold Mine. The Satellite pit resource is also reported above a cut–off grade of 0.65 g/t gold inside a pit shell defined at a gold price of US$1,950. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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 (source Kinross Gold Corporation).

For further information please contact:

Dave Anthony, President & CEO: dave@asantegold.com
Malik Easah, Executive Director: malik@asantegold.com
Frederick Attakumah, Executive Vice President: frederick@asantegold.com
Alec Rowlands, Capital Markets Consultant, alec@asantegold.com
Valentina Gvozdeva, Manager IR, valentina@asantegold.com
Kirsti Mattson, Media Relations, kirsti.mattson@gmail.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 structure and terms of the Chirano Acquisition, timing for completion of the Chirano Acquisition, the ability of the Company to complete the Chirano Acquisition on the terms announced, the ability of the parties to satisfy all administrative matters required in order to consummate the Chirano Acquisition, anticipated synergies, the resources, reserves, exploration results, and development program at Chirano, Bibiani and Kubi, including timing of future mine development and the start of production. Factors that could cause actual results to differ materially from these forward–looking statements include, but are not limited to, the inability to satisfy any condition required to complete the Chirano Acquisition, termination of the share purchase agreement, 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.

LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.


GLOBENEWSWIRE (Distribution ID 8581074)

Asante Gold Enters into Exclusivity Agreement with Kinross Gold to Purchase Chirano Gold Mine in Ghana

VANCOUVER, British Columbia, April 06, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE:ASE | FRANKFURT:1A9 | U.S.OTC:ASGOF) ("Asante" or the "Company") is pleased to announce that it has entered into an Exclusivity Agreement with Kinross Gold Corporation to negotiate the potential purchase of all of their interests in Ghana ("Kinross Ghana"), including its 90% interest in the Chirano Gold Mine ("Chirano").

Chirano is an open–pit and underground mining operation located in southwestern Ghana, immediately south of the Company's Bibiani Gold Mine. It is 90% owned by Toronto–based Kinross Gold Corporation. The Government of Ghana has a 10% carried interest.

Chirano was explored and developed in 1996 and began production in October 2005. The Chirano 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.

About Asante Gold Corporation

Asante is a gold exploration, development, and operating company with a high–quality portfolio of projects in Ghana, Africa's largest and most reliable gold producer. Asante is currently focused on developing to production its Bibiani and Kubi Gold mines 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 and the Frankfurt Stock Exchange and has announced plans to co–list its shares in Ghana. 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. Additional information is available on the Company's website at www.asantegold.com.

About the Bibiani Gold Mine

Bibiani is a historically significant gold mine situated in the western region of Ghana, with previous gold production close to 5 Moz. It is fully permitted with available mining and processing infrastructure on–site consisting of a 3 million tonne per annum mill and processing plant, and existing surface and mining infrastructure.

The Current Mineral Resource Estimate for Bibiani, as reported in the Technical Report on the Bibiani Gold Mine, Ghana, by Principal Author Ian M Glacken FAusIMM (CP), FAIG, CEng and Qualified Person Dan Bansah MSc, MAusIMM (CP), FWAIMM, MGIG, dated November 7, 2021, and filed on SEDAR, is Measured and Indicated 20.1 million tonnes at 2.71 grams of gold per tonne for 1.81 Moz of gold, plus Inferred 8.41 million tonnes at 2.78 grams of gold per tonne for 0.75 Moz of gold from an open pit mine. The Mineral Resource has been reported above a 0.65 g/t gold cut–off and has been depleted for both historical open pit and underground development as of August 31, 2017. The Bibiani Main Pit mineral resource has been prepared by Competent Persons (Optiro, 2017) using accepted industry practices and have been classified and reported in accordance with the JORC Code (JORC, 2012). There are no material differences between the definitions of Measured, Indicated and Inferred Mineral Resources under the CIM Definition Standards and the equivalent definitions in the JORC Code. The Satellite pit resource is an update completed in 2018 by Resolute Mining Limited. The Satellite pit resource is also reported above a cut–off grade of 0.65 g/t gold inside a pit shell defined at a gold price of US$1,950. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

For further information please contact:

Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana) or dave@asantegold.com
Malik Easah, Executive Director, malik@asantegold.com
Alec Rowlands, Capital Markets Consultant, alec@asantegold.com
Valentina Gvozdeva, Manager IR, valentina@asantegold.com
Kirsti Mattson, Media Relations, kirsti.mattson@gmail.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 potential negotiations and acquisitions, the resources, reserves, exploration results, and development program at Bibiani and Kubi, including timing of future mine development and the start of production. 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.

LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.


