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Asante Gold CEO Buys More Shares In The Africa-Focused Gold Explorer

Asante Gold Corp (CVE:ASE) reported late Tuesday that its president and CEO Douglas R. MacQuarrie acquired another 642,500 common shares of the company, signifying confidence in the gold explorer.

The direct and indirect purchases of these shares were made at prices ranging from 17.5 to 50 cents per share.

Following the latest transactions, MacQuarrie now holds, directly or indirectly, roughly 3.45 million common shares, 1.25 million share warrants and 300,000 stock options.

When warrants and stock options are exercised, this represents around 23 per cent of the company, on a partially diluted basis.

The latest shares were purchased for investment purposes, Asante said.

Asante Gold is a Vancouver-based gold explorer focused on the Fahiakoba Concession located in the centre of Ghana's Golden Triangle between Perseus Mining's (TSE:PRU) Edikan and AngloGold Ashanti's (NYSE:AU) Obuasi mines.

In late June, the company unveiled "positive" early drill results from the first phase of its maiden drill program at its Fahiakoba concession in Ghana.

The company said that drilling confirmed the discovery of narrow zones of gold mineralization in three of the 14 initial widely spaced drill holes targeting just 1.5 kilometres of the over 20.0 kilometres of "favourable shear zones" that have been outlined on the concession.

Asante noted that these discoveries are generally along strike of mineralization noted at Perseus Mining's Edikan mine, which is adjacent and to the southwest of the concession.

Significant results from the remaining assays of the 14 diamond drill holes totaling 2,437 metres, included hole FAH12-004 from 24 metres to 24.65 metres intercepting 0.65 metres of 11.1 grams per tonne (g/t) average uncut gold.