Asante Gold has entered into an agreement with Resolute Mining Limited (Resolute) to purchase 100% of their Bibiani Gold Mine in Ghana. Asante has agreed to buy all of Resolutes interest in Bibiani, through the purchase of 100% of the shares in Mensin Bibiani Pty Ltd., by paying Resolute total cash consideration of US$90 million. Learn More
Bibiani is a historically significant Ghanaian gold mine situated in the western region of the country. The majority of the large gold deposits in Ghana are located in or adjacent to the Ashanti Belt and the Bibiani-Sefwi Belt.
The Bibiani deposits are hosted within meta-sediments of the Kumasi-Afema basin, on the eastern margin of the Bibiani-Sefwi belt. Other world-class deposits within the belt include Ahafo 20Moz(Newmont) and Chirano 5Moz(Kinross).
Bibiani has past production of 4Moz, 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 underground mining infrastructure.
Current JORC compliant Mineral Resources are 21.7 million tonnes at 3.6 grams of gold per tonne for 2.5Moz of gold (see Resolute ASX Announcement dated 13 July 2018). Asante Gold has recognized additional exploration upside opportunities, both from near-surface and underground targets.
Our current objective is to bring the Bibiani Mine back to production within the next year.
Further discussions are underway to fully fund the acquisition and its development using non-dilutive financing.