Proactiveinvestors Australia Asante Gold Corp. https://www.proactiveinvestors.com.au Proactiveinvestors Australia Asante Gold Corp. RSS feed en Tue, 23 Jul 2019 02:08:22 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Asante Gold boosts advisory board with experienced gold hunter ]]> https://www.proactiveinvestors.com.au/companies/news/193004/asante-gold-boosts-advisory-board-with-experienced-gold-hunter-193004.html Ghana-focused explorer Asante Gold Corporation (CSE:ASE, OTC:ASGOF) has bolstered its advisory board with experienced mining professional Kevin Thomson.

He joins Eric Ewen, the discoverer of Asanko Gold’s 6mln ounce resource Esaase orebody and chief executive Douglas MacQuarrie, who acquired and under his supervision, drilled off the 5mln ounce Nkran (Obotan) resource, for a combined 18.1mln ounces in new West African gold resources and discoveries.

Formidable team..

"This is one of the most formidable West African exploration and acquisition teams ever assembled and we look forward to new discoveries on our Keyhole, Betenase, Fahiakoba and Kubi gold projects, all located near the centre of Ghana’s Golden Triangle," said Asante in a stock exchange statement.

All in all,  the advisors have acquired,  found, or developed more than 30 mln ounces of gold in West Africa.

Thomson himself between 2007 and 2012, managed exploration and resource drilling programs at the Edikan mine in Ghana and at Sissingue in Cote d’Ivoire.

Two new orebodies..

This resulted in the discovery of two new orebodies and the addition of gold resources of 5.9mln ounces at Edikan and 1.2mln ounces at Sissingue, for a total of 7.1mln  ounces, including 3.8mln ounces in the proven and probable category.

Thomson's CV includes group exploration manager, West Africa for Perseus Mining, Ltd (TSE:PRU) exploration manager, Ghana for Newmont Mining Corp (NYSE:NEM), as well as in Canada with Noranda Exploration, Hemlo Gold, Battle Mountain Gold, and Lac Minerals.

Asante continues on the hunt for equity/debt or joint venture partner funding to develop the Kubi Mining Lease in Ghana as a potential near term underground mine.

It is also exploring the Keyhole, Fahiakoba and Betenase concessions/options, which all adjoin or are along the strike of major gold mines near the centre of Ghana’s Golden Triangle.

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Mon, 12 Mar 2018 09:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193004/asante-gold-boosts-advisory-board-with-experienced-gold-hunter-193004.html
<![CDATA[News - Asante Gold hails investment plaudit for its chairman ]]> https://www.proactiveinvestors.com.au/companies/news/186507/asante-gold-hails-investment-plaudit-for-its-chairman-186507.html Asante Gold Corp (CVE:ASE, CNSX:ASE) said one of Canada’s most successful entrepreneurs and its chairman had been inducted into the IIAC Investment Industry Hall of Fame last week.

Ned Goodman was honored on October 26 by the IIAC for his contributions to Canada’s mining, real estate and financial services industries, in a career spanning more than 50 years.

He has been instrumental in helping to build numerous successful mining companies, including International Corona,  and Kinross Gold, the firm said.

He also had a major hand in the formation and growth of investment companies Beutel, Goodman & Company Ltd. and Dundee Corporation.

He is a founder and deputy chairman of the Canadian Securities Exchange and is known for his major philanthropic support of higher education, culture and health care.

“The board and our shareholders congratulate Mr. Goodman on his award, and look forward to continue working with and learning from one of Canada’s sharpest and most successful entrepreneurs," said Douglas MacQuarrie, Asante president and chief executive.

Last week, the group revealed it wants to aggressively continue exploring its Keyhole option property in Ghana, as it released final assays.

These come from the six-hole, 790-metre second phase diamond drilling program.

Highlights included 15.9 g/t (grams per ton) gold over 0.88 metres (m), 7.05 g/t gold over 1m and 4.36 g/t  over 1m.

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Tue, 31 Oct 2017 10:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186507/asante-gold-hails-investment-plaudit-for-its-chairman-186507.html
<![CDATA[News - Asante Gold wants to continue exploring Kehole option after encouraging drill assays ]]> https://www.proactiveinvestors.com.au/companies/news/186302/asante-gold-wants-to-continue-exploring-kehole-option-after-encouraging-drill-assays-186302.html Asante Gold Corp (CVE:ASE, CNSX:ASE) said it wants to aggressively continue exploring its Keyhole option property in Ghana, as it released final assays.

These come from the six-hole, 790-metre second phase diamond drilling program.

Highlights included 15.9 g/t (grams per ton) gold over 0.88 metres (m), 7.05 g/t gold over 1m and 4.36 g/t  over 1m.

"Further to the company's phase 1 drill results announced on April 27, 2017, the MEM shear zone has now been traced for a distance of 825 metres and to depths of 150 m and is open along strike and to depth," the firm said.

"Visible gold was noted in multiple intersections in the sulphide and quartz mineralized shear zone, with grades to 15.9 grams per tonne gold."

Due to the high grades, the significant strike and depth potential of this shear, as well as the prospect of finding other mineralized shears, management is "highly encouraged to aggressively continue exploring the option".

Further acquisition of land is well advanced, and when complete, further geophysical surveys are planned to locate other shear zone/dilational breaks, and further drilling to test down dip of the high-grade section of the MEM shear is planned subject to available financing.

The group also revealed it aims to raise further working capital via a private placing and to complete a shares-for-debt financing with interested creditors.

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Thu, 26 Oct 2017 15:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186302/asante-gold-wants-to-continue-exploring-kehole-option-after-encouraging-drill-assays-186302.html
<![CDATA[News - Asante Gold shares surge as it extends Keyhole discovery in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/182147/asante-gold-shares-surge-as-it-extends-keyhole-discovery-in-ghana-182147.html Shares in Asante Gold Corp (CVE:ASE, CNSX:ASE) shot up in Toronto on Tuesday as it unveiled highly encouraging drill results from the Keyhole option property in Ghana.

The firm said work (a second phase) had extended the mineralized shear zone outlined in the first phase to a length of 650m (meters) and to a depth of up to 150m.

Shear zones host most of the major gold deposits in Ghana, Asante noted.

Meanwhile, one hole - MEM17-11C - has hit a 3.5m wide sulfide and quartz mineralized shear zone with visible gold.

Notably, this hole was drilled on the same secion and 25 meters under the high grade gold discovery hole MEM17-001B, which hit 13.12g/t gold over 3 meters) .

Drilling is continuing to test this shear zone along strike, the group said.

Asante shares shot up almost 43% in Toronto to C$0.10.

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Tue, 08 Aug 2017 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182147/asante-gold-shares-surge-as-it-extends-keyhole-discovery-in-ghana-182147.html
<![CDATA[News - Asante Gold to start drilling again at Keyhole option in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/180405/asante-gold-to-start-drilling-again-at-keyhole-option-in-ghana-180405.html Asante Gold Corp (CVE:ASE, CNSX:ASE) will start second phase drilling at the MEM area of the  Keyhole option property in Ghana in the middle of this month.

It is looking for new gold deposits.

All of the significant gold values noted so far in the area are located within areas of anomalous high geophysical IP (induced polarization) results, the firm noted.

The work will see 800 metres of diamond drilling completed to follow up on the high-grade gold discovery from drill hole MEM17-001B, which hit 13.12 grams per tonne (g/t) gold over three metres at a depth of 120 metres below the historical MEM showing.

"The strong correlation of gold mineralization with high geophysical IP results in the MEM area gives us a powerful tool to explore for new gold deposits under the extensive alluvial mined areas which have not been explored to date," said Douglas R. MacQuarrie, president and chief executive of Asante.

"These areas stretch over two kilometres to the north and south of the MEM showing."

The Keyhole option covers a 6km long section of the Ankobra River and lies  at the intersection of three major regional gold-mineralized trends.

Keyhole is under option from Sikasante Mining and adjoins Asante's Ashanti II gold project.

Asante can earn up to 100% of the project by completing $500,000 in work over four years, issuing 1.25 million shares and reserving for Sikasante a 2% net smelter return (NSR) royalty.

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Wed, 05 Jul 2017 16:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180405/asante-gold-to-start-drilling-again-at-keyhole-option-in-ghana-180405.html
<![CDATA[News - Asante Gold brings in $435,000 for exploration ]]> https://www.proactiveinvestors.com.au/companies/news/178794/asante-gold-brings-in-435000-for-exploration-178794.html Asante Gold Corp (CVE:ASE) told investors it had raised $435,000 via a non-brokered placing at 10 cents a unit.

As revealed on May 15, the firm  planned to raise $500,000 gross for an exploration campaign and working capital.

It has now issued 4.35mln units at 10 cents each for a total of  $435,000.

Each unit consists of one share and one transferable share purchase warrant - each will entitle the holder to purchase a further share at an exercise price of 15 cents until May 31 next year.

Today, Asante said  the proceeds would be used for general working capital, including drilling and other work programs on the firm's Keyhole, Betenase, Fahiakoba and Kubi projects in Ghana.

All securities purchased under this offering are subject to a four month hold period expiring October 1, 2017.

Shares were unchanged at ten cents each.

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Mon, 05 Jun 2017 11:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178794/asante-gold-brings-in-435000-for-exploration-178794.html
<![CDATA[News - Asante Gold unveils plans to raise $500,000 via placing ]]> https://www.proactiveinvestors.com.au/companies/news/177814/asante-gold-unveils-plans-to-raise-500000-via-placing-177814.html Asante Gold Corp (CVE:ASE) unveiled plans for an exploration campaign and working capital private placing to raise $500,000 gross.

The firm says it will issue up to 5mln units at 10 cents each.

Each unit will consist of one company share and one transferrable share purchase warrant.

Each warrant will entitle the holder to purchase a further share for 15 cents for 12 months from the closing date of the private placing.

All securities purchased under the offering will be subject to a four month and one day hold period.

Asante is developing the Kubi mining lease and exploring the Keyhole, Fahiakoba and Betenase concessions, all adjoining or along strike of major gold mines near the centre of Ghana's golden triangle.

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Mon, 15 May 2017 11:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177814/asante-gold-unveils-plans-to-raise-500000-via-placing-177814.html
<![CDATA[News - Asante Gold hopeful of picking up the pace in Kubi negotiations ]]> https://www.proactiveinvestors.com.au/companies/news/177744/asante-gold-hopeful-of-picking-up-the-pace-in-kubi-negotiations-177744.html With the new government in Ghana now settled in Asante Gold Corp (CVE:ASE) is hoping progress towards completion of the Kubi mining lease will pick up.

