Asante Gold Corporation

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  Suite 615 - 800 West Pender Street
Vancouver, British Columbia
Canada V6C 2V6
Toll Free No.: 1-877-339-7525
Web Site:
Contact Person: Valentina Gvozdeva
Position: IR Manager

Company Data

Traded Market: CSE | Frankfurt | OTC
Traded Symbol: ASE | 1A9 | ASGOF
Outstanding Shares: 253,591,381
Public Float: 100,000,000
52 Week High: $ 1.75
52 Week Low: $ 0.085
Present Price: Click Here








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 24 million ounces of gold resources and reserves discovered and developed in Ghana. Asante has strong ties to Ghana. Ghanaian citizens hold significant shareholding, board and executive roles.

Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along-strike of major gold mines near the centre of Ghana's Golden Triangle.


Bibiani Gold Project, Ghana

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 five million ounces, is fully permitted with available mining and processing infrastructure on-site consisting of a three-million-tonne-per-annum mill and processing plant, and existing surface and underground mining infrastructure.

Current Resource: Measured and Indicated 20.1 million tonnes at 2.71 g/t gold for 1.81 Moz of gold, plus Inferred 8.41 million tonnes at 2.78 g/t gold for 0.75 Moz of gold. Asante has recognized additional exploration upside opportunities, both from near surface and underground targets. The orebody is open to expansion along strike and to depth.

Bibiani Gold Mine Flyover, January 2022:

Bibiani Highlights:

  • Asante Gold acquired the Bibiani mine asset in August 2021
  • Purchase price US$90M to be paid in 3 equal tranches – US$30M paid at closing, at 6 months & at 12 months from closing
  • US$60.83M (C$74.66M) funding raised through private placement of 108,918,571 shares @ C$0.70/share; to cover the cost of the first tranche, plus site refurbishment
  • Asset is fully permitted and the facilities cost is estimated at +$350M when operating
  • Measured and Indicated Resource of 1.8Moz @2.71 g/t and Inferred 0.75Moz at 2.78 g/t
  • 2.7 MTPA plant refurbishment kicked off September 2021
  • 15,000 – 20,000 metre near mine exploration drilling program progressing as planned with excellent initial results
  • Mining contract awarded to PW Mining December 2021
  • First Gold Pour planned for Q3 2022
  • Planned production of circa 175,000 oz @ year 1 / 220,000 to 250,000 oz @ year 2 to 8

Exploration Potential:

  • A substantial gold deposit: Production to date near 5Moz
  • Current gold resource based upon underground mining methods lies between the pit base at 150m below surface and the limit of drilling at 550m below surface
  • Old underground mine workings at Bibiani extend to 750m depth and Main Zone mineralization is completely open to depth
  • Open along strike to North and South

Initial Gold Production from Walsh & Strauss Pits

  • Walsh located immediately northeast of the Bibiani Main Pit
  • Previous production of only surface oxide ore; extension drilling at Walsh has outlined strong mineralization with drilling results now being incorporated into new mining plan for immediate development; extension drilling planned for Strauss.
  • Other Near Mine Exploration Targets:
    • Strauss South, Ahiman Pit, Grasshopper Pit, and Big Mug Pit.

Kubi Gold Project, Ghana

Kubi Gold Mine – Development

  • Current NI 43-101 resource estimate:
    • Measured 0.66 million tonnes @ 5.30g/t for 112,000 ounces;
    • Indicated 0.66 million tonnes @ 5.65g/t for 121,000 ounces; and
    • Inferred 0.67 million tonnes @ 5.31g/t for 115,000 ounces.
  • Preliminary design of portal and underground exploration workings completed
  • Excellent mining infrastructure; experienced labor available; near the major high-grade Obuasi mining camp
  • 20 year renewable mining lease, 6 years remaining
  • Plan infill resource to reserve drilling from planned decline
  • Potential to upgrade near surface oxide resources by infill drilling
  • Metso Outotec named as Principle Project Development Partner and has completed a conceptual engineering assessment
  • Metallurgical test results indicate up to 95% recovery with gravity and CIL


Douglas MacQuarrie, Founder, non-executive Chairman and Director

Mr. MacQuarrie founded the company in 2011 and has served since then as its president and CEO. Mr. MacQuarrie's vision was to build a "flag bearer" Ghanaian gold mining company and with the company's Bibiani mine on the verge of production, that vision has become a reality.

