Ashanti Closes Private Placement

September 28, 2016

VANCOUVER, BC – September 28, 2016 - Ashanti Gold Corp. (“AGZ” or the “Company”) - (TSXV: AGZ) is pleased to announce that it has closed its non-brokered private placement announced August 17, 2016 and has raised $1,300,000 through the issuance of 5,000,000 (“Units”) priced at $0.26 per Unit (the “Offering”). Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.36 per share for up to three years expiring September 28, 2019. In the event that the Company`s shares trade at a closing price of greater than $0.50 per share for a period of 10 consecutive days at any time after the closing of the Offering, the Company may accelerate the expiry date of the warrants by providing notice to the warrant holders and in such case the warrants will expire on the 30th day after the date on which such notice is given by the Company.

The Company paid finder’s fees of $75,633 and issued 290,779 finder warrants, each of which entitle the holder to purchase one AGZ common share at a price of $0.26 for one year expiring September 28, 2017.

All securities are subject to a four-month hold period expiring January 29, 2017. Net proceeds of the private placement will be used to fund the exploration costs related to the earn-in agreement on the Anumso property, pursuant to the letter of intent with Goldplat PLC announced on July 13, 2016, as well as for general corporate purposes.

On Behalf of the Board of Directors of
ASHANTI GOLD CORP.

"Tim McCutcheon"

Tim McCutcheon
CEO

For further information, please contact:
Ashanti Gold Corp.
2300 – 1177 West Hastings Street
Vancouver BC, V6E 2K3
Phone: 604-638-3690

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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