Final closing of the Kubi mining lease acquisition is subject to receipt of the consent of the Minister of Lands and Natural Resources of Ghana, which is currently being sought.

The company reassured investors that it is still involved in discussions with the third parties that control the eight prospecting licenses with a view to finalizing arrangements for their transfer to Asante.

READ Asante Gold seals acquisition of Kubi gold project in Ghana READ Asante Gold, BXC form 50/50 Kubi Gold JV

The news on the proposed joint venture with BXC to develop the Kubi mining lease is a bit more mixed.

Due to uncertainty over when the requisite government approvals would be obtained, not to mention the ongoing financing needs of the company, both parties have agreed to let the joint venture idea lapse.

Asante and BXC are still hopeful that the joint venture idea can be revived in the future.

The company also updated on progress on the Betenase option, which adjoins to the east of the Kubi mining lease.

Asante is continuing discussions with the third party that controls the Betenase permit to effect its finalization and transfer to the company.

The option and sale agreement, announced on Aug. 10, 2015, allows Asante Gold to acquire up to a 100% interest in the permit, subject to a 1% net smelter return royalty (NSR) to third parties.

Finally, Asante Gold has received notice from NSS Resources Inc that a significant part of its Seneca property claims in the Harrison Lake area of British Columbia have expired. The decreased size of the property may have a negative impact on the potential future value of the issuer's 2% NSR royalty that it holds on the remaining Seneca claims.

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Fri, 12 May 2017 14:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177744/asante-gold-hopeful-of-picking-up-the-pace-in-kubi-negotiations-177744.html
<![CDATA[Media files - Asante Gold's Douglas MacQuarrie talks through 'encouraging' Keyhole drilling results ]]> https://www.proactiveinvestors.com.au/companies/stocktube/7365/asante-gold-s-douglas-macquarrie-talks-through-encouraging-keyhole-drilling-results-7365.html Fri, 28 Apr 2017 18:46:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/7365/asante-gold-s-douglas-macquarrie-talks-through-encouraging-keyhole-drilling-results-7365.html <![CDATA[News - Asante Gold confident of finding more gold at Keyhole ]]> https://www.proactiveinvestors.com.au/companies/news/176815/asante-gold-confident-of-finding-more-gold-at-keyhole-176815.html Asante Gold Corp ( CVE:ASE, CNSX:ASE,) has unveiled encouraging results from first drilling at the Keyhole option property in the Asankrangwa gold belt in Ghana, which have prompted an expanded exploration program.

The results hail from the historical MEM shaft/showing area, where alluvial mining has been going on over the last 30 years.

READ - Asante Gold has varied portfolio of near-term production and blue-sky exploration READ - Asante starts 1,000-metre drill program at Keyhole option

The work consisted of diamond drilling in 12 holes, surface sampling and ground geophysics and confirmed that the MEM showing is part of a northeast trending gold mineralized shear that is in excess of 250m in length, 120m in depth, and, significantly, open in all directions.

The Keyhole option covers a 6km long section of the Ankobra river and lies at the intersection of three major regional gold mineralized trends.

One highlight was a hole that tested under the old MEM shaft area and hit 13.12g/t (grams per ton) gold over 3 metres at a depth of 139m.

The intersection was vertically around 120m below the showing in a graphitic shear zone hosted in meta-greywacke/argillite, with quartz, sulfide mineralization and with minor visible gold noted.

Five holes were sited in the MEM area where recent grab samples of dump material from artisanal shafts averaged 15.5g/t gold, and historical underground sampling results to 8m widths grading 25g/t gold.

Another  hole was sunk 85 metres to the southwest of the MEM showing, and intersected two shear zones grading 3.43g/t over 3m and 3.46g/t over 1.5m at down hole depths of 64.5 and 75m respectively.

Asante added that 25 surface grab/channel samples over 1m widths were taken in recently exposed saprolite in an area around 120m to the northeast of the MEM showing, with the best section grading 1.89g/t (grams per ton) over 3m.

Asante chief executive Douglas MacQuarrie said: "These drill results are highly encouraging and reinforce our confidence in the potential for finding further gold mineralization at Keyhole.

"An expanded program will look at extending the mineralized zones as well as test further areas within the property with gold potential."

Shares rose in Toronto over 10% to stand at $0.16.

---updates for share price---

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Mon, 24 Apr 2017 11:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176815/asante-gold-confident-of-finding-more-gold-at-keyhole-176815.html
<![CDATA[News - Asante Gold appoints Ewen as board consultant, adviser ]]> https://www.proactiveinvestors.com.au/companies/news/174408/asante-gold-appoints-ewen-as-board-consultant-adviser-174408.html Asante Gold Corp (CVE:ASE) has appointed Eric Ewen as a consultant and adviser to the board of directors.

Ewen is a professional prospector. He graduated from the Haileybury School of Mines in Ontario in 1972, and has spent his entire career exploring for and finding gold and base metals in Canada, and West Africa.

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Tue, 07 Mar 2017 14:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174408/asante-gold-appoints-ewen-as-board-consultant-adviser-174408.html
<![CDATA[News - Asante Gold closes final tranche of private placement ]]> https://www.proactiveinvestors.com.au/companies/news/174159/asante-gold-closes-final-tranche-of-private-placement-174159.html Asante Gold Corp (CNSX:ASE, CVE:ASE) has closed the third and final tranche of a private placement originally announced last September, the company said on Thursday.

The company raised a total of C$1,250,006 by the issuance of 6,944,477 units at 18 cents per unit.

Proceeds from the private placement will be used for general working capital, including drilling and other work programs on the company's Keyhole, Betenase, Fahiakoba and Kubi projects in Ghana. All securities purchased under this offering will be subject to a four-month-and-one-day hold period.

Each unit consists of one common share and one-half of a share purchase warrant. Each whole share purchase warrant is exercisable to acquire an additional common share for a two-year period from the date of issuance at a price of 25 cents per share.

The company paid total finders' fees of C$18,210 and issued 112,055 broker warrants, carrying the same terms and conditions as the warrant comprising the units.

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Thu, 02 Mar 2017 15:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174159/asante-gold-closes-final-tranche-of-private-placement-174159.html
<![CDATA[News - Asante starts 1,000-metre drill program at Keyhole option ]]> https://www.proactiveinvestors.com.au/companies/news/174059/asante-starts-1000-metre-drill-program-at-keyhole-option-174059.html Asante Gold Corp (CNSX:ASE, CVE:ASE) has begun 1,000-metre drilling program at the MEM showing area on its Keyhole option, Diaso area, Asankrangwa gold belt, Ghana, the company said on Wednesday.

The program will test six high-priority geophysical induced polarization (IP) and resistivity targets recently outlined by the company's survey team.

The first hole, MEM-17-001, was collared to test the moderate IP responses under the old MEM showing and shafts. The hole was abandoned at 43.5 metres in a very broken and brecciated shear vein, after passing through an old underground working.

The hole was recollared as MEM-17-001B, steepened to avoid the old workings and is drilling ahead to intersect any downdip extensions of the old MEM workings. Please see recent pictures from the drilling on the company's website on the Keyhole project page.

In addition, the company and BXC Company Ghana Ltd. are continuing to work toward closing the previously announced 50:50 joint venture with the company to develop the Kubi mining leases in Ghana toward production. Closing is now expected to take place in stages over the next 30 days: completion of purchase of a 30-per-cent equity interest in the company and ministerial consent to a joint venture and financing of the joint venture.

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Wed, 01 Mar 2017 14:12:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174059/asante-starts-1000-metre-drill-program-at-keyhole-option-174059.html
<![CDATA[News - Asante Gold has varied portfolio of near-term production and blue-sky exploration ]]> https://www.proactiveinvestors.com.au/companies/news/172180/asante-gold-has-varied-portfolio-of-near-term-production-and-blue-sky-exploration-172180.html Asante Gold Corp (CVE:ASE) completed a C$1.25 mln fundraising early in January 2017, ahead of a larger C$19.5 mln financing package which has been put back to February while the government of Ghana shuffles the decks at various ministries, including the ministry of mines.

The plan is to spend the C$1.25 mln mainly on exploration on its Ghana properties. A 1,200 metre drilling programme commenced at the company’s Keyhole Option in mid-January.

But the main event will be the commencement of construction at the Kubi gold mine, which is slated for the next few months, once the financing has closed.

 

Joint venture deal provides solid support for mine development

 

The C$19.5 mln proposed 50:50 joint venture with BXC Company Ghana should be able to complete an exploration decline within a 12-to-18 month timeline once construction begins, while resource definition drilling, final mine planning, permitting and surface works takes place.

Once the joint venture deal completes, BXC will own a 30% stake in Asante, and will be able to help with further funding needs, if required. An example of this is already evident in the raise carried out early in January, so clearly this is a strong relationship.

 

Kubi located in prolific area  

 

Kubi is located in close proximity to the world-famous Obuasi mine, which has produced over 66 mln ounces of gold in its time. At the moment, Kubi isn’t quite reaching to those heights but it’s high grade and open at depth. Initial mining targets will focus on areas grading higher than 8 grams per tonne gold, as already identified.

 

Other exploration properties provide additional upside

 

In addition to the Keyhole Option property currently being drilled, Asante also has the Betanase property which it acquired under option from Perseus (ASX:PRU). Betenase covers 12 square kilometres of ground northeast of Kubi and already boasts a small resource. The company also holds the Fahiakoba project, which lies on major structural trends between Perseus’s Edikan mine and Obuasi.

 

2017 will be a spectacular year, according to Doug MacQuarrie

“I think 2017 is going to be a spectacular year,” says chief executive Doug MacQuarrie. “There’s going to be huge volatility in foreign exchange markets and in world trade precipitate by Mr Trump and this should fuel the next bull market in gold. We’re looking forward to a strong gold market and building a new mine at Kubi. We’ve only got about 12 months till cash flow from that comes in.”

And there could be other activity on the cards too. “The change in government is a huge plus in Ghana,” continues MacQuarrie. A lot of exploration money went to surrounding companies like Cote D’Ivoire and Burkina Faso. I think this will be a huge change of direction with Ghana getting back on the West African radar and we have an advantage because we’re already on the ground.”

