The mill refurbishment is expected to employ up to 300 people and be finished in June 2022, Asante said.
The junior noted it was also working on design and planning initiatives for other aspects of the Bibiani mine development project.
The move seeks to reopen the currently halted operation, which has had a stop-start history and was suspended in 2013, the year then-owner Noble Mineral Resources collapsed.
Resolute Mining acquired Bibiani in 2014 but placed it on care and maintenance shortly after that to allow exploration activities and develop the mine into a large-scale operation.
The asset has mining and processing infrastructure and past production of about 4 million ounces of gold.
Based on an updated feasibility study released by Resolute in July 2018, Bibiani has the potential to generate about 100,000 ounces of gold per year over a ten-year mine life at a life-of-mine all-in sustaining cost of $764 per ounce.
It also published a current JORC compliant mineral resource of 21.7 million tonnes grading 3.6 grams gold per tonne for 2.5 million ounces of contained gold.
Asante has strong ties to Ghana, with Ghanaian citizens holding a significant shareholding, as well as board and executive roles.
The company has also announced plans to co-list its shares on the Ghana Stock Exchange.