Asante Extends Exclusivity Period With Fujairah Holding LLC in Connection With Non-Binding Expression of Interest

VANCOUVER, British Columbia, May 16, 2023 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) provides the following update on the previously disclosed, unsolicited, non-binding expression of interest from Fujairah Holding LLC (“Fujairah”) to acquire all of the Company's issued and outstanding common shares not held by Fujairah (the "Non-Binding Expression of Interest").

On May 8, 2023, Asante announced that it had granted Fujairah exclusivity until May 15, 2023 in connection with the Non-Binding Expression of Interest. Asante has agreed to extend Fujairah's exclusivity until 5:00 p.m. (Toronto time) on May 19, 2023 to provide further time for Fujairah to complete its due diligence review.

The Company confirms that the entering into of a confidentiality agreement with Fujairah and the grant of an extension to Fujairah's exclusivity does not constitute Board support of the Non-Binding Expression of Interest.

The Company also confirms that it has no indication as to Fujairah’s intentions to submit any additional binding or non-binding proposal with respect to the acquisition of the Company’s common shares not held by Fujairah or any potential financing to be provided by Fujairah. Any such proposals, if received, would be reviewed by the Company, in consultation with the Company's financial and legal advisors. The Company does not undertake any obligation to provide any updates with respect to the Non-Binding Expression of Interest or any other proposals, except as required under applicable law.

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 leading to 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.