 

 

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Wed, 25 Jan 2017 12:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172180/asante-gold-has-varied-portfolio-of-near-term-production-and-blue-sky-exploration-172180.html
<![CDATA[News - Asante Gold plans 1,200-metre drilling at Keyhole gold option Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/171823/asante-gold-plans-1200-metre-drilling-at-keyhole-gold-option-ghana-171823.html Asante Gold Corp. (CNSX:ASE) said it plans a 1,200-metre drilling program next month at Keyhole gold option in Ghana, the company said on Wednesday.

The company has compiled data from the first of a series of ground geophysical IP (induced polarization/resistivity) surveys to be completed at its Keyhole gold option property.

Seven distinct linear trending IP zones have been outlined which are interpreted to represent areas with increased sulfide mineralization. Sulfide concentrations (relative high IP values) in this structurally favourable Keyhole area are considered to be prime drill targets.

IP was chosen as the preferred technique to outline high potential drill targets given the strong association of gold with sulfide mineralization in the Asankrangwa gold belt, such as at the Asanko (Obotan) gold mine located 40 km along the belt to the northeast. The subdued topography, extensive and locally thick alluvial cover, and heavy weathering and laterization mask mineralization from detection by the direct prospecting, trenching and soil geochemical methods which were used by previous explorers in the area.

Drill collars to test the outlined targets for gold mineralization are being selected for a proposed 1,200 metre diamond drilling program, planned to commence in early February 2017.

One of the proposed high IP drill targets corresponds with large angular quartz reef float noted in the heavily galamsey disturbed area of the historical MEM.

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Wed, 18 Jan 2017 11:54:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171823/asante-gold-plans-1200-metre-drilling-at-keyhole-gold-option-ghana-171823.html
<![CDATA[Media files - "2017 is going to be a spectacular year" says Asante Gold's chief ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6710/-2017-is-going-to-be-a-spectacular-year-says-asante-gold-s-chief-6710.html Wed, 11 Jan 2017 14:48:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6710/-2017-is-going-to-be-a-spectacular-year-says-asante-gold-s-chief-6710.html <![CDATA[News - Asante raises C$1.25mln in private placement ]]> https://www.proactiveinvestors.com.au/companies/news/171356/asante-raises-c125mln-in-private-placement-171356.html Gold explorer Asante Gold Corp. (CNSX:ASE) said on Monday its C$1.25mln private placement, first announced on Sept 20, has been fully subscribed, with 50:50 joint venture partner BXC Company (Ghana) Limited buying C$700,000 of the units.

The first tranche of the placement was closed on October 21. Each unit was priced at C$0.18 and consists of one common share and one half of a two year share purchase warrant. Each full warrant is exercisable for one common share at C$0.25.

All securities purchased under this offering are subject to a four month and one day hold period from the date of issuance of the securities. BXC Company (Ghana) Limited, has entered into a joint venture with the company to develop the Kubi Mining Leases in Ghana towards production.

Proceeds from the private placement will be used for general working capital, including drilling and other work programs on the company’s Keyhole, Betenase, Fahiakoba and Kubi projects in Ghana. Finder’s fees are payable on a portion of the offering. All securities purchased under this offering will be subject to a four month and one day hold period.

In addition, the shareholders of the Company overwhelmingly approved all of the motions at the Annual General Meeting held on December 28, including dis-interested shareholder approval for the Company to proceed with the acquisition of the Kubi Mining Leases and up to eight prospecting licenses located along strike to the south west of the Asanko Gold Mine and adjoining Kubi, from Goknet Mining Company Limited of Accra, Ghana. The Kubi acquisition terms were announced on August 9 .

The approval of the Kubi acquisition allows the Company to proceed with closing the BXC Kubi Gold Mine joint venture. Closing has been extended to February 28th, 2017 to allow for certain closing conditions such as Ministerial approval to be granted.

Ghana completed a peaceful and fair election process in early December resulting in the election of a pro-business and pro-rule of law government. The new Minister of Lands and Natural Resources is expected to be appointed in the next few weeks. 

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Mon, 09 Jan 2017 13:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171356/asante-raises-c125mln-in-private-placement-171356.html
<![CDATA[News - Asante Gold evaluating opportunities in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/170694/asante-gold-evaluating-opportunities-in-ghana-170694.html Asante Gold Corp. (CNSX:ASE), the gold explorer, is currently focused on closing the Kubi Gold joint venture transaction which will move Kubi towards production and the exploration of its other Ghanaian holdings, the company said on Monday with its third quarter results.

The company said it is continuing to evaluate potential toll milling opportunities in Ghana, as well as sourcing additional management and production expertise.

Asante’s total assets increased to C$4.2mln at October 31 from C$4.1mln on January 31, 2016, the company said. Meanwhile, total liabilities fell to C$2.5mln in the latest period from C$3.1mln.

The company’s net operating loss for the three months ended October 31 was C$300,855 versus C$181,032 for the same period in 2015.

This was largely because of the addition of new properties at Betanase and Keyhole, which together involved additional exploration costs of C$310,000 as at October 31, as well as an increase of costs at the earlier site of Fahiakoba worth an additional C$410,000, versus January 2015.

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Mon, 19 Dec 2016 12:39:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170694/asante-gold-evaluating-opportunities-in-ghana-170694.html
<![CDATA[News - Asante Gold closes $382,556 first tranche of financing ]]> https://www.proactiveinvestors.com.au/companies/news/167790/asante-gold-closes-382556-first-tranche-of-financing-167790.html Asante Gold Corp. (CNSX:ASE) has closed the initial tranche of the $1mln exploration and working capital private placement announced on Sept. 20, the company said Friday.

The placement was temporarily suspended for the dissemination of material news with respect to the joint venture of the company's Kubi gold project, which was published on Oct. 17.

A total of 2,125,311 units were subscribed by 14 placees, with gross proceeds of $382,556. Finders' fees of $17,670 and 98,167 agents' warrants were payable to third parties with respect to the placement.

The company plans to continue with the second tranche of the private placement and to accept subscriptions for up to an additional 3,430,244 units at 18 cents per unit for additional gross proceeds of up to $617,444.

Each unit will consist of one common share of the company and one-half of a transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at an exercise price of 25 cents for 24 months from the second closing date of the private placement. In the event that the private placement is oversubscribed, the company may increase the placement by up to 25 per cent.

Proceeds from the private placement will be used for general working capital, including drilling and other work programs on the company's Keyhole, Betenase, Fahiakoba and Kubi projects in Ghana. Finders' fees may be payable on a portion of the offering. All securities purchased under this offering will be subject to a four-month-and-one-day hold period.

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Fri, 21 Oct 2016 16:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167790/asante-gold-closes-382556-first-tranche-of-financing-167790.html
<![CDATA[Media files - ''We've found the right partner'' for Kubi project says Asante Gold CEO ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6215/-we-ve-found-the-right-partner-for-kubi-project-says-asante-gold-ceo-6215.html Wed, 19 Oct 2016 16:14:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/6215/-we-ve-found-the-right-partner-for-kubi-project-says-asante-gold-ceo-6215.html <![CDATA[News - Asante Gold, BXC form 50/50 Kubi Gold JV ]]> https://www.proactiveinvestors.com.au/companies/news/167519/asante-gold-bxc-form-5050-kubi-gold-jv-167519.html Asante Gold Corp. (CNSX:ASE) shares rocketed 30% on Monday after the company said it forming a joint venture with BXC Company (Ghana) Ltd. to develop the Kubi mining leases in Ghana toward production.

Kubi Gold JV will be a 50-50 joint venture.

BXC, a wholly owned subsidiary of Beijing Fuxing Xiao-Cheng Electronic Technology Stock Co. Ltd. (BFXC), has agreed to provide C$19.5mln in funding to earn 50% of the Kubi Gold JV and a 30% equity interest in Asante.

BXC will participate in a private placement by purchasing 16,468,400 or such other number of common shares necessary to give BXC a 30% equity interest in the then issued capital of the company, at a price of C$0.20 per share, subject to the approval of the Canadian Securities Exchange.

Asante will apply 10% of the proceeds of the private placement to its unallocated working capital, and the balance to complete its initial funding of the Kubi Gold JV. The agreement is subject to final due diligence and closing is expected by December 31.

BXC has also committed to providing additional funding to the Kubi Gold JV on reasonable commercial terms, for the construction of additional facilities such as a production shaft, full processing facilities or expansion.

BXC has the right to maintain a 30% equity interest in new equity financings announced by Asante, and up to two seats on the Board of Directors of the Company.

The agreement is subject to all requisite governmental and regulatory approvals, including disinterested shareholder approval and closing of the Kubi acquisition from Goknet Mining Company Limited (Goknet) such approvals expected at the Asante AGM to be held in Vancouver on December 28, 2016, and if required, the consent of the Minister of Lands and Natural Resources of Ghana; and any shareholder, regulatory and stock exchange approvals required by BFXC.

Asante has agreed to pay from its share of the JV revenue the two underlying Kubi royalties: the Goknet 1% Net Smelter Returns royalty (recently re-negotiated to 1% NSR from previous 2% NSR); and the Royal Gold, Inc. 3% Net Proceeds of Production royalty. New mining leases in Ghana also carry on behalf of the Ghana government a 5% NSR and a 10% interest in any dividends paid out by the operating company.

Beijing Fuxing Xiao-Cheng Electronic Technology Stock Co. Ltd.  is listed in China on the Shenzhen Stock Exchange, with a market capitalization of US$580mln, and primarily involved in national power grid infrastructure in Asia, South America and Africa.

BXC has been active in Ghana for a decade and has completed, or current contracts for over US$200mln including: the design, build and operation of the 20MW Mankoadze solar plant; two US$20mln projects pre-financed by BXC involving the upgrade and extension of power grid networks; and a US$170mln 10-year contract with the Electricity Corporation of Ghana (ECG) installing 450,000 smart meters to reduce distribution system losses. BXC is also developing two gold mining leases and two exploration projects in Ghana.

As a result of the agreement, the company has suspended the previously announced $0.18 Unit private placement offering. Subscriptions that were received and accepted up to October 3, 2016 will be completed, totaling 2,125,311 Units for gross proceeds of $382,556. No Insiders or Directors of Asante, or principals or associates of BXC are participating in the placement. Finders fees of $15,000 and 41,667 warrants are payable.

