Ashanti Gold Project Update on Anumso, Ghana

Broader and New Mineralized Zones Identified; High Au Recoveries on Gravity (72%) and Bottle Roll Tests (99%)

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| Source: Ashanti Gold Corp.
photo-release

Figure 1

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Map of the Anumso mining lease, gold in soil.

Ashanti Gold Corp.

Figure 2

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North inset of gold in soil map.

Ashanti Gold Corp.

Figure 3

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South inset of gold in soil map.

Ashanti Gold Corp.

VANCOUVER, Oct. 12, 2017 (GLOBE NEWSWIRE) -- Ashanti Gold Corp. (“Ashanti” or “AGZ” or the “Company”) - (TSXV:AGZ) is pleased to provide an update at its Anumso project (the “Project”) and announce exciting new target discoveries made from its recently completed and assayed soil grab samples. Ashanti’s new soil sample results, testing previously underexplored areas, have encountered multiple parallel mineralized zones which are in aggregate up to 480m in wide in certain areas of the mineralization on the Project. Ashanti is set to apply its analysis of this new data to guide further exploration on the Project by trenching and drilling. Additionally, preliminary metallurgical test work on Anumso material show very encouraging results with high levels of gold recovery.

Figures accompanying this announcement are available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/3f74dc64-d4c1-4739-9159-1cc61a2edcc6

http://www.globenewswire.com/NewsRoom/AttachmentNg/69762dce-ec03-45b8-8aff-d202419847fb

http://www.globenewswire.com/NewsRoom/AttachmentNg/20d5337a-d991-4fd9-ad50-f669e3b6ae42

Tim McCutcheon, CEO, commented: “New opportunities for gold mineralization and the understanding that the material at Anumso has favorable gold recovery characteristics is great news for the Company.”

Soil Sample Program Identifies New Target Zones at Anumso
A soil sampling program consisting of approximately 1200 samples collected at 20m intervals along lines 200m apart along 10.3 km of strike exposure of Banket conglomerate was conducted in August to September, 2017. This program revealed multiple mineralized zones of mineralized Banket conglomerate (Figures 1 and 2). These zones are reflected in soil samples containing in excess of 30 ppb Au with 24 samples containing more than 100 ppb Au. Additionally, the most prolific portion of mineralized stratigraphy was not tested with drill holes historically and the strongest gold in soil results on several sample lines have never been tested in the subsurface (Figure 3) with any drill holes. 

Figure 1. Map of the Anumso Mining Lease showing the location of soil sample lines and gold values for each sample.  Results indicate the presence of multiple lines of mineralization over aggregate widths of up to 480 m rather than a single stratigraphic unit that hosts gold.

Figure 2.  Detail map