GLOBENEWSWIRE (Distribution ID 8517249)

Asante Gold Announces Appointment of Executive Vice President & Country Director

VANCOUVER, British Columbia, March 31, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE:ASE | FRANKFURT:1A9 | U.S.OTC:ASGOF) ("Asante" or the "Company") is pleased to announce the appointment of Frederick Attakumah as Executive Vice President and Country Director with effect from April 1, 2022.

Mr. Attakumah holds a B.Sc. (Hons) in Electrical Engineering from the Kwame Nkrumah University of Science and Technology (Ghana) and a Master of Business Administration degree from the Henley Business School (UK). He has thirty years' experience in the mining industry spanning project development, operations management, sustainability, and corporate affairs.

Prior to joining Asante, Mr. Attakumah was the Executive Vice President and Managing Director of Asanko Gold Ghana Limited. He has also held several senior executive roles including Managing Director of AngloGold Ashanti (Ghana) Limited and Vice President of Sustainability for AngloGold Ashanti's operations in Ghana.

At the industry level, he held the position of First Vice President of the Ghana Chamber of Mines and concurrently served as a member of the Governing Council of the Private Enterprise Federation of Ghana (PEF). He has also served as President of the Canada Ghana Chamber of Commerce which is focused on building bilateral private sector relationships between Ghana and Canada. Mr. Attakumah has been a strong advocate for the positive role of the mining industry in the socio–economic development of African countries and the criticality of a multi–stakeholder approach in realizing this vision. He has contributed to several local and international panels, including the Mining Indaba, on this topic.

Commenting on the appointment, Dave Anthony, CEO of Asante stated, "We are delighted to welcome Frederick as Executive Vice President and Country Director of Asante. The extraordinary capacity this appointment adds to our team supports our intention to develop a first tier mining company in West Africa. His proven leadership capacity, skill set and ability to engage key stakeholders will be critical to the further development and growth of Asante."

In connection with the appointment of Frederick Attakumah, the Company has granted 1,000,000 incentive stock options to purchase common shares of the Company exercisable at $1.75 per share for a term of five years, such options to vest one–quarter on the date of grant and one quarter in each of six, nine and 12 months subject to the provisions of the Company's Equity Incentive Plan.

About Asante Gold Corporation

Asante is a gold exploration, development, and operating company with a high–quality portfolio of projects in Ghana, Africa's largest and most reliable gold producer. Asante is currently focused on developing to production its Bibiani and Kubi Gold mines 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 and the Frankfurt Stock Exchange and has announced plans to co–list its shares in Ghana. 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. Additional information is available on the Company's website at www.asantegold.com.

About the Bibiani Gold Mine

Bibiani is a historically significant gold mine situated in the western region of Ghana, with previous gold production close to 5 Moz. It is fully permitted with available mining and processing infrastructure on–site consisting of a 3 million tonne per annum mill and processing plant, and existing surface and mining infrastructure.

The Current Mineral Resource Estimate for Bibiani, as reported in the Technical Report on the Bibiani Gold Mine, Ghana, by Principal Author Ian M Glacken FAusIMM (CP), FAIG, CEng and Qualified Person Dan Bansah MSc, MAusIMM (CP), FWAIMM, MGIG, dated November 7, 2021, and filed on SEDAR, is Measured and Indicated 20.1 million tonnes at 2.71 grams of gold per tonne for 1.81 Moz of gold, plus Inferred 8.41 million tonnes at 2.78 grams of gold per tonne for 0.75 Moz of gold from an open pit mine. The Mineral Resource has been reported above a 0.65 g/t gold cut–off and has been depleted for both historical open pit and underground development as of August 31, 2017. The Bibiani Main Pit mineral resource has been prepared by Competent Persons (Optiro, 2017) using accepted industry practices and have been classified and reported in accordance with the JORC Code (JORC, 2012). There are no material differences between the definitions of Measured, Indicated and Inferred Mineral Resources under the CIM Definition Standards and the equivalent definitions in the JORC Code. The Satellite pit resource is an update completed in 2018 by Resolute Mining Limited. The Satellite pit resource is also reported above a cut–off grade of 0.65 g/t gold inside a pit shell defined at a gold price of US$1,950. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

For further information please contact:

Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 558 799 3309 (Ghana) or dave@asantegold.com
Malik Easah, Executive Director, malik@asantegold.com
Alec Rowlands, Capital Markets Consultant, alec@asantegold.com
Valentina Gvozdeva, Manager IR, mailto:valentina@asantegold.com
Kirsti Mattson, Media Relations, kirsti.mattson@gmail.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 resources, reserves, exploration results, and development program at Bibiani, including timing of future mine development and the start of production. 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.

LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.


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