Asante Gold Corporation (CSE:ASE) has announced a significant acceleration in operational activities at its Bibiani Gold Mine in Ghana, supported by the immediate deployment of proceeds from a US$100 million gold forward sale agreement.
The company is targeting a substantial increase in gold production, with monthly output expected to rise to 9,000 ounces by February 2025 and reach 23,000 ounces by September 2025.
Highlights:
Increased Stripping Activities: Stripping activities at the Main Pit and Russel Pit have been ramped up, with a 300% increase in monthly material movement expected by June 2025 compared to recent levels.
Sulphide Treatment Plant: Commissioning of the sulphide treatment plant is on track for completion by May 2025, which will further boost production capabilities.
Gold Production Targets: Monthly gold production is projected to increase to 9,000 ounces by February 2025, 12,000 ounces by June 2025, and 23,000 ounces by September 2025.
Russel Pit Expansion Exceeds Expectations
The Russel Pit, initially considered a “starter pit,” has outperformed expectations, with gold production increasing by over 700% in the last quarter of 2024, reaching up to 7,000 ounces per month. An aggressive drilling program has been initiated to explore the southward extension into Cutback #3, which is expected to support waste stripping activities at the Main Pit in the first half of 2025.
Main Pit Stripping Ahead of Schedule
At the Main Pit, mining activities are ahead of schedule by approximately 200% since the build-up program began in November 2024. The mining contractor is expanding its fleet to meet the accelerated production schedule, with Cutback #2 set to commence in the first quarter of 2025. Preparations for the Underground Mine project are also underway, with operations expected to begin in the last quarter of 2025.
Equipment and Production Ramp-Up
Asante plans to double the primary mining contractor’s fleet by June 2025, increasing the number of excavators and trucks to support the expanded operations. The company expects a sharp rise in gold production as the sulphide treatment plant becomes operational and mining activities intensify at both the Russel and Main Pits.
Dave Anthony, President and CEO of Asante Gold Corporation, commented on the developments: “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.”
Asante Gold Corporation’s accelerated ramp-up at the Bibiani Mine marks a significant step forward in its production capabilities. With a clear plan to increase gold output and expand mining activities, the company is well-positioned to capitalize on its strategic investments and deliver strong results in 2025 and beyond.
