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Asante Gold Announces Full Year 2023 Results; Gold Production of 120,713 ounces
VANCOUVER, British Columbia, June 01, 2023 (GLOBE NEWSWIRE) -- Asante Gold Corporation (“Asante” or the “Company” CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:AS
About this update from Asante Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, June 01, 2023 (GLOBE NEWSWIRE) -- Asante Gold Corporation (“Asante” or the “Company” CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) announces the filing of its audited financials, management’s discussion and analysis and annual information form for the year ended January 31, 2023 (the “Annual Filings”). All financial information provided in this news release is audited and dollar figures are Canadian dollars unless otherwise stated. FY 2023 HIGHLIGHTS No Lost Time Injuries recorded. Gold production and sales of 120,713 ounces. Revenue of $274.7 million. Net comprehensive loss of $169.5 million. Completed US$60 million in deferred payments for Bibiani acquisition. Completed US$52 million in payments pursuant to the Company’s gold forward sale agreement. Closed acquisition of an indirect 90% interest in the Chirano Gold Mine on August 10, 2022. Synergies between Chirano and Bibiani (~15 km apart) have been identified, including procurement of services and consumable materials, shared services, technical services and training initiatives, with expected savings of approximately $5.5 to $7 million per year. Initiatives have been taken to capture these opportunities and will continue to be rolled out through Q3 2023. The Bibiani exploration program targeting increased mine life beyond 8.3 years continues to meet success. The exploration program at Chirano that targets increased mine life beyond 5 years has been successful, with the Aboduabo prospect emerging as a significant, long-term opportunity. The Chirano business improvement plan that includes several process plant upgrades and accelerated mine development is advancing as planned. This program targets a 30% increase in production and a 10% decrease in AISC for calendar 2024. Filing of the Annual Filings satisfies the conditions for revocation of the management cease trade order (“MCTO”) granted by the British Columbia Securities Commission (“BCSC”) on May 3, 2023, and the Company intends to file an application with the BCSC to have the MCTO revoked. Dave Anthony, President and CEO of Asante, stated, “Over the past 18 months Asante has been transformed from an early-stage exploration company to a mid-tier gold producer. In fiscal 2023, we made payments totaling US$60 million towards closing our Bibiani acquisition, repaid $52 million on our gold ...