"We are extremely pleased to welcome BXC as our JV partner and major shareholder to move Kubi forward to production. Their successful operating history in Ghana and strong balance sheet will complement our strengths in gold exploration, discovery and development. Their commitment to secure future debt funding for the joint venture gives Asante a non-dilutive path forward to fully develop the potential of Kubi," said Douglas R. MacQuarrie, President & CEO of Asante.

"Our financial and operating strength complements Asante's proven exploration and development expertise. We are committed to assisting Ghana to provide electricity at competitive rates - which will enhance our growing investments in the gold mining sector," said Yi Cheng, Group Chairman of BXC and President of BFXC.

Asante Gold shares were up 30% at C$0.26 on Monday.

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Mon, 17 Oct 2016 14:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167519/asante-gold-bxc-form-5050-kubi-gold-jv-167519.html
<![CDATA[News - Asante Gold arranges $1mln private placement ]]> https://www.proactiveinvestors.com.au/companies/news/166344/asante-gold-arranges-1mln-private-placement-166344.html Asante Gold Corp. (CNSX:ASE) said on Thursday it intends to complete an exploration campaign and working capital private placement of up to 5,555,555 units of the company at 18 cents per unit for aggregate gross proceeds of $1mln.

Each unit will consist of one common share of the company and one-half of a transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at an exercise price of 25 cents for 24 months from the closing date of the private placement. In the event that the private placement is oversubscribed, the company may increase the placement by up to 25%.

Proceeds from the private placement will be used for general working capital, including drilling and other work programs on the company's Keyhole, Betenase, Fahiakoba and Kubi projects in Ghana. Finders' fees may be payable on a portion of the offering. All securities purchased under this offering will be subject to a four-month-and-one-day hold period.

Certain directors and officers of the company may participate in the private placement.

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Thu, 22 Sep 2016 16:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/166344/asante-gold-arranges-1mln-private-placement-166344.html
<![CDATA[Media files - "Negative Interest rates are the dead canary in the gold mine" says Asante chief ]]> https://www.proactiveinvestors.com.au/companies/stocktube/6020/-negative-interest-rates-are-the-dead-canary-in-the-gold-mine-says-asante-chief-6020.html Thu, 22 Sep 2016 03:47:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/6020/-negative-interest-rates-are-the-dead-canary-in-the-gold-mine-says-asante-chief-6020.html <![CDATA[News - Asante Gold to acquire Keyhole project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/163680/asante-gold-to-acquire-keyhole-project-in-ghana-163680.html Asante Gold Corp. (CNSX:ASE) said on Thursday it has reached an agreement with Sikasante Mining Co. Ltd. of Accra to earn up to a 100% interest in its Keyhole gold project in Ghana.

The Keyhole area is surrounded by Asante's Ashanti II gold project and is strategically located at the intersection of three major regional gold mineralised trends.

The first trend is that the Asankrangwa gold belt hosts about 11mln ounces of gold resources at the Asanko Gold mine (formerly known as PMI Gold Corp.'s Obotan mine), and Esaase gold projects located 36 kilometres and 60 kilometres respectively to the northeast.

Secondly, a major continental-scale basement structure noted on regional aeromagnetic surveys is spatially related to the 66mln ounce AngloGold Ashanti Obuasi mine and the 7.6mln ounce Newmont Akyem mine, located 57 km and 130 km to the east-northeast.

Finally, the north-trending Ankobra River lineament and its extensions connects 90 km to the south the plus-60-million-ounce total resource gold mines at Bogosu, Prestea and Tarkwa operated by Goldenstar, AngloGold Ashanti and Goldfields, with Newmont's 15.3mln ounce Ahafo mine 100 km to the north.

Over the last 40 years a six km long stretch of the Ankobra River in the Keyhole area has been the subject of intensive local alluvial mining and blocked for large-scale mining licences.

The alluvial gold resources have largely been exhausted and/or are unworkable resulting in the area being opened for staking for the first time since the early 1980s. Sikasante controls two contiguous reconnaissance licences, the northern Sraha licence and the southern Ayiem licence, which is in the final stages of being issued, covering a combined area of 2.52 square km.

To the company's knowledge no modern drilling has occurred in the Keyhole area. In order to further define targets for drilling, Asante is proposing 80 line km of geophysical induced polarisation surveying to cover the entire Keyhole and adjacent areas targeting the main Asankrangwa shear zone, the heavily mined alluvial areas and the multiple intersections of the major regional structures. In addition an initial programme of 1,200 metres of drilling is also planned to test the old MEM showing workings. These programs are subject to the completion of a working capital financing by Asante.

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Thu, 08 Sep 2016 16:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163680/asante-gold-to-acquire-keyhole-project-in-ghana-163680.html
<![CDATA[News - Asante Gold seals acquisition of Kubi gold project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/129169/asante-gold-seals-acquisition-of-kubi-gold-project-in-ghana-129169.html Asante Gold Corporation (CSE:ASE) it is closing the acquisition of the Kubi mining leases in Ghana.

Following on from an option deal, agreed early last year, the Canadian company will now take ownership of the project as a result of its arrangement with Goknet Mining Company.

It gives Asante prime gold real estate in the vicinity of AngloGold Ashanti’s Obuasi mine, which has been host to some 66mln ounces of gold resources.

Kubi already hosted some 233,000 ounces of gold resources when Asante agreed the option with Goknet, and given its proximity to infrastructure the project is deemed to have potential for some near-term development.

Douglas MacQuarrie, in a statement, highlighted that Kubi is being acquired for the equivalent of US$18mln (or US$40mln per ounce of existing resources) and he described the deal as a “major step forward” for the company.

“Kubi has near term development potential, an excellent location and considerable grade and resource ounce upside. Share dilution has been minimized by using gold forward and NSR royalty payments,” MacQuarrie said.

Asante is issuing Goknet 7mln treasury shares, reserving some 8,000 ounces of gold for future delivery and grants the seller a 2% net smelter royalty (NSR) over future production.

The assets already carry a 3% NSR, held by Royal Gold Inc, and the Ghanaian government has a 10% carried interest in the project as well.

Additionally, Asante is also set to acquire further assets from Goknet, taking eight prospecting licences spanning over 300 square kilometres. The company highlighted that these licences have seen considerable exploration work and many already have drill-ready exploration targets outlined.

To acquire the additional areas, Asante will issue a maximum of 3mln further treasury shares to Goknet as well as a 2% NSR on each licence.

MacQuarrie added: “The addition of the southern half of Goknet’s highly prospective Ashanti II concessions to our current Betanase Option and Fahiakoba concessions give us exceptional discovery upside and growth opportunities.”

He told investors the immediate focus will now be to complete a financing that will allow the company to start driving decline at Kubi, as well as facilitate drilling for a resource-to reserve upgrade.

A capital injection would also fund an aggressive exploration programme on Asante’s other properties, MacQuarrie added.

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Tue, 09 Aug 2016 10:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/129169/asante-gold-seals-acquisition-of-kubi-gold-project-in-ghana-129169.html
<![CDATA[News - Asante reduces exercise price of two million warrants ]]> https://www.proactiveinvestors.com.au/companies/news/128493/asante-reduces-exercise-price-of-two-million-warrants-128493.html Asante Gold Corp. (CNSX:ASE) has received approval and reduced the exercise price of two million initial public offering share purchase warrants, originally exercisable at a price of 70 cents per share, to 15 cents per share until Feb. 28, 2017, the company said on Thursday.

In the event the shares close on a daily basis at 20 cents or above for 10 consecutive trading days, then the warrant holder will have 30 days to exercise or they will expire.

Asante Gold shares were up 18.9% at C$0.22 on Thursday.

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Thu, 21 Jul 2016 15:21:00 +1000 https://www.proactiveinvestors.com.au/companies/news/128493/asante-reduces-exercise-price-of-two-million-warrants-128493.html
<![CDATA[News - Asante Gold grants option to buy one million shares ]]> https://www.proactiveinvestors.com.au/companies/news/127817/asante-gold-grants-option-to-buy-one-million-shares-127817.html Asante Gold Corp. (CNSX:ASE) has granted one million incentive stock options to a director at a price of 20 cents per share for a term of five years, the company disclosed on Monday.

Asante Gold Corporation (TSX.V: ASE) (FRANKFURT: A1JUY6) is a junior gold exploration and development company headquartered in Vancouver, British Columbia. 

Asante shares were up 30% at C$0.26 on Monday.

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Mon, 04 Jul 2016 15:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/127817/asante-gold-grants-option-to-buy-one-million-shares-127817.html
<![CDATA[News - Asante Gold makes encouraging progress at Fahiakoba ]]> https://www.proactiveinvestors.com.au/companies/news/127667/asante-gold-makes-encouraging-progress-at-fahiakoba-127667.html Asante Gold Corporation (CVE:ASE) said on Wednesday it had completed its initial exploration program on the Fahiakoba Concession, as well as a program of ground geophysics at Betanase, covering the strong gold in soil anomaly previously outlined by Perseus Mining (Ghana) Limited, and has completed four diamond drill holes for a total of 562 metres.

The updates were contained in Asante’s first quarter earnings report to April 30.

The Fahiakoba Concession consists of 4,987.5 metres of diamond drilling, ground VLF-EM geophysics and 1,200 auger drill holes. Results are considered sufficiently encouraging and further work will be commenced when adequate working capital is available.

The Company has also completed a program of ground geophysics at Betanase, covering the strong gold in soil anomaly previously outlined by Perseus Mining (Ghana) Limited, and has completed four diamond drill holes for a total of 562 metres. Significant results to 4m @ 3.14 g/t gold and widespread alteration and quartz veining were noted in the drilling. A Phase II drilling program is planned to test associated ground IP geophysical anomalies when additional working capital funding is sourced.

Asante has no operational revenue, and exploration activity is subject to the availability of funds raised through financings. Global financial and commodity markets have been volatile, and the company is thus impacted by these generic industry factors which are beyond its control. The company anticipates obtaining additional financing in the future primarily through further debt and equity financing.

Although the company’s total assets eased to C$3.8mln in the first quarter from C$4.1mln in the quarter ended January 31, total liabilities came off substantially to C$2mln from C$3.1mln.

In the three months to April 30, 2015, Asante recorded a total comprehensive income of C$289,795, which included a currency translation windfall of C$118,413, the same period a year later the company recorded a loss of C$135,547 – with currency translation being the main culprit, weighing on the accounts by C$325,470.

