Asante Gold Corporation Expects to File Year-End Financial Results by Late May and Announces Grant of Management Cease Trade Order

VANCOUVER, British Columbia, May 03, 2023 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) ("Asante" or the "Company") announces that it has applied for, and received, a management cease trade order (“MCTO”) from the British Columbia Securities Commission pursuant to which the Company will have until June 30, 2023 to file its annual financial statements, and related CEO and CFO certifications, for the years ended January 31, 2023 and January 31, 2022 and its annual information form for the year ended January 31, 2023 (collectively, the "Annual Filings"). The Company expects to complete the Annual Filings by no later than May 31, 2023.

The MCTO prohibits trading in securities of the Company by the chief executive officer and the chief financial officer of the Company, whether direct or indirect, for so long as the Annual Filings are not filed, while permitting continued trading by persons other than the chief executive officer and the chief financial officer. The MCTO will remain in effect until the Company completes the Annual Filings.

As a result of the Company’s listing on the Ghana Stock Exchange on June 29, 2022, the Company ceased to be a "venture issuer" for purposes of National Instrument 51-102 and the filing deadline for the Annual Filings accelerated from May 31, 2023 to May 1, 2023.

Due to the complexity associated with consolidating the Chirano gold mine acquisition, completed on August 10, 2022, Asante determined that it was not able to meet the May 1, 2023 deadline (the "Filing Deadline") for its Annual Filings. Specifically, the Company and its auditors are still assessing the accounting process for the purchase price in respect of this acquisition.

The Company intends to satisfy the provisions of the alternative information guidelines set out in Sections 9 and 10 of National Policy 12-203 by issuing bi-weekly status reports in the form of news releases so long as the Annual Filings are outstanding.

About Asante Gold Corporation

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with combined forecast production of approximately 400,000 ounces of gold for 2023. The Company continues with detailed technical studies at its Kubi Gold Project for early production. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle. Additional information is available on the Company’s website at www.asantegold.com.