Ashanti Gold names Jonathan Henry as a Director, grants options

December 7, 2016

VANCOUVER, BC – 12/07/2016 Ashanti Gold Corp. (“Ashanti” or the “Company”) - (TSXV: AGZ) is pleased to announce Jonathan Henry is joining the board of directors.

Mr. Henry (50) has been President and Chief Executive Officer of TSX-listed Gabriel Resources Ltd. since June 2010. Between 1994 and 2010 he worked with Avocet Mining PLC (“Avocet”), a UK based and listed gold producer and now a West African gold mining and exploration company operating the Inata Gold Mine in Burkina Faso. At Avocet he worked in a variety of senior management capacities including Finance Director and Chief Executive Officer from 2006-2010. During his tenure at Avocet he oversaw successful exploration, feasibility study, mine development and capital funding activities, plus a number of acquisitions and disposals of mine assets in Portugal, Peru, USA, Tajikistan, Burkina Faso, Malaysia and Indonesia. Avocet’s activities during Mr. Henry’s tenure as CEO included the company’s revised focus on gold mining and exploration in West Africa.

Mr Henry has an honours degree in Natural Sciences from Trinity College, Dublin. He is based in London, UK.

Tim McCutcheon, Ashanti’s CEO, said: “We are very excited to have Jonathan join our board. His deep experience in all phases of gold asset development, and his long-standing relationships with mining focused institutions, is a great addition to the Ashanti team.”

The Company also notes the resignation of Douglas Richdale as a director. The Board thanks Mr. Richdale for his service.

Grant of Incentive Stock Options

Ashanti also announces that, pursuant to its Incentive Stock Option Plan, it has granted incentive stock options to directors and consultants of the Company to purchase up to an aggregate of 300,000 common shares in the capital stock of the Company. The options are exercisable on or before December 6, 2018 at a price of $0.45 per share.

ABOUT ASHANTI GOLD

Ashanti is a gold-focused, exploration and development company with projects in the northern Ashanti Belt of Ghana and the Kinieba Belt of Mali. The Company targets projects where it has a competitive advantage due to past work experience of the team and specific project know-how.

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: 604-638-3847

Cautionary Statement on Forward-Looking Information

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.

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, timing and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

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