Asante Gold Corporation
Asante Gold Corporation
05/28/2021 | Press release | Distributed by Public on 05/28/2021 12:57
ASANTE GOLD ACQUIRES KEY EXPLORATION LAND ON ASHANTI AND ASANKRANGWA GOLD BELTS, GHANA
ASANTE GOLD ACQUIRES KEY EXPLORATION LAND ON ASHANTI AND ASANKRANGWA GOLD BELTS, GHANA
May 28, 2021
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Vancouver, British Columbia - May 28, 2021 - Asante Gold Corporation (CSE:ASE/
FRANKFURT:1A9/U.S.OTC:ASGOF)('Asante' or the 'Company') is pleased to report that it
has received notice from the Minerals Commission of Ghana that eight highly prospective
concessions covering approximately 314 square km have been recommended for transfer to Asante.
These licenses are comprised of the Diaso (104.1sq.km), Juabo (59.2 sq.km), Manhia (18.69 sq.km),
Dunkwa Gyimigya (32.72 sq.km), Gyimigya (5.52 sq.km), Agyaka Manso (40.0 sq.km), Amuabaka
(28.86 sq.km) and Nkronua-Atifi (24.97sq.km) prospecting licenses (PL's). All licenses are being
acquired, on an as issued by the Minerals Commission basis, from Goknet Mining Company
Limited (the 'Vendor') pursuant to the terms of agreement with Goknet dated December 28, 2016.
The concessions were variously explored by Canadian exploration juniors Nevsun Resources, Tri-
Star Gold and Golden Rule Resources in the late 1990's, and most recently by PMI Gold
Corporation (now Galiano Gold) from 2002 thru August 2014 when rights to the land were acquired
by Goknet.
Extensive work programs consisting of airborne magnetic, electromagnetic and radiometric
surveys, ground geophysics, regional silt and detail soil sampling, auger, aircore, reverse
circulation and diamond drilling, and advanced exploration/structural interpretations have been
completed. Multiple areas with initial discovery drill holes have been outlined for further follow
up by Asante.
The Juabo, Diaso and Manhia concessions are contiguous/on strike with our Keyhole Gold project,
an area which has been the subject of extensive alluvial mining over a 7km length over the past 40
years. Their acquisition will finally allow the company to commence an aggressive exploration
program to locate the bedrock source of the gold mineralization under the Ankobra River, a strong
northerly trending structure which stretches 200km from the goldfields at Tarkwa/Prestea to
Newmont's Ahafo gold mine.
The Company will issue 375,000 fully paid common shares of the Company for each of the PL's
so transferred, to a maximum of 3,000,000 shares, and reserve for the vendor a royalty equal to
2.0% of the Net Smelter Returns on each of the concessions transferred. Shares issued will be
subject to a hold period expiring four months and one day from the date of issuance. In addition,
80% of the shares issued will be held in escrow and released as to 10% every 3 calendar months
after the date which is four months and one day after the date of their issue.
Goknet and the Company are related by one common director. The acquisition was negotiated
and approved by a Special Committee of the Directors of Asante and disinterested shareholder
approval for the transaction was obtained at the Annual General Meeting of Shareholders held on
December 28, 2016.
Douglas R. MacQuarrie'
President & CEO
About Asante Gold Corporation
Asante has announced plans to co-list its shares on the Ghana Stock Exchange, and is sourcing funding to develop its
Kubi Gold Mine project to production. Asante is also exploring its' Keyhole, Fahiakoba and Betenase
concessions/options for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana's
Golden Triangle. Additional information is available on our web site at: www.asantegold.com
For further information please contact:
Douglas MacQuarrie, President and CEO, tel: +1 604-558-1134; E-mail: [email protected]
Valentina Gvozdeva, Business Development, E-mail: [email protected]
Doreen Kent, Shareholder Communications, tel: +1 604-948-9450; E-mail: [email protected]
Kirsti Mattson, Media Relations, E-mail: [email protected]
This news release contains statements of forward-looking information (or 'FLI') including those in respect of future
exploration, development, permitting and mining at Kubi and the other properties in which the Company has or may
acquire an interest, financings and timing for closing of the various previously disclosed option and purchase
agreements. FLI involves risks and uncertainties which could cause actual results to vary from the FLI. The risk factors
that could cause actual results to differ materially include: the risk of failure to obtain sufficient financing; the inherent
risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill
results and other exploration data; the potential for delays in exploration or development activities; the geology, grade
and continuity of mineralization; the possibility that future exploration, development or mining results will not be
consistent with the Company's expectations; accidents, equipment breakdowns, labour disputes, pandemics or other
unanticipated difficulties with or interruptions in production and operations; the availability and costs of suitable
milling facilities; fluctuating prices of metals and other commodities; currency fluctuations; the possibility of project
cost overruns or unanticipated costs and expenses; uncertainties relating to the availability and costs of financing
needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs
and expenses; regulatory restrictions, including environmental regulatory restrictions and liability and the lack of any
assurance that the Company will receive all of the necessary governmental title and approvals to proceed with the
transfers and development of its projects. The Company undertakes no obligation to update FLI except as required by
applicable law. Such information represents management's best judgment based on information currently available.
Readers are advised not to place undue reliance on FLI.
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the
adequacy or accuracy of this release. LEI Number: 529900F9PV1G9S5YD446.