Ashanti Gold Corp. Starts Drilling on Kossanto East, Grants Options
VANCOUVER, BC - 06/12/2016 Ashanti Gold Corp. ("Ashanti" or the "Company") - (TSXV: AGZ) is pleased to announce it has begun drilling on the Kossanto East project in Mali (the "Project").
The drill program is slated to be a minimum of 6000 meters, for approximately 55 reverse circulation ("RC") holes to depths of 100-150m. Drilling will test the Gourbassi East, Gourbassi West, and two satellite targets and if successful, will expand the known areas of mineralization along strike and broaden the width of mineralized zones. Staff are currently on site guiding the drilling program.
Kossanto East Description
Kossanto East is a 66.41 km2 concession in the prolific Kenieba Inlier, the northwestern most exposure of Birimian rocks in West Africa. The Kenieba Inlier is a major geological structure for gold mineralization. Over the last twenty years approximately 40M ounces of gold has been discovered in proximity to this structure resulting in the construction of multiple mines, including the world class Loulo group of deposits, Sadiola, Yatela, Gounkoto, Segala and Tabakoto.
Ashanti has the right to earn 65% of Alecto’s interest (after including the Mali State carried interest of 10%, Ashanti ownership of the property upon completion of the earn-in agreement will be 58.5%) in the Project by completing a Preliminary Feasibility Study ("PFS") within 36 months with the right to extend the Option Period to complete PFS by an additional 12 months for a cash payment of US$280,000.
Grant of Incentive Stock Options
Ashanti also announces that, pursuant to its Incentive Stock Option Plan, it has granted incentive stock options to advisors of the Company to purchase up to an aggregate of 160,000 common shares in the capital stock of the Company. The options are exercisable on or before June 12, 2019 at a price of $0.30 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 Kenieba 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.
For further information, please contact:
Ashanti Gold Corp.
2300 - 1177 West Hastings Street
Vancouver BC, V6E 2K3
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.