A resident of Canada, Mr. MacQuarrie has 40 years’ mineral exploration experience, including 28 years in West Africa. Has been instrumental in the formation, acquisition and discovery of significant gold deposits including as the former CEO of PMI Gold, the re-establishment of the Obotan Mine – now known as the Galiano-Goldfields Nkran mine. He is a member of the Professional Engineers & Geoscientists Association of British Columbia.

Jon Grygorcewicz, Chief Financial Officer

Mr. Grygorcewicz has over 30 years financial management experience. In the CFO position, he has successfully transitioned numerous junior mineral explorers into substantial mineral producers, with operations spanning Australia and Southeast Asia.

David Anthony, President and CEO

Mr. Anthony has 40-plus-years experience in mine project development and operation. His experience includes mine and process plant design, permitting, construction and operation. He has also worked in Canada, Ecuador, Brazil, Indonesia, Chile and Argentina, to design, deliver and operate open-pit and underground mine assets with CAPEX from $100-million to $3.6-billion and with total material movement to 65 million tonnes per year. Mr. Anthony holds a BSc in mining engineering from Queen's University.

Mr. Anthony joined Asante as chief operating officer in July, 2021, responsible to build and lead the company operations team to refurbish the Bibiani mine and to become a significant gold producer. Before joining Asante he was COO of Cardinal Resources Ltd., which developed the five-million-ounce (reserve) Namdini gold deposit and project execution plan, prior to its purchase by Shandong Gold for more than $500-million (U.S.). Previous positions include working with Barrick in Africa for 10 years where he became COO of African Barrick Gold.

Board of Directors

Malik Easah, Executive Director

Mr. Easah has over fifteen years of exploration, mining, and project development experience; is a resident of Ghana. Mr. Easah was a founding Director of Cardinal Resources Limited.

Bashir Ahmed, Director & Vice President Production & Development

A resident of Ghana, Mr. Ahmed, is a mining engineer with over 30 years of experience in mine operations, planning, production and management. Mr. Ahmed is a former Mine Manager at Obuasi, one of the World’s foremost underground gold mines, producing up to 1.8 million tonnes per year.

Dr. Roger Norwich, Independent Director

Nadia Abdul Aziz, Independent Director

Alex Heath, Independent Director, Audit Committee Chair

Carsten Korch, Independent Director, Member Audit Committee

Alexander Smirnov, Independent Director

Mohammad Alothman, Independent Director


W.E. Jonah, Advisor to the Board

Edward Abrokwah, Advisor to the Board

Operations Management

Dean A.Bertram, Executive General Manager

Eben Swanepoel, Project Director

Walter Agbey, Metallurgical Manager

Paul Abbott, General Manager Geology

Kwamina Ackun-Wood, Exploration Manager Mine

News Update

April 06, 2022, Asante Gold Corp. has entered into an exclusivity agreement with Kinross Gold Corp. to negotiate the potential purchase of all of its interests in Ghana (Kinross Ghana), including its 90-per-cent interest in the Chirano gold mine.

Chirano is an open-pit and underground mining operation located in southwestern Ghana, immediately south of the company's Bibiani gold mine. It is 90 per cent owned by Toronto-based Kinross Gold. The government of Ghana has a 10-per-cent carried interest.

On March 31, 2022, Asante Gold Corp. has appointed Frederick Attakumah as executive vice-president and country director with effect from April 1, 2022.

Mr. Attakumah holds a BSc (honours) in electrical engineering from the Kwame Nkrumah University of Science and Technology (Ghana) and a master of business administration from the Henley Business School (United Kingdom). He has 30 years of experience in the mining industry spanning project development, operations management, sustainability and corporate affairs. Prior to joining Asante, Mr. Attakumah was the executive vice-president and managing director of Asanko Gold Ghana Ltd. He has also held several senior executive roles, including managing director of AngloGold Ashanti (Ghana) Ltd. and vice-president of sustainability for AngloGold Ashanti's operations in Ghana.

