Asante Gold Corporation has announced preparation of an updated Technical Report for the Bibiani Gold Mine, operated by Mensin Gold Bibiani Limited, a 90% owned Ghana subsidiary of Asante.

The 2022 Technical Report has been prepared to the level of confidence of a Pre-Feasibility Study and will be filed on the company’s SEDAR profile within 45 days.

The 2022 Technical Report when filed will supersede the previous Bibiani submissions by Resolute Mining Limited ("Resolute") in 2018 (the “Resolute 2018 Technical Report”) and by Asante in November 2021, which were based on geological modelling for development of an underground mine.

By re-configuring to open pit mining, Asante increased the 2021 Project Measured + Indicated Mineral Resources by 26.4% to 2.29 million ounces.

The Mineral Resource estimate included in the 2021 Technical Report does not include significant gold mineralization outlined beneath the current pit shells.

In July 2018, Resolute, released an updated feasibility study for Bibiani reporting JORC compliant Mineral Resources for 2.5 million ounces of gold, to be mined using underground methods to a depth of 475 meters.

In November 2021, Asante released the 2021 Technical Report that was based on Resolute’s underground modelling and interpretations that considered open pit mining.

It defined a 1.8 million ounces resource to be mined using open pit mining practices to a depth of 350 meters.

The mineralized material from the Resolute 2018 Technical Report located below the pit bottom was not included in Asante’s 2021 Technical Report.

The 2022 Technical Report is based on updated geological data and resource modelling. It specifically reflects development of open pit mining plans, plus start of mining operation and processing facilities.

The measured and indicated mineral resources have been increased to 2.29 million ounces and are further classified as 1.95 million ounces of mineral reserves.

The open pit mine life has been increased from 6 years to 8.3 years, with more than 1.9 million ounces of gold expected to be produced.