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Wed, 29 Jun 2016 14:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/127667/asante-gold-makes-encouraging-progress-at-fahiakoba-127667.html
<![CDATA[News - Mining investment legend Ned Goodman joins Asante Gold ]]> https://www.proactiveinvestors.com.au/companies/news/127544/mining-investment-legend-ned-goodman-joins-asante-gold-127544.html As mining pedigrees go, it doesn’t come much better than Ned Goodman. Mr Goodman’s a former board member of Barrick Gold, one of the world’s biggest gold mining companies. He was one of the prime movers behind the discovery of the Hemlo gold mine as the biggest shareholder in International Corona, was also involved in the foundation of Kinross and Dundee Precious Metals, and had a hand in the growth and success of Quadra FNX.

All of these enterprises ended up as multi-million or billion dollar concerns. And it doesn’t end there. Mr Goodman’s interests outside mining are also extensive too, and include exposure to real estate and agriculture.

All-in-all a useful man to have around and a real feather in the cap for Asante Gold Corporation (CVE:ASE) that he’s elected add the chairmanship there as a further string to his bow.

What does it say about Asante that Goodman has joined?

It says that Goodman’s publicly stated new focus on Africa is gaining critical mass.

It says that Asante’s chief Doug MacQuarrie can make effective use of his rolodeck, following on from his previous successes with PMI Gold. And it says that Asante’s asset suite in Ghana has real promise, as it moves forward with plans to develop the Kubi project into a 30,000 to 40,000 ounce per year producer.

It also reinforces a view of Goodman’s that he’s put into the market before: “Gold is money and will become money, and all inflationary paths in the world lead to gold,” he said.

This year Asante has raised new funds through several small financings, and also paid off more than C$1 mln in trade debts through the issuance of shares.

 

 

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Mon, 27 Jun 2016 07:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/127544/mining-investment-legend-ned-goodman-joins-asante-gold-127544.html
<![CDATA[News - Asante Gold Corp could be a five-bagger, research firm says ]]> https://www.proactiveinvestors.com.au/companies/news/127107/asante-gold-corp-could-be-a-five-bagger-research-firm-says-127107.html Asante Gold Corp (CNSX:ASE) could be worth as much as five times its current value, according to equity research firm Fundamental Research Corp.

The junior Canadian gold royalty company has an option to acquire 100% of the Kubi gold project as well as options on the Betanese and Fahiakoba concessions in Ghana.

Fundamental Research Corp notes the firm could earn a 100% interest in Kubi by offering 17mln in shares and a 2% royalty to current owner Goknet, as well as investing US$15mln in the project.

Closing of the agreement has been deferred subject to Asante raising the funding, with management working on preliminary mining permits and designs in the meantime.

The company has no operational revenue, and exploration activity is subject to the availability of funds raised through financings, of which there have been four since the end of 2015.

The company suggests Kubi could produce 30,000-40,000 ounces of gold per year, at six to eight grams per tonne.

On the assumption of an eight-year mine life, Fundamental Research Corp suggests the company could be worth C$0.60, five times more than its current C$0.12, and has placed a “speculative buy” rating on the stock.

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Tue, 14 Jun 2016 07:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/127107/asante-gold-corp-could-be-a-five-bagger-research-firm-says-127107.html
<![CDATA[News - Asante Gold makes progress at Fahiakoba and Betanase ]]> https://www.proactiveinvestors.com.au/companies/news/126578/asante-gold-makes-progress-at-fahiakoba-and-betanase-126578.html Asante Gold Corp (CNSX:ASE) reported good progress at Fahiakoba concession as well as Betanase, as it reported its full-year results on Tuesday.

The company has no operational revenue, and exploration activity is subject to the availability of funds raised through financings, of which there have been four since the end of 2015.

Global financial and commodity markets have been volatile, the company said, and the business is thus impacted by these generic industry factors which are beyond its control.

Asante said it anticipates obtaining additional financing in the future primarily through further debt and equity financing.

The company has completed its initial exploration program on the Fahiakoba Concession, consisting of 4,987.5 metres of diamond drilling, ground VLF-EM geophysics and 1,200 auger drill holes. Results are considered sufficiently encouraging and further work will be commenced when adequate working capital is available.

Asante has also completed a program of ground geophysics at Betanase, covering the strong gold in soil anomaly previously outlined by Perseus Mining (Ghana) Limited, and has completed four diamond drill holes for a total of 562 metres. Significant results to 4m at 3.14 g/t gold and widespread alteration and quartz veining were noted in the drilling. A Phase II drilling program is planned to test associated ground IP geophysical anomalies when additional working capital funding is sourced.

With a challenging backdrop, the net loss for the year ended January 31 was C$852,863 versus a loss of C$711,470 in the previous full year.

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Tue, 31 May 2016 15:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/126578/asante-gold-makes-progress-at-fahiakoba-and-betanase-126578.html
<![CDATA[News - Asante Gold closes private placement ]]> https://www.proactiveinvestors.com.au/companies/news/125712/asante-gold-closes-private-placement-125712.html Asante Gold Corp (CVE:ASE) has now closed the oversubscribed private placement of units announced on April 20, 2016.

The company has accepted subscription agreements from two investors for a total of C$160,000 for 1.6 million units of the company. Each unit was priced at 10 cents and consisted of one common share and one full, two-year, transferable share purchase warrant.

Each full warrant is exercisable into one common share of the company at a price of 25 cents for a period of two years, though each warrant holder would be obliged to exercise the warrant within 30 days of the shares trading at 40 cents or higher for 10 consecutive trading days, otherwise the warrant would expire.

Proceeds from the private placement will be used for working capital. All securities purchased under the offering are be subject to a four-month-and-one-day hold period.

The company also announced the granting of 1.34 million incentive stock options to directors, officers, consultants and employees at a price of 17 cents per share and for terms from two years to five years.

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Mon, 09 May 2016 11:16:00 +1000 https://www.proactiveinvestors.com.au/companies/news/125712/asante-gold-closes-private-placement-125712.html
<![CDATA[News - Asante Gold arranges C$100,000 placement ]]> https://www.proactiveinvestors.com.au/companies/news/125048/asante-gold-arranges-c100000-placement-125048.html Asante Gold Corp (TSX.V:ASE) said on Wednesday it had reached an agreement with an investor to raise up to C$100,000 by the private placement of up to one million units of the company.

Each unit is priced at 10 cents and consists of one common share and one full two-year transferable share purchase warrant.

Each full warrant will be exercisable into one common share of the company at a price of 25 cents for a period of two years, with a provision that should the shares trade on the Canadian Securities Exchange at 40 cents or higher for 10 consecutive trading days the warrantholder would have 30 days to exercise the warrant or it would expire.

Proceeds from the private placement will be used for working capital. No finders' fees are payable. All securities purchased under this offering will be subject to a four-month-and-one-day hold period.

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Wed, 20 Apr 2016 13:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/125048/asante-gold-arranges-c100000-placement-125048.html
<![CDATA[News - Asante Gold Corp issues shares, continues to look at other funding options ]]> https://www.proactiveinvestors.com.au/companies/news/123381/asante-gold-corp-issues-shares-continues-to-look-at-other-funding-options-123381.html Asante Gold Corp (CVE:ASE) has confirmed the issue of 11.5mln new common shares to suppliers, employees, consultants and creditors of the company.

Additionally, 533,000 new shares were issued in a private placing to raise $53,000 of working capital.

The new shares will be issued at a price of 10 cents each.

Asante, in a statement, told investors: “The company is continuing to source working capital and debt financing in order to exercise and advance its Kubi gold mine option to production as a high-grade, 35,000-40,000 ounce per year underground gold mine, and to further explore its Betanase option and Fahiakoba gold projects in Ghana.”

Last month, Asante announced it planned to convert C$1.096mln of debt into equity.

The Ghana focussed junior gold company at that time said issuing new common shares would be the best way to reduce debt in order to take advantage of the “recently opened gold financing window”.

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Mon, 07 Mar 2016 11:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/123381/asante-gold-corp-issues-shares-continues-to-look-at-other-funding-options-123381.html
<![CDATA[News - Asante Gold Corp is issuing shares against debt ]]> https://www.proactiveinvestors.com.au/companies/news/122319/asante-gold-corp-is-issuing-shares-against-debt-122319.html Asante Gold Corp (CVE:ASE) has unveiled to investors a plan to convert C$1.096mln  of debt into equity.

The Ghana focussed junior gold company said that issuing new common shares was the best way to reduce debt in order to take advantage of the “recently opened gold financing window”.

It maximises the company’s potential to raise significant financing to advance the Kubi gold project to production, and further explore the Betanase and Fahiakoba gold projects as well.

Additionally, Asante also intends to raise a small amount of new capital (C$53,300) via a non-brokered private placement.

Some 10.967mln new shares, priced at 10 cents each, will be issued against the debt, while 533,000 are being issue in the funding.

Douglas MacQuarrie, Asante chief executive, will see his shareholding increase by 3.045mln shares as a result of the new issue of equity and he will subsequently own 27.96% of the company.

Goknet Mining, meanwhile, will take some 2.385mln shares and its stake in the company will be 12.24%. Goknet Mining and Asante has one director in common.

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Tue, 09 Feb 2016 06:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/122319/asante-gold-corp-is-issuing-shares-against-debt-122319.html
<![CDATA[News - Asante Gold tweaks warrants terms ]]> https://www.proactiveinvestors.com.au/companies/news/121767/asante-gold-tweaks-warrants-terms-121767.html Asante Gold (CNQ:ASE) has reduced the exercise price of two million share purchase warrants, originally exercisable at a price of 70 cents per share to 15 cents per share.

The exercise period for the warrants runs until February 28, 2017. In the event the shares trade at 20 cents or above for 10 consecutive trading days then the warrant holder will have 30 days to exercise or they will expire.

This repricing is subject to the approval of all warrant holders, which is currently being requested, the West Africa-focused mine developer said.


 

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Tue, 26 Jan 2016 07:19:00 +1100 https://www.proactiveinvestors.com.au/companies/news/121767/asante-gold-tweaks-warrants-terms-121767.html
<![CDATA[News - Asante Gold's boss upped stake in recent share issue ]]> https://www.proactiveinvestors.com.au/companies/news/121040/asante-gold-s-boss-upped-stake-in-recent-share-issue-121040.html Douglas MacQuarrie, president and chief executive officer of Asante Gold (CNQ:ASE), upped his stake in the company by participating in the recent fund raising.

MacQuarrie directly and indirectly acquired 650,000 shares in the gold mine developer and 325,000 warrants by participating in the recently closed private share placement.

