Mr. Dave Anthony reports

ASANTE ANNOUNCES START OF MINING AT THE RUSSEL STARTER PIT AT THE BIBIANI GOLD MINE

Following receipt of all necessary permits from Ghanaian authorities, delivery of first mineralized material from the Russel starter pit to the process plant at Asante Gold Corp.'s Bibiani gold mine has been achieved. Located 3.8 kilometres from the Bibiani process plant, the Russel deposit contains 119,000 ounces of measured and indicated gold resources (open pit) at a grade of 1.80 grams per tonne, with mineralogy similar to the Bibiani Main pit.

"This is the third satellite pit explored, defined and optimized by Asante since acquiring the Bibiani properties, and the start of production at Russel represents another successful milestone on our journey to grow Asante's production to more than 500,000 ounces by 2028," stated Dave Anthony, president and chief executive officer, who added: "Approval for mining at Russel follows other major catalysts, including the rerouting of the Bibiani-Goaso highway, which will allow us to access additional oxide mineralized material and further progress on the construction of the Bibiani sulphide treatment plant. Once fully ramped up, Bibiani-Chirano will be the seventh-largest gold producing district in Africa and the only Tier 1 gold district in Africa held outside of a major gold producer."

Highlights:

• First oxide mineralized material was mined from the upper benches of the Russel starter pit on Sept. 17, 2024:
  • Timely issuance of permits follows extensive engagement with the local communities, traditional leaders and other stakeholders, underscoring strong support from Asante's community partners and government regulators for the project.
  • On Sept. 10, 2024, the Ghana Environmental Protection Agency granted Asante Gold Bibiani Ltd. a supplementary permit to undertake mining at the Russel pit. This satisfies a key precondition to extending the mine operating plan southward to Russel.
  • Subsequently, on Sept. 16, 2024, the Minerals Commission of Ghana issued an updated mine operating permit to include operations at Russel.
  • Vuluxx Company Ltd., a local Ghanaian contractor, was engaged to complete site preparation work, which is well advanced and includes construction of a one-kilometre haulage road linking the existing mining infrastructure.
  • Oxides from the starter pit are expected to yield 90-per-cent gold recovery using gravity and carbon-in-leach treatment, with initial grade control drilling well advanced.
  • Mobilization of the initial mining fleet has been completed and will continue as production increases over the coming weeks, with a full run rate expected by Oct. 30, 2024.
• Ghanaian-owned contractor Vuluxx mobilized:
  • Ghanaian owned and Bibiani based, Vuluxx mobilized its team to site during the month of May, 2024, and commenced mine infrastructure development, including vegetation clearing, topsoil stockpiling, and preparatory work on the Russel haul road and laydown areas. Vuluxx's fleet will peak with five excavators sized with up to a total of 56 haul trucks and associated ancillary equipment. Vuluxx's experienced management team has over 24 years in the industry, and Asante is excited to be working with another local Ghanaian contractor.
• Project details:
  • The Russel starter pit will operate for the first 15 months and will immediately be followed by Russel cut 2. It is projected to deliver a total of 1.9 million tonnes at 1.62 grams per tonne over a period of 30 months to the Bibiani process plant. This material will supplement production from the Main pit oxides, which have been unlocked after the recent diversion of the Bibiani-Goaso highway (see press release dated June 13, 2024).
  • The Russel starter pit is just over 390 metres in strike and will reach a depth of 168 metres from surface. Pit slope design is consistent with that determined by the international consulting group SRK. Oxidation reaches a depth of 60 metres, transitioning to sulphide mineralization from 80 metres. It is anticipated that the pit can be excavated without the use of explosives to a depth of 50 metres.
  • The mining contractor will provide all mining services including waste removal and transportation of mineralized material to the ROM pad.
  • Asante is in the process of extending the known Russel resource down plunge and along strike to the south. Current drilling is anticipated to not only convert inferred mineralization but to confirm the suitability of the resource for underground mining methods. A preliminary study into the potential transition to underground mining at Russel will be undertaken in line with Asante's strategy.

Qualified person statement

The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, PEng, mining and mineral processing, president and chief executive officer of Asante, who is a qualified person under National Instrument 43-101.

About Asante Gold Corp.

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano gold mines and continues with detailed technical studies at its Kubi gold project. All mines and exploration projects are located on the prolific Bibiani and Ashanti gold belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The company is listed on the Canadian Securities Exchange and the Ghana Stock Exchange. 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.

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