ASANTE GOLD ANNOUNCES APPOINTMENT OF CFO

Vancouver, British Columbia, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE: ASE/ FRANKFURT: 1A9/U.S.OTC: ASGOF) (“Asante” or the “Company”) announces the appointment of Jon Grygorcewicz as Chief Financial Officer (CFO) following the recent retirement of Philip Gibbs.

The appointment of Mr. Grygorcewicz brings extensive debt market, treasury and operational financial management experience to the Company’s executive management and mine development teams.

Mr. Grygorcewicz has over 30 years financial management experience, gained within Australian (ASX) and Singapore (SGX) listed mineral and contracting companies. In the CFO position, he has successfully transitioned numerous junior mineral explorers into substantial mineral producers, with operations spanning Australia and Southeast Asia.

Most recently, he was a key member of the Cardinal Resources Limited, 5 million oz Namdini Gold deposit development team, prior to its purchase by Shandong Gold for more than USD$500M. Prior development experience was gained in transitioning junior explorer Focus Minerals Ltd. to a 150,000 oz pa gold producer within the space of four years on multiple underground and open pit mining operations; and at Venture Minerals Ltd. in developing their Riley iron ore mine and tin/tungsten deposits.

Douglas MacQuarrie, President & CEO, stated, “We are pleased to further enhance our mine development team with the engagement of Mr. Grygorcewicz as CFO. His extensive financial management experience will be particularly beneficial as the Company further develops our Bibiani Gold Mine to production, anticipated to start in the third quarter 2022. We heartily thank Philip Gibbs for his financial management during Asante’s formative years, and wish him well in his future endeavors.”

"Douglas R. MacQuarrie"
President and CEO

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. Asante is focused on developing high margin gold projects including the 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 more than 24Moz of gold resources and reserves discovered and developed in Ghana. Asante is listed on the Canadian Securities Exchange and 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 center of Ghana’s Golden Triangle. Additional information is available on our web site at: www.asantegold.com

About the Bibiani Gold Mine

Bibiani is a historically significant Ghanaian gold mine situated in the western region of the country. Bibiani has previous production of near 5 Moz, 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 underground mining infrastructure.

The Current Mineral Resource Estimate for Bibiani, as reported on 7 November 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. 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 31 August 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:
Douglas MacQuarrie, President & CEO, tel: +1 604-558-1134; E-mail: douglas@asantegold.com
Malik Easah, Executive Director, E-mail: malik@asantegold.com
Alec Rowlands, Capital Markets Consultant, E-mail: alec@asantegold.com
Valentina Gvozdeva, Business Development, E-mail: valentina@asantegold.com
Kirsti Mattson, Media Relations, E-mail: 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, and development program at Bibiani, including timing of future mine development and 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.