Asante Gold - Corporate Update

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THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

VANCOUVER, British Columbia, April 16, 2018 (GLOBE NEWSWIRE) -- (CSE:ASE) (FRANKFURT:1A9) (OTC:ASGOF) (“Asante Gold” or the “Company”) wishes to update its shareholders and the market on the current status of its ongoing search for a joint venture partner for its Kubi Gold Project in Ghana.

Over the last year, the Company has had numerous parties completing due diligence on Kubi.  Interested parties are being offered the right to earn up to 50% of the Company’s interest in the Kubi Mining Lease, and optionally a minority equity position in the Company, in return for investments of between US$15 million and US$35 million. 

The earn in will be based on completing construction of a portal and ramp for underground exploration, resource to reserve upgrade drilling, and surface works which, depending on the size of the investment, may include the construction of a dedicated 500 to 750 tpd milling facility.

No formal joint venture offers have been received as of this date, however due diligence is continuing. Closing of the Kubi acquisition by Asante Gold and the granting of a joint venture interest will require the prior consent of the Minister of Lands and Natural Resources of Ghana. Additional information will be released if, as and when a formal joint venture offer is accepted. 

The current NI 43-101 resource estimate for the Kubi Main deposit, completed by SEMS Exploration Services Ltd. of Accra, Ghana, estimated: 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, using a 2.0g/t cut off, and was filed in December 2014 on .

Asante Gold believes there is an exploration target of one million ounces of gold at 4 to 8 g/t below the previously mined pits at the Kubi Main deposit, based on the current resource estimate and projections to a depth of 1,200m.

The above assumption is based on the following:

Kubi is located on the western margin of the Ashanti Gold Belt along major deep seated auriferous structures associated with AngloGold Ashanti’s 66 million ounce* Obuasi Gold Mine and with Perseus Mining Limited’s 6.6 million ounce* Edikan Gold Mine (* pre-mining resource, source company annual reports).  Steeply plunging ore shoots at the Obuasi mine have vertical continuity to +2,500m in a mineralizing system estimated to extend over 10km in depth (Walshe et al, 1997).

A 3D isometric image of all drill intersections greater than 2.5 g/t Au showing the deepest gold intersection in KV96-28A with the proposed decline and underground level development is available at:

This news release has been prepared by Douglas R. MacQuarrie, P.Geo.(B.C.), the President & CEO of the Company and a Qualified Person under National Instrument 43-101, and is based on visits to the Kubi mine while in operation, property tours, examination of selected drill core,  and  a review of all available technical reports.

On behalf of the Board,

President and CEO

This news release contains statements of forward-looking information (or "FLI") including those in respect of future exploration, joint venture, development, permitting and mining at Kubi and the other properties in which the Company has an interest, financings and timing for closing of the various property options. 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; 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 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 Main deposit mineralization.  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.

Image below:

A photo accompanying this announcement is available at

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Globe Newswire: 14:30 GMT Monday 16th April 2018

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