ASANTE GOLD ANNOUNCES NEW BOARD APPOINTMENTS

Vancouver, British Columbia, Jan. 19, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CST: ESA/ FRANKFURT: 1A9/USOTC: ASGOF) (“Asante” or the “Company”) announces that Mohammad Alothman and Alexander Smirnov have been appointed to the Board of Directors.

Mr. Alexander Smirnov is the CEO of Amiral Resources Ltd. He has 12 years of business experience in natural resource development, with degrees in finance and Oriental studies from leading universities in Russia and is an Executive MBA candidate at London Business School. Mr. Smirnov oversees the creation of a diversified mining portfolio across geographies, including Africa and the Middle East. He resides in Dubai, United Arab Emirates. Amiral focuses on the exploration, development, production, trade and supply of international natural resources, and currently holds a 19.6% stake in Asante. Emiral, through its production subsidiary, Alliance for Mining, is the largest industrial gold producer in Sudan. Alliance has been praised by the Sudanese Ministry of Energy and Mines for its development of the country’s mining sector and its outstanding results.

Mr. Mohammad Alothman is currently the CEO of Fujairah Holding LLC, where he oversees both UAE and global operations. He created and now leads an investment subsidiary with a portfolio of private equity, venture capital, real estate development, corporate finance, family offices and public companies. Mr. Alothman has over 15 years of experience in financial services, including the establishment of various large industrial joint ventures. Fujairah Holding LLC currently owns a 19.6% stake in Asante. Mr. Alothman resides in the Emirate of Fujairah.

Douglas MacQuarrie, President and Chief Executive Officer states: “The addition of Messrs. Alothman and Smirnov on our Board of Directors reflect their “hands-on” commitment to the future success and growth of the company. Their investment of C$34.825 million each was fundamental to our successful acquisition and ongoing refurbishment of our main asset – the Bibiani Gold Mine. We look forward to continuing to grow with them.

“Douglas R. MacQuarrie”
President and CEO
About Asante Gold Corporation

Asante is a pure gold exploration and development company with a portfolio of high quality projects in Ghana, Africa’s largest and safest gold producer. Asante is focused on the development of 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 qualified team of mine finders, builders and operators, with over 24Moz of gold resources and reserves discovered and developed 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 the strike of major gold mines near the center of Ghana’s Golden Triangle. Additional information is available on our website at: www.asantegold.com

About Bibiani Gold Mine

Bibiani is a historically significant gold mine in Ghana located in the western region of the country. Bibiani has a prior production of nearly 5 Moz, is fully licensed with mining and processing infrastructure available on-site consisting of a 3Mtpa mill and processing plant, and mining infrastructure at open sky and existing underground.

Bibiani’s current mineral resource estimate, as published on November 7, 2021 and filed on SEDAR, is measured and reported at 20.1 million tonnes at 2.71 grams of gold per tonne for 1.81 Moz of gold. gold, plus 8.41 million tonnes alleged at 2.78 grams of gold per tonne for 0.75 Moz of gold. The mineral resource was reported above a cut-off grade of 0.65 g/t gold and was depleted for historic open pit and underground development as of August 31, 2017. The main pit mineral resource de Bibiani has been prepared by competent persons (Optiro, 2017) using accepted industry practices and has been classified and reported according to 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 JORC Code definitions. The Satellite Pit resource is a 2018 update by Resolute Mining Limited. The Satellite pit resource is also reported above a cut-off grade of 0.65 g/t gold within a defined pit envelope at a gold price of $1,950 US. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

For more information, please contact:
Douglas MacQuarrie, President and CEO, tel. : +1 604-558-1134; Email: [email protected]
Malik Easah, Executive Director, email: [email protected]
Alec Rowlands, Capital Markets Consultant, email: [email protected]
Valentina Gvozdeva, Business Development, Email: [email protected]
Kirsti Mattson, Media Relations, Email: [email protected]

Caution Regarding Forward-Looking Statements
This press 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 resources , reserves, exploration and development. program at Bibiani, including the 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 mineral deposits that may be located, the failure of the Company to obtain the necessary permits, consents or authorizations required for its intended activities, and the failure of the Company to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company’s public information file which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in the preparation of forward-looking statements are reasonable, undue reliance should not be placed on such statements, which speak only as of the date of this press release, and no no assurance can be given that such statements of events will occur within the time periods disclosed 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 statements, whether as a result of new information, future events or otherwise.

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

Margie D. Carlisle