On March 29, 2022, Asante Gold Corp. announced the high grade gold discovery at Bibiani Mine, Ghana. The company has identified a high-grade gold discovery in initial drilling at its South Russel prospect. The discovery is located on the company's Bibiani mining lease, 3.8 kilometres from the process plant.

The discovery hole, MGRCD21-047, returned 16 metres at 5.75 grams per tonne Au, and was spotted to test anomalous geophysical responses outlined from Asante's continuing property-wide surveys. The gold mineralized system is open in all directions with no previous drilling noted in the area:

  • MGRCD21-047 -- 16 m at 5.75 g/t Au from 194 m, including seven m at 9.18 g/t Au from 197 m;
  • MGRCD22-048 -- two m at 2.53 g/t Au from 101 m;
  • MGRCD22-048 -- four m at four g/t Au from 111 m;
  • MGRCD22-048 -- eight m at 1.80 g/t Au from 121 m;
  • MGRCD22-048 -- two m at 1.39 g/t Au from 140 m.

Follow-up drill holes are planned along strike to the north and south of the discovery hole. This target is one of eight high-priority geophysical targets that have been outlined to date on the main Bibiani shear corridor and that will be the subject of additional drill testing.

On March 08, 2022, Asante Gold Corp. has appointed David Anthony as president and chief executive officer replacing Douglas MacQuarrie who has been appointed non-executive chairman of the company.

On March 02, 2022, Asante Gold Corp. has closed the previously announced private placement of common shares of the company (see press release dated Feb. 16, 2022) to raise $102,255,850. A total of 58,431,914 shares will be issued at a price of $1.75 per share pursuant to the placement. Funds will be used for initial mine development costs at the Bibiani mine and for working capital.

On February 28, 2022, Asante Gold Corporation announced that following a successful Public Hearing, the Company has received the updated Environmental and Mine Operating Permits necessary to commence open pit mining activities at Bibiani, Ghana's newest mine.

Open Pit Mining Operations have started, with focus on delivery of ore from the Strauss and Walsh satellite pits. The #1 Cutback at the Main Pit has also started. Refurbishment of mine haulage roads, safety berms, waste dumps and mining benches are advanced. First ore has been delivered to the Run of Mine Pad, more than one month ahead of schedule.

Receipt of these permits follow an extensive process of scoping studies, presentation and detailed review of the Environmental Impact Study, public consultation and review of mine operating plans. The Environmental and Mine Operating Permits provide for all aspects of the Bibiani Mine development, including operation and expansion, re-alignment of the National Highway, management of water and tailings, transport and utilization of explosives, mining and processing.

On February 25, 2022, Asante Gold Corp. has accepted subscriptions aggregating $101.98-million in connection with the previously announced private placement of common shares of the company (see press release dated Feb. 16, 2022) at a price of $1.75 per common share. Included in the subscribers are the Ghana Minerals Income and Investment Fund (MIIF), which subscribed for 14,514,286 common shares, and Emiral Resources Ltd., which subscribed for an additional 12,249,208 shares, maintaining its cornerstone investment in the company.

MIIF receives mineral resource royalties from mineral production in Ghana. MIIF has been mandated by the Ghanaian government to build a world-class minerals industry and to serve as a strategic lever for the economic transformation of Ghana. MIIF has reported 1.9 billion Ghanaian cedis under management.

On February 16, 2022, Asante Gold Corp. announced that it has received significant investor interest in a private placement of common shares of the company to raise up to $100-million (U.S.) at a price of $1.75 per common share. All securities issued will be subject to a four-month and one-day hold period under Canadian securities legislation. Closing is expected by Feb. 18, 2022.

Emiral Resources Ltd., which currently holds approximately 19.6 per cent of the company's outstanding common shares, has indicated that it intends to participate in the offering at a level sufficient to maintain its current percentage shareholding in the company. Emiral is considered a related party of the company and, accordingly, it's subscription will constitute a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions.

On January 26, 2022, Asante Gold announced that it has appointed Jon Grygorcewicz as chief financial officer following the recent retirement of Philip Gibbs.

On January 19, 2022, Asante Gold announced that it has appointed Mohammad Alothman and Alexander Smirnov to its board of directors.

On January 10, 2022, Asante Gold announced that it has awarded the contract to conduct mining activities at the Bibiani mine to PW Mining (Ghana), and mobilization to site has commenced.


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