09:12 AM EDT, 08/06/2024 (MT Newswires) -- Asante Gold Corporation ( ASGOF ) on Tuesday announced a progress update on the planned sulphide treatment plant and rerouting of the Bibiani-Goaso Highway at the Bibiani Gold Mine.

According to a statement, iinstallation of the sulphide plant is key to the company's plans to grow gold production at Bibiani to more than 250,000 ounces per year. Cumulative production of 1.2 million ounces of gold is anticipated over the next five years at lower all-in sustaining costs.

It said the plant is planned for completion in the first quarter of 2025, at a total capital cost of approximately US$30 million. Once in operation, gold recovery from sulphide ore processed at Bibiani is expected to increase from 70% to approximately 92%, resulting in increased gold production and lower AISC. On this basis, the estimated payback on the sulphide plant is expected to be just four months.

When the sulphide plant is completed, Asante expects to be producing approximately 20,000 ounces per month at Bibiani, which is in line with the company's long-term planning for the mine.