Each warrant is exercisable into one common share of the company at a price of 30 cents for a period of two years with a provision that, should the shares trade on the Canadian Stock Exchange at 35 cents or higher for 20 consecutive trading days, the warrant holder would have 30 days to exercise the warrant or they will expire.

The units were purchased for investment purposes, Asante told investors.

MacQuarrie now beneficially owns, directly or indirectly, 6.09mln common shares, 575,000 share purchase warrants and 400,000 stock options, which, upon exercise of such warrants and stock options, represents around 29.32% of the issued and outstanding common shares of the company on a partially diluted basis.

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Wed, 06 Jan 2016 10:39:00 +1100 https://www.proactiveinvestors.com.au/companies/news/121040/asante-gold-s-boss-upped-stake-in-recent-share-issue-121040.html
<![CDATA[News - Asante Gold directors put their hands in their pockets ]]> https://www.proactiveinvestors.com.au/companies/news/120928/asante-gold-directors-put-their-hands-in-their-pockets-120928.html Asante Gold (CNSX:ASE) has closed off subscriptions to the non-brokered private placement previously announced on September 4th of last year.

The company will issue 650,000 units at a price of 15 cents per unit, raising gross proceeds of C$97,500. All units have been acquired by directors, officers and insiders of the company.

Each unit comprises one common share and half of a transferable common share purchase warrant. Each full warrant will be exercisable into one common share of the company at a price of 30 cents for a period of two years with a provision that, should the shares trade on the Canadian Stock Exchange at 35 cents or higher for 20 consecutive trading days, the warrant holder would have 30 days to exercise the warrant or they would expire.

The shares and warrants to be issued are subject to a four-month hold period.

Proceeds from the placement will be used for general working capital purposes, Asante said. 

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Mon, 04 Jan 2016 06:35:00 +1100 https://www.proactiveinvestors.com.au/companies/news/120928/asante-gold-directors-put-their-hands-in-their-pockets-120928.html
<![CDATA[News - Asante Gold continues to mull milling options in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/120742/asante-gold-continues-to-mull-milling-options-in-ghana-120742.html The fiscal third quarter of Asante Gold (CNQ:ASE) was largely devoted to evaluating two scenarios for the Kubi mining leases in Ghana.

In its quarterly results statement the company said it is mulling a custom milling and direct shipping option with expected funding estimated at up to US$25mln, financed through a mixture of equity and debt, giving a projected 14-month timeline to production, but the other option under consideration is to build a full mill for processing with an estimated funding of up to US45mln and an 18-month timeline to production.

The company is continuing to evaluate potential toll milling opportunities in Ghana, as well as sourcing additional management and production expertise to fully develop the potential of Kubi.

Asante is still in the pre-revenue stage, so it is little surprise that it made a loss during the quarter, but at C$589,262 the net loss for the period was little changed from the C$564,642 lost in the corresponding period of 2014.

Favorable foreign exchange movements trimmed that loss to C$470,966, versus a loss of C$565,956 the year before.

The company ended October with C$22,339 in cash; the executive management and directors have deferred cash compensation until the working capital position of the company has improved. As at October 31, 2015 a total of C$978,830 was owed to related parties, excluding loans and advances (2014:C$673,732).

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Tue, 22 Dec 2015 07:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/120742/asante-gold-continues-to-mull-milling-options-in-ghana-120742.html
<![CDATA[News - Asante Gold celebrates permitting news at Kubi Gold project ]]> https://www.proactiveinvestors.com.au/companies/news/120550/asante-gold-celebrates-permitting-news-at-kubi-gold-project-120550.html Asante Gold (CVE:ASE) has received good news on the permitting front at the Kubi gold asset in Ghana, on which it has an option.

Kubi Gold (Barbados), which owns the asset, has received a temporary mining exploration operating permit for the start of the construction of the portal and exploration decline at Kubi.

The Kubi Gold operating permit is based on the application it filed detailing its plan for a four metres (m) x 4.5m exploration decline at -15% grade on the Kubi Main Deposit.

Kubi Gold proposes to drive cross-cuts and exploration "ore" drives on three levels - the 60m, 120m, and 180m levels - to allow for a program of definition and resource upgrade drilling and to obtain a bulk sample for test milling.

The total development planned is roughly 2,100m, including 1,502m of decline and associated mucking bays, safety bays, parking bays, electrical cubbies and drill stations; 283m of cross-cut on three levels from the decline to the mineralisation; and 315m of level drifts along mineralisation, Asante said.

Previous drilling indicates an average true width of 2.1m for the Kubi gold mineralisation, suggesting that the 315m of targeted "ore" drives by 3m in height should produce a bulk sample of approximately 5,500 tonnes.

An environmental sampling and measurements program to update the extensive historical baseline sampling results from the previous surface mining program completed by AngloGold Ashanti (and its predecessor Ashanti Goldfields) is proposed.

Infrastructure to support the exploration project will include an upgrade to the access road, perimeter fencing, diesel generated power, offices and change house with lamp room, water management and waste management facilities.

Subject to completion of funding, closing of the Option and successful results from the exploration program, the company and Kubi Gold will develop a final schedule and life of mine plan to support an application for a Mining Operating Permit.

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Wed, 16 Dec 2015 09:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/120550/asante-gold-celebrates-permitting-news-at-kubi-gold-project-120550.html
<![CDATA[News - Asante Gold finds significant gold mineralization at Betanese ]]> https://www.proactiveinvestors.com.au/companies/news/120147/asante-gold-finds-significant-gold-mineralization-at-betanese-120147.html Asante Gold (CVE:ASE) has discovered a significant gold mineralized system on the Betanase asset, on which it has an asset, in the Kubi area of Ghana.

Assay results have been received for 256 samples taken from the 562-metre phase one drill program.

Four diamond drill holes were completed on three sections each separated by about 250 metres and drilled to test a 750-metre long north-northeast-trending gold in soil geochemical target.

Six intervals gave anomalous gold values greater than one gram per tonne (g/t) gold, with the best intersection reported in hole BET15-003, which assayed 3.14 g/t gold over four metres.

The mineralization is associated with cross-cutting pyritic quartz stringers and disseminated and local bedded and stringer pyrite in altered Tarkwaian quartzites, Asante said.

The company considers the initial results to be significant, given that significant grades and widths of gold mineralization, associated with widespread albite alteration, have been intersected in what may be a large mineralized system.

The best gold intersections are spatially related to high induced polarization chargeability anomalies that were previously outlined by the company, Asante asserted.

Subject to financing, a follow-up phase two drill program will target extensive high induced polarization (IP) areas along strike to the north-east and south-west.

Betanase, which is under option from Perseus Mining (Ghana) Ltd., adjoins to the south of the AngloGold Ashanti/Randgold Resources Obuasi mining lease.

Among the significant drill hole assay results reported were two metres at 1.93 g/t and two metres at 0.84 g/t on hole 001; 7.5 metres at 1.14 g/t and two metres at 2.25 g/t on hole 002; one-and-a-half metres at 1.2 g/t and four metres at 3.14 g/t on hole 003; and four metres at 0.83 g/t on hole 004.


 

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Mon, 07 Dec 2015 12:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/120147/asante-gold-finds-significant-gold-mineralization-at-betanese-120147.html
<![CDATA[News - Asante Gold’s Betanase project shows early promise ]]> https://www.proactiveinvestors.com.au/companies/news/119442/asante-golds-betanase-project-shows-early-promise-119442.html Doug MacQuarrie’s a man who knows gold and who knows West Africa.

He was the principal driving force behind PMI Mining, before it was bought out by Asanko Gold (TSX:AKG) for US$183mln.

PMI’s Obotan project was a classic development story: located on promising geology between the famous Ashanti fault/shear and the Bibiani shear in Ghana’s gold-rich Ashanti autonomous region, it was so good that Asanko came round for a second bite after PMI rebutted its initial overtures.

Now MacQuarrie’s back in his old stomping ground, having recently optioned some new licenses from another well-known West African gold company, Perseus Mining (ASX:PRU).

His new vehicle is Asante Mining (CNX:ASE), and the project is the Betanase concession in the Kubi area of Ghana.

Asante’s work here is just getting underway, but already it’s looking good.

The project came with a promising looking untested anomaly that certainly merited closer investigation.

Asante certainly hasn’t wasted any time.

Within a couple of months of announcing the acquisition, drill rigs had been deployed.

Now, the first results are about to come in.

Core from four holes has now been recovered and, on a first pass, show signs of significant mineralisation.

The core will now be split and sent off to the lab for proper assaying.

And the results from that work will give us the first indication of whether or not Asante’s hopes for the project are likely to be realised.

 

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Thu, 19 Nov 2015 10:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/119442/asante-golds-betanase-project-shows-early-promise-119442.html
<![CDATA[News - Asante Gold announces drilling campaign at Betanese ]]> https://www.proactiveinvestors.com.au/companies/news/116043/asante-gold-announces-drilling-campaign-at-betanese-116043.html Asante Gold (CVE:ASE) has announced plans to kick off a drilling campaign on the Betanese concession in the Kuba area of Ghana.

The program will test the strong gold-in-soil anomaly previously identified by Perseus Mining (Ghana) on the project that adjoins to the south of the AngloGold Ashanti/Randgold Resources Obuasi mining lease.

In all, Asante plans to drill an initial four to six drill holes totalling 750 metres. Further updates and results will be provided as available, Asante said. 

The company is currently accepting subscriptions to the private placement announced on 4 September, it added.

The company is offering up to 10 million units, with each unit priced at 15 cents and consisting of one common share and half of a transferrable share purchase warrant. 

The offering is being made to existing shareholders of the company (as of 4 September) and to accredited investors. 


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Fri, 09 Oct 2015 06:27:00 +1100 https://www.proactiveinvestors.com.au/companies/news/116043/asante-gold-announces-drilling-campaign-at-betanese-116043.html
<![CDATA[News - Randgold’s revival plan for Obuasi spells gold for Asante ]]> https://www.proactiveinvestors.com.au/companies/news/114493/randgolds-revival-plan-for-obuasi-spells-gold-for-asante-114493.html AngloGold Ashanti might have hogged all the headlines last week when FTSE 100 major Randgold Resources (LON:RRS) agreed to develop its Obuasi gold mine in Ghana.

But look just a little further, next door in fact, and Randgold’s move could have even greater consequences for small cap neighbour Asante Gold (CVE:ASE).

