$100M to be invested in Bibiani gold mine project in Ghana

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A sum of US $100million is set to be invested in Bibiani gold mine project in Ghana. Asante Gold announced that it has received significant investor interest in a private placement of common shares of the company to raise at a price of CAD$1.75 per common share.

The financing will be used for working capital, including the payment of the second US$30 million payment to Resolute Mining Limited for the Bibiani mine acquisition, initial mine development costs at the mine, and for other potential opportunities.

About Bibiani project

Bibiani gold project is an underground mine located in the western region of Ghana. The mineral concessions of the deposit are located approximately 80km south-west of Kumasi, the capital city of the Ashanti Region. An updated feasibility study, which was released in June 2018, outlined that the Bibiani has the potential to generate approximately 100,000oz per annual basis over a ten-year mine life at a life-of-mine all-in sustaining cost of $764/oz.

The mine has previous gold production of near 5 Moz, and 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 company indicated that mill refurbishment at Bibiani commenced in September 2021 and is expected to be completed for a targeted first gold pour in Q3 2022.

Asante is a pure gold exploration and development company with a portfolio of projects in Ghana, Africa’s largest 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 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.

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