Ashanti Gold Announces Mobilization On Kossanto East

November 6, 2017 Download PDF

VANCOUVER, BC – November 6, 2017 Ashanti Gold Corp. (“Ashanti” or the “Company”) - (TSXV: AGZ) is pleased to announce it has begun field mobilization on the Kossanto East project in Mali (the "Project") for its second season of exploration work.

The Project is a 66.41 km2 concession in the prolific Kenieba Inlier, the northwestern-most exposure of Birimian rocks in West Africa. Over the last twenty-five years more than 40M ounces of gold has been discovered in proximity to key structures resulting in the construction of multiple mines, including the Loulo, Sadiola, Yatela, Gounkoto, Segala and Tabakoto gold deposits.

Ashanti purchased 100% of Kossanto East, see press release August 8, 2017, (after including the Mali State carried interest of 10%, Ashanti ownership of the Project is 90%). Prior to Ashanti’s purchase of the Project 91 holes were drilled for a total of 10,119m of Diamond Drilling (DD) and Reverse Circulation drilling (RC) in 2013 – 2014. Ashanti completed 53 holes for a total of 6,073m of RC between June – July 2017. Ashanti’s drill program verified historic data and extended the data along strike at the Project’s two main zones of mineralization. For its second season at Kossanto East, the Company intends to drill approximately 60 holes for a total of 10,000m of both DD and RC. This drill campaign will increase drill data density, test for mineralization down to 200m below surface, and test new targets on the Project site. Additionally, the Company will collect mineralized material for metallurgical testing. The Company notes that the top 30 to 40 metres of the Project's mineralized zones is oxidized material. Additionally, no significant occurrence of sulphide material has been noted to date in the geology of the Project. After the second season, the Company anticipates it will publish a maiden NI 43-101 report on the Project.

Tim McCutcheon, Ashanti’s CEO, said: “The team at Ashanti is advancing our projects efficiently and the results speak for themselves. Our goal in the short to medium term is to provide metrics in a Project-report that allow the capital markets to benchmark Ashanti to other peer companies and guide our efforts for future exploration.”

ABOUT ASHANTI GOLD

Ashanti is a gold-focused, exploration and development company that targets projects where it has a competitive advantage due to past work experience of the team and specific project know-how. The Company is driving forward its 100%-owned Kossanto East project in Mali on the prolific Kenieba Belt of Mali, which hosts such deposits as Loulo, Fekola and Sadiola. Ashanti is also working to advance, together with its earn-in partners, the Anumso project and the Ashanti Belt project in Ghana, which are near-adjacent to the Akyem deposit.

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

Qualified Person and Historical Data

The information presented in this Press Release has been reviewed by Dr. Paul Klipfel CPG of Mineral Resource Services Inc. and a Qualified Person as defined by Canadian NI 43-101. Dr. Klipfel is not an Independent Person, as he is a shareholder of Ashanti. The data presented has been generated by historic explorers, however the Company has not independently verified such data, and readers are cautioned not to place undue reliance thereon.

Neither 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 press release.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented in this news release and the information incorporated by reference herein, constitutes "forward looking information" within the meaning of applicable Canadian securities laws concerning the business, operations and financial performance and condition of Ashanti Gold Corp. (the "Company"). All statements, except for statements of historical fact, that address activities, events or developments that management of the Company expects or anticipates will or may occur in the future including such things as future exploration plans concerning the Company's mineral properties, acquisitions, capital expenditures (including the amount and nature thereof), business strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of the business and operations, plans and references to the future success of the Company, and such other matters, are forward looking statements. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Project, including the geological mapping, prospecting and sampling program being proposed for the Project (the "Program"), actual results of exploration activities, including the Program, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk Factors" in the Company's Management Information Circular (December 2016) and as discussed in the annual management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.

Readers are cautioned not to place undue reliance on forward looking information. The Company undertakes no obligation to update any of the forward looking information in this news release or incorporated by reference herein, except as otherwise required by law.

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