The junior is planning to fund its Kubi Gold Mine, which adjoins immediately to Obuasi, into production and a name like Randgold in the area will only aid its efforts.

“The fact that we’re right next to one of the world's foremost underground gold mines and now two world class operators – Randgold and AngloGold – is great news for us,” said Asante’s chief executive Douglas MacQuarrie.

Obuasi has mined some 33mln ounces of gold over its 117 year mine life, so if Randgold sees a viable future for Obuasi, there’s probably one for Kubi.

Asante is purchasing Kubi from Ghana-based Goknet Mining (which now owns 10% of Asante) and plans to develop it with a decline and toll milling within 16 months at a cost of US$20mln.

It’s target output, subject to future exploration results, is 30,000 oz per year at a target shipping grade of +6 g/t Au.

Asante also holds an option on the Betanase concession from Perseus Mining (TSE:PRU, ASX:PRU) just 5 kilometres east of Kubi where it has outlined a 750 metre long drill target to be tested in the next quarter.

It also owns 100% of the Fahiakoba concession, that’s located 9 kilometres west of Kubi and adjoining to the north of Perseus' 6.6mln ounce Edikan Mine.

MacQuarrie calls it ‘Ghana’s Golden Triangle’, which gives you some idea of the geography and his optimism.  Most new gold reserves are found near old ones...and Asante is near three of them.

 

 

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Mon, 21 Sep 2015 07:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/114493/randgolds-revival-plan-for-obuasi-spells-gold-for-asante-114493.html
<![CDATA[News - Asante Gold sees cash-generating future ahead, says CEO ]]> https://www.proactiveinvestors.com.au/companies/news/105869/asante-gold-sees-cash-generating-future-ahead-says-ceo-60373.html Asante Gold (CVE:ASE) has several stock-jumping catalysts ahead this year after recently signing a definitive option agreement for the Kubi gold project in Ghana, where it is planning to launch a high grade mining operation in short order.

The company signed a deal, subject to final closing, with Goknet Mining Company Limited to earn up to 100 percent of the project, which is located near two major mills between AngloGold Ashanti’s 60 million ounce Obuasi mine and Perseus Mining’s 6 million ounce Edikan property.

Under the terms of the deal --- which comes after a cancelled royalty arrangement on the Obotan deposit last year --- Asante can earn a 50 percent stake in Kubi Gold, which owns the mining leases, in exchange for issuing to Goknet 2 million shares. It must also pay US$2 million within four months of closing and provide a total of US$15 million in funding within two years. 

Asante can then choose, in two separate stages, to bolster its stake to 75 percent and to 100 percent, by issuing more shares or by paying additional cash.

The current NI 43-101 compliant resource on the property, which sits 4 km off a main highway, stands at 350,000 ounces at a diluted grade of 5.5 grams per tonne (g/t), based on extensive drilling done up until the late 1990s. The company estimates that over US$30 million in exploration and development work was carried out at Kubi since the mid-1980s.

Specifically, Asante says it will target the 8 to 10 g/t gold plus “steeply plunging gold mineralized shoots” indicated from the previous drilling for early development, via a decline from a previously mined pit.

“In the current gold market and with those types of grades, and considering the fact that we don’t need to build a mill, we expect to be able to put [the operation] together,” says chief executive officer Douglas MacQuarrie.

The CEO says Kubi Gold has already hired a lead mining engineering firm in Canada to produce a pre-feasibility study (PFS) to mine Kubi, and has selected Mining and Building Contractors (MBC) as the lead contractor based in Ghana, a company which was the main underground development contractor at the Obuasi mine from 1921 through to 2012.

“We’re talking to MBC to get firm numbers for the PFS, and very soon we expect to have a preliminary cash flow model,” MacQuarrie adds. 

The company’s next order of business is to negotiate a toll milling contract with one of the nearby mills, which will assist Asante to secure about $20 million in an operating line of credit to fund the development of the Kubi operation.  

“Discussions are going well. It will be mutually beneficial for these mills, as we reduce our capex by circa $30 million and our timeline to production by one year, while the mills will secure an additional profit centre in a tough gold market.  We both look like heroes,” explains MacQuarrie.

“The bottom line is that a four year toll milling contract would be worth US$140 million assuming current gold prices and circa 30,000 ounces of gold produced every year for four years. If we can get that contract, and the US$20 million credit line, it will be a complete no brainer [for investors],” he says.

Even better, the company’s current market cap is under $2 million, with the stock trading at 10 cents.  MacQuarrie believes that if all goes according to plan and the company can start shipping, investors will soon realize the stock is worth much more than this.  

MacQuarrie, who has worked in Ghana for over 20 years and includes in his successes building PMI Gold’s assets in the country to over 5 million ounces, is betting on this, as he is Asante’s biggest believer and the single largest shareholder, holding 22 percent.

After the toll milling and credit line arrangements are wrapped up, Kubi Gold will look to undertake permitting for development. The property is already a mining lease with 13 years remaining, and is renewable.  Further permits from the Mines Department, the EPA and forestry allowances are also necessary. “Given that it’s a brownfield site and we are proposing an underground operation utilizing mainly local Ghanaian miners and contractors, we don’t ascertain any problems with this,” affirms the CEO.

The project is, after all, located just a 15 minute drive north of the town of Dunkwa, a main regional supply centre, and 15 km south of AngloGold’s Obuasi mine --- a major mining centre for more than 115 years.

Once the permits and funding are in order, operations could start within one year, with a steady stream of cash flow to support the business. Right now, MacQuarrie says Asante is funded by shareholders on a private basis, a strategic move to avoid tough market conditions for equity offerings, which would have overly diluted shareholders.

“The key thing [at Kubi] is it has been previously surface mined by AngloGold Ashanti and there are strong indications of high underground grades of up to 40 grams per tonne. We believe we can outline high grade areas that can permit early payback and throw off a lot of cash,” says the CEO.

More importantly, MacQuarrie believes that this high grade, low cost mine model can be used to grow the company with other acquisitions, developing similar “high grade, high margin” mines.

“The Obuasi mine to the north of us is developed to 2,500 metres below surface, and our current mineral resource drilling is only 300 to 400 metres below surface,” he adds, suggesting the Kubi property also has enormous exploration potential.

Upside or not, the high grade mining operation planned for Kubi is expected to generate some significant cash flow for Asante within the next year.

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Thu, 12 Mar 2015 09:04:00 +1100 https://www.proactiveinvestors.com.au/companies/news/105869/asante-gold-sees-cash-generating-future-ahead-says-ceo-60373.html
<![CDATA[News - Asante Gold inks definitive option deal for Kubi gold mine ]]> https://www.proactiveinvestors.com.au/companies/news/105732/asante-gold-inks-definitive-option-deal-for-kubi-gold-mine-60186.html Asante Gold (CVE:ASE) has now signed a definitive option agreement with Goknet Mining Company to earn up to 100 percent of the Kubi gold project in Ghana, following receipt of conditional approval from the TSX Venture Exchange last month. 

Under the terms, Asante can earn a 50 percent stake in Kubi Gold, which owns the mining leases for the project, in exchange for issuing to Goknet 2 million shares. It must also pay US$2 million within four months of closing, and provide a total of US$15 million in funding within two years.

Asante also has the option to bolster its stake to 75 percent and then to 100 percent, by issuing more shares or by paying additional cash. If it elects full ownership, Goknet will be entitled to a 2 percent net smelter royalty. 

Currently, Royal Gold holds a 3 percent net proceeds of production royalty on the property, and the Ghana government has a statuatory 10 percent "free carry equity" and 5 percent net smelter royalty interests. 

Asante is planning on developing the Kubi project as a high grade, custom milling and direct shipping operation, as it is located near two major mills between AngloGold Ashanti's 60 mln ounce Obuasi gold mine and Perseus Mining's 6.6 mln ounce Edikan asset.

The property, in addition to the Kubi mining leases, also includes Goknet's righs to 39 square kilometres of adjacent land, which are currently in the process of being transferred to Goknet from a third party, Asante said. This process still needs the consent of the Minister of Lands, Forestry and Mines in Ghana. 

The option agreement, which was initially announced last October, is expected to close by the end of March, subject to final approval from the TSX Venture Exchange.

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Tue, 03 Mar 2015 09:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/105732/asante-gold-inks-definitive-option-deal-for-kubi-gold-mine-60186.html
<![CDATA[News - Asante Gold's CEO buys up 22% of company stock as arbitration decision nears ]]> https://www.proactiveinvestors.com.au/companies/news/98028/asante-golds-ceo-buys-up-22-of-company-stock-as-arbitration-decision-nears-49133.html Asante Gold's (CVE:ASE) (TSX-V:ASE) chief executive Douglas MacQuarrie is nothing if not confident in the prospects of his company, proven in the fact that he has increased his position to over 22 percent since the initial public offering. 

The company is two months away from some big news in the week of December 16, when a decision on an arbitration is due that will spell the fate of a deal to acquire half of the 2 percent NSR royalty Goknet Mining Company holds on PMI Gold's (TSE:PMV) (TSX:PMV) Obotan gold project in Ghana. 

In late March, Asante said that Goknet, the royalty holder, had not yet received the necessary consent for the deal, and that it had referred the matter to binding arbitration. In November last year, Asante announced it would buy a 1 percent royalty from Goknet for $22.5 million in stock.  

"We're feeling incredibly optimistic that Goknet will win the arbitration, and that we'll be back on track to rolling the royalty into the company," says MacQuarrie. 

Incredibly optimistic indeed. Since the IPO in February 2012 at 50 cents, in which the CEO purchased half a million units, he has since acquired another 2.2 million shares at various prices, with his total interest now equaling 22.3 percent, meaning he is steadfast in his belief that the Obotan royalty will pay off. 

"It's a super deal that is expected to bring $4 million a year of income to the company," asserts the chief. 

"[Gold royalty companies] are the sweetest spot in the market. You make your investment and you don't have to put any more money up. Sit back, and collect your royalties assuming it's the right royalty. As your company gets bigger, you diversify the royalty exposure so the cash flow is secure."

He says the combination of low overhead, with income and full exposure to the upside of exploration success is a winner. "It hits a lot of buttons in a market that is risk averse," adds MacQuarrie. 

Based on the Obotan project feasibility study published by PMI Gold, the mine is expected to produce a total of 2.26 million ounces of gold over a 11.5 year open pit mine life starting in the first half of 2015. The gold mineralization is known to extend to depth under the proposed main pit and additional mine life/royalty payments are anticipated.  

