Asante Gold Corporation has announce a major increase in activity aimed at fast-tracking growth initiatives at Bibiani, fueled by the immediate allocation of funds from the initial US$100 million gold forward sale.
Highlights
- Acceleration of stripping activities at the Main pit and the Russel pit, with 300% increase in monthly material movement expected by June 2025 compared to recent levels
- Sulphide treatment plant commissioning expected to be complete in May 2025
- Bibiani monthly gold production expected to increase to 9,000 ounces by February 2025 and to 23,000 ounces by September 2025.
Dave Anthony, President and CEO stated,
“We are pleased to report a rapid increase in operational activities at the Bibiani mine, funded by the $100 million gold forward agreement with our key strategic partner Fujairah. This will more than double monthly gold production by February 2025, with additional catalysts for growth expected to follow over the course of the year supported by the Company’s financing plans that continue to advance.”
Russel Pit Rapidly Expands Beyond “Starter Pit” Size
Operational activities at the Bibiani Mine are accelerating, driven by ongoing expansion of the Russel pit and a rapid increase in equipment availability from the primary mining contractor.
The Russel pit continues to outperform our expectations, with gold production up by more than 700% during the last quarter of 2024, to upwards of 7,000 ounces per month.
As a result, an aggressive drilling program has been initiated to confirm the southward extension into Cutback #3 during the second half of 2025. This will support advancement of waste stripping at the Main pit during the first half of 2025.
Main Pit Stripping Activity Accelerates
At the Main pit, mining is ahead of schedule by approximately 200% since starting the build-up program in November 2024. The mining contractor is increasing its fleet to meet an agreed schedule of the production build-up.
Main pit Cutback #2 also starts during Q1 2025 to ensure consistent supply of mineralized material. The Underground Mine project preparation is targeted to start during the last quarter of 2025.
As shown in the below table, the Company expects the primary mine contractor fleet to double by June 2025 in terms of trucks and excavators at work.
The planned ramp-up activities and completion of commissioning the sulphide treatment plant in May 2025 will support a sharp increase in monthly gold production to 9,000 ounces by February 2025, 12,000 ounces by June 2025 and 23,000 ounces by September 2025.
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, P.Eng., Mining and Mineral Processing, President and CEO of Asante, who is a “qualified person” under NI 43-101.
