Asante Gold Acquires Kubi Mining Leases and Eight Prospecting Licenses, Ghana
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Asante Gold Corporation has reached ab agreement with Goknet Mining Company Limited to close the acquisition of the Kubi Mining Leases.
Asante plans to further explore and if warranted develop Kubi as a custom milling and direct shipping underground operation. It is located on major deep seated auriferous structures associated with AngloGold Ashanti’s 66 million ounce Obuasi Gold Mine and Perseus Mining Limited’s 6.6 million ounce Edikan Gold Mine.
In addition the company will acquire Goknet’s interests in eight prospecting licenses: two totaling 38 sq km adjoining to the west of the Kubi Mining Leases; and six contiguous licenses totaling 270 sq km located on the Asankrangwa Gold Belt 15 km to the south west and along strike of the Asanko Gold Mine. Each of these licenses has had considerable exploration work completed and many have drill ready targets outlined. These licenses are in the process of being transferred to Goknet from a third party, subject to the consent of the Minister of Lands, Forestry and Mines.
“Acquiring Kubi at a cost of circa $18 million or US$40 per ounce of NI 43-101 gold resources, is 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. 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. Our immediate focus is to complete a financing to commence the driving of a decline at Kubi for the resource to reserve upgrade drilling and to fund aggressive exploration on our other holdings,” said Douglas MacQuarrie, president and CEO of Asante Gold.
About Asante Gold
Asante Gold Corporation is a Vancouver, Canada based gold exploration company. Their current focus is Ghana, West Africa where we have announced an option to acquire up to 100 percent of the high grade Kubi Gold Mine by financing it to production. Kubi adjoins to the south and along strike from AngloGold Ashanti’s 66 million ounce Obuasi Gold Mine, one of the world’s greatest orebodies.
To stop by Asante Gold’s website, CLICK HERE
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