Asante Gold (TSXV: ASE), a pure gold exploration and development company, has updated its timeline to restart its newly added, past-producing Bibiani gold mine in Ghana.
The Vancouver-based company, which completed the acquisition of Bibiani from Australia's Resolute Mining (ASX: RSG; LSE: RSG) in mid-August, expects to begin production at the asset in the third quarter of 2022.
Mining contractor tenders had been invited and mobilization is anticipated for early next year, Asante said.
More than 200 people were on site last month and the company said the process plant refurbishment was slightly ahead of schedule and on budget.
Asante aims to produce about 190,000 ounces of gold in the first 12 months of operation, ramping up to 240,000 ounces annually for at least six years.
Based on an updated feasibility study released by Resolute in July 2018, Bibiani has the potential to generate about 100,000 ounces of gold per year over a ten-year mine life at a life-of-mine all-in sustaining cost of $764 per ounce.
The junior is now preparing a new NI 43-101 mine development technical report based on an open pit model, which is slated for delivery in the second quarter. Asante has strong ties to Ghana, with Ghanaian citizens holding a significant shareholding, as well as board and executive roles.