Asante Options Perseus Mining's Betanase Concession, Kubi Area, GhanaAugust 10, 2015
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Vancouver, British Columbia — August 10, 2015 — Asante Gold Corporation (CSE:ASE/ FRANKFURT:1A9) (the “Company”) announces that it has entered into an Option and Sale Agreement with Perseus Mining (Ghana) Limited to acquire up to a 100% interest in their Betanase Permit in Ghana. The permit adjoins to the east of the Kubi Mining lease which Asante has optioned and which is undergoing scoping studies to develop as an underground mine.
Betanase covers an area of 12.0 sq km on the extension to the northeast of the Kubi Main deposit gold trend (NI 43-101 resource estimate by SEMS Exploration Services Ltd. of Accra, Ghana: Measured Resources 0.66 million tonnes @ 5.30g/t for 112,000 ounces; Indicated Resources 0.66 million tonnes @ 5.65g/t for 121,000 ounces; and Inferred Resources 0.67 million tonnes @ 5.31g/t for 115,000 ounces — please refer to the full report filed on Sedar); and also covers a strong gold in soil anomaly located 5 km to the east of the Kubi Main deposit.
Previous work conducted over the Betanase permit area by Perseus consisted of 1,569 soil samples and 26 reverse circulation drill holes totaling 2,346m in the Lagos galamsey pit area on the Kubi Main trend. Best result was 16m from 52.0 to 68.0m grading 1.455 g/t Au in drill hole LRC045. Three other holes intersected 4m lengths grading 1.05 to 1.75 g/t Au.
The Betanase soil anomaly, to the Company’s knowledge, has not been drill tested and is over 1.4km in length with a 700m long core outlined by the 200 ppb gold in soil contour. Extensive galamsey alluvial workings extend over a distance to 4 km to the north and 300 m west of a small hill which corresponds with the anomalous soils. A program of ground IP and VLFEM geophysics and additional soil sampling has commenced to define potential drill collar locations.
The Company may exercise the option to earn a 100% interest in Betanase (subject to 10% reserved for the Government of Ghana, and 1% underlying NSR royalties) by completing US$1million in exploration within four years and by paying US$1million to Perseus. Completion is subject to the receipt of all necessary governmental consents and approvals. Betanase is located within 5 km of Kubi, and in the event the option is fully exercised, will also be subject to and included in the area of influence of the definitive Kubi Option Agreement between the Company and Goknet Mining Company Limited announced on March 3, 2015.
On behalf of the Board,
“Douglas R. MacQuarrie”
President and CEO
Scientific and technical information contained in this news release has been reviewed and approved by Douglas R. MacQuarrie, P.Geo. (B.C.) Geology & Geophysics, the President and CEO of the Company, who is a “qualified person” under NI 43-101. The soil sampling and drilling field work reported on above was completed by Perseus Mining (Ghana) Limited and compiled from their data. A limited program of test soil sampling was completed by the Company and confirmed the presence of and tenor of the noted soil anomaly.
About Asante Gold Corporation
Asante Gold Corporation (CSE:ASE/FRANKFURT:1A9) is a Vancouver based gold company, developing the Kubi Gold Project and exploring the Fahiakoba Concession in the centre of Ghana’s Golden Triangle between Perseus Mining’s Edikan and AngloGold Ashanti’s Obuasi mines. Asante is currently completing scoping studies and sourcing the required debt and equity financing to fund Kubi to production.
Gold is the only money accepted worldwide for more than 4,500 years that has no counterparty risk and forms the core reserve holdings of most major Central Banks.
For further information please contact:
Douglas MacQuarrie, President and CEO, tel: +1 604-558-1134; E-mail: email@example.com
Doreen Kent, Shareholder Communications, tel: +1 604-948-9450; E-mail: firstname.lastname@example.org
Kirsti Mattson, Media Relations, tel: +1 778-434-2241; E-mail: email@example.com
Europe: Florian Riedl-Riedenstein, Director; E-mail: firstname.lastname@example.org
Additional information is available on our web site at: www.asantegold.com
This news release contains statements of forward-looking information (or “FLI”) including those in respect of future exploration, development, permitting and mining at Kubi, Betanase, Fahiakoba and any other properties in which the Company has or will obtain an interest, financings, and operations. 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, labor disputes or other unanticipated difficulties with or interruptions in production and operations; 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 and other approvals and financing to proceed with the closing of the options and the further development of its projects. The material factors and assumptions on which the FLI is based include the extensive Kubi drilling database and current mineral resource estimate, the previously successful permitting, mining, trucking and milling operations at Kubi, the local availability of skilled labor, plant and machinery, and the positive results from previous metallurgical tests on the Kubi primary ore; and on the compilation of previous work completed on Betanase. 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.