Aside from the potential money-making royalty, Asante also holds a 100% interest in the Fahiakoba property -  a 22.07 square km prospecting license located on strike with and between Perseus Mining’s 6.6 million ounce Edikan Mine and AngloGold Ashanti’s 60 million ounce Obuasi Mine. 

But until the Canadian venture market picks up, MacQuarrie says it makes "zero sense" to dilute the company for a financing it "doesn't need to do", preferring to wait for the royalty transaction to close and for market conditions to improve. "At 50 cents, we would love to do a financing and get on the acquisition trail," he concludes. 

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Tue, 22 Oct 2013 10:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/98028/asante-golds-ceo-buys-up-22-of-company-stock-as-arbitration-decision-nears-49133.html
<![CDATA[News - Gold yet to hit its peak, says Asante CEO ]]> https://www.proactiveinvestors.com.au/companies/news/96852/gold-yet-to-hit-its-peak-says-asante-ceo-47072.html Gold yet to hit its peak, says Asante CEO

It’s simple, says Douglas MacQuarrie, president and CEO of Vancouver-based, Ghana focused junior gold explorer and developer Asante Gold Corp. (CVE:ASE): gold has great days ahead of it, while the greenback, on the other hand, is on its way out.

“Empires never last forever,” says the four decade mining veteran. “The U.S. is on a decline; China, Brazil, India -- the BRIC countries -- are all on a gain. Thirty years ago, Japan, the U.S. and Britain made up more than 80 per cent of world GDP; today they’re less than 40 per cent. These are long term trends.” 

Gold ascendency trumps the struggling greenback

And in the years to come when the American dollar will no longer bestride the financial markets like a colossus, what does MacQuarrie consider likely to be the currency to take over as the arbiter of value? 

Well, about that...“It will have to be a basket [of currencies] and in that basket will be gold.”

The formalization of the inclusion of a non-inflationary commodity will be a nice change of pace in a world where the value of currency is being consistently eroded by campaigns of monetary stimulus that boost the sheer quantity of legal tender in circulation.

“A country cannot get rich by printing money,” MacQuarrie says in reference to the US Federal Reserve’s stimulus program known as quantitative easing, an emergency measure that has done much to strengthen gold’s position, eroding as it does the value of currency while bolstering the yellow metal’s reputation as a hedge against inflation.

“Anyone who thinks wealth can be created by the government printing money is a fool. It’s a very short term, stop-gap to some sort of crisis management.  They’ve turned it into a long term fix to the economy. That’s not the way it works.”

Then, as MacQuarrie says, this extra printed money “finds its way into the Dow, giving everyone the feel-good idea that quantitative easing is working because the stock market is going up.” The retreat of the American dollar as the world’s principal currency is the triggering event that MacQuarrie sees as heralding a new era of gold ascendancy.

Investors: go long in gold

“I think the next five years will be spectacular, as the U.S. dollar loses more and more influence as the world reserve currency, which means gold is going much, much higher. My opinion - you should get very long in gold bullion and the best gold stocks.”

And the message beyond that is that investors would do well to make the most of this time, to take advantage of the fire sale prices at which gold miners are trading these days. “I strongly believe that gold has a future, but fiat money, which is the ruler you measure it with, is going to shrink while gold is going to grow.

“The best deal is to find the right junior with the right management that’s cheap. The right one cent, five cent, ten cent, or fifty cent stock is going to trade at $1.50, or $5 in next cycle and I am convinced that the next cycle is coming.”

“High grade, low cost, low capital”

But in the interim, it’s time, the explorer responsible for assembling land packages yielding 7 million ounces of gold resources, says, for the industry – drunk for so long on the seemingly endless rise of gold -- to change its ways. Certainly, the tendency to take every uptick in the price of a commodity as a signal to commission ever-larger mines with steadily diminished grade cut-offs makes the veteran miner see red.

“You need mining companies that are profitable. We’ve got to go after better ounces and greater margins, while watching costs. Every time the price of gold goes up we should not lower the cut-off grade and build bigger mines. Its time for the shareholders to see some real returns.”

“If you look at the last 100 years of gold mining you’ll find that in underground gold mines, if you have a third of an ounce of gold [per tonne] you make money; at a quarter of an ounce [per tonne] it’s iffy, and if it gets down to the 0.15 of an ounce [per tonne] range, you lose money.”

“The majors because of cheap financing and over valued share prices were able to finance low grade high capital mines, but if you look at all the projects that have been cancelled in the last six months -- it looks like it doesn’t even work for them anymore.”

“We’re back to the time proven mining model of higher grades, lower operating and capital costs. We want to concentrate on this.”

Containing costs

And that brings us to the thorny question of costs, in an industry habituated to ever-spiralling expenses being off-set by similarly ascendant prices for their commodities.

MacQuarrie has no time for the old-style metrics used to measure production costs that leant themselves to a certain massaging of figures.

Or as he says, “I call it lying. Goebbels would be very proud of the spin doctors.”

“A few years ago everyone was [producing gold at] $500 an ounce, but when you take their balance sheets and their total earnings, and look at the total costs and then the number of ounces... the industry has been misleading the investor for years and now they’re being called on the carpet and rightly so.”

“At all in costs of $1,300 to $1,350 per ounce, there is no margin. Stocks trade at a multiple of earnings and if there are no earnings, therefore stocks should all trade at zero.”

The problem here, MacQuarrie emphasizes, is the drop not in the price of the commodity itself, but in the operational profit, or lack of it, put under such pressure by the need to satisfy ever-increasing expenses in an overheated market.

“If you were cynical you would say the industry is driven by the service providers. The service providers all made lots of dough [in the just-ended years-long gold rush], the problem is that the shareholders didn’t. Pull a 10 year chart on the major gold producers – where is the growth or any significant yield?”

Nonetheless, the future for the metal is bright, with MacQuarrie noting: “The bottom line is that demand is increasing, production is decreasing, exploration is nil.”

Royalties recover first

In the short term, there’s one precious metals model MacQuarrie sees as likely to benefit from any economic upswing first.

“The royalty companies are going to recover first, as they don’t have any exposure to the cost [of the actual mining]. Their money goes in and then assuming you’ve picked the right mine, [a royalty comes out.]”

For example, Asante – which also has a sideline in gold royalties – recently announced a one per cent stake in PMI Gold's (TSE:PMV) Obotan gold project in Ghana. The royalty currently in arbitration, is worth, MacQuarrie says,  “$4 million per year at current gold prices– so if it triples, well you can do the math.”

From there, he says, the canny royalty company with cash on hand would be well-advised to hold off until commodities – ever the cyclical phenomenon  – pull back again to sink some of that into purchasing “fantastic assets.”

Because if there’s one sure thing about gold, it’s that the future, ultimately, glitters.

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Tue, 13 Aug 2013 11:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/96852/gold-yet-to-hit-its-peak-says-asante-ceo-47072.html
<![CDATA[Media files - Asante Gold says royalty business hits investors' "sweet spot" ]]> https://www.proactiveinvestors.com.au/companies/stocktube/3618/asante-gold-says-royalty-business-hits-investors-sweet-spot-.html Wed, 20 Mar 2013 11:27:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/3618/asante-gold-says-royalty-business-hits-investors-sweet-spot-.html <![CDATA[News - Asante’s shares rally as investors anticipate benefits of royalty acquisition in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/92653/asantes-shares-rally-as-investors-anticipate-benefits-of-royalty-acquisition-in-ghana-39877.html Shares of Asante Gold Corp. (CVE:ASE) were up nearly nine per cent Friday, having advanced roughly 30 per cent in the past month, as investors look forward to seeing the benefits of a deal inked last fall to buy the 1 per cent net smelter return (NSR) royalty Goknet Mining Company holds on PMI Gold's (CVE:PMV) Obotan gold project in Ghana.

The consideration of the royalty acquisition deal, reached in November last year, is $22.5 million, consisting of 45 million shares in Asante stock, at a deemed value of 50 cents per share.

Asante president and CEO Douglas MacQuarrie, who is also the managing director of Goknet, said earlier this month that he was looking forward to the company’s shareholder meeting to approve the royalty acquisition - and moving Asante forward.

MacQuarrie acquired another 1 million Asante shares for $250,000 in early January, bringing his total investment in the company to about 4.47 million shares, 250,000 share purchase warrants and 300,000 stock options, representing roughly 22.77 per cent of Asante’s stock, on a partially diluted basis - a show of confidence in the junior gold explorer.

PMI Gold has previously announced that the Obotan project has a post-tax net present value of US$387 million, assuming a US$1,300 per ounce gold price, and a 5 per cent discount rate. It also has a projected post-tax internal rate of return (IRR) of 28 per cent, and a capital payback period of just less than 3 years.

Start of construction is targeted for this quarter, for first gold production beginning in 2014, conditional on approvals and financing arrangements.

Average production is slated for 221,500 ounces of gold per year for the first five years, with total production estimated at 2.26 million recovered gold ounces over the 11.5 year mine life.

Project revenue over the life of the mine is forecast at a whopping US$2.9 billion using a $1,300 an ounce gold price, and at US$3.61 billion using a higher price of the yellow metal.

Average cash operating costs are anticipated at US$626 per ounce, and the capital cost estimate for Obotan is US$296.6 million, including a pre-strip mining cost of US$82.2 million.

Asante is also currently exploring the Fahiakoba Concession located in the centre of Ghana's Golden Triangle between Perseus Mining's (TSE:PRU) (ASX:PRU) 280,000 ounce-per-year Edikan gold mine, and AngloGold Ashanti's (NYSE:AU) 315,000 ounce-per-year Obuasi gold mine.

Last September, the company said it collected final assays from a soil auger program on its Fahiakoba mining concession. Auger holes were drilled to depths of seven metres to test for blind gold mineralization within weathered bedrock below widespread alluvial cover.

Anomalous gold values ranged from 25 to 650 parts per billion (ppb), with background levels of 10 ppb gold or less. The assays were part of a 1,200 auger-hole soil geochemical drill program designed to outline additional drill targets.

Asante’s shares were up 2 cents as at about 1:30 p.m. EDT Friday, trading at 25 cents.

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Fri, 25 Jan 2013 13:43:00 +1100 https://www.proactiveinvestors.com.au/companies/news/92653/asantes-shares-rally-as-investors-anticipate-benefits-of-royalty-acquisition-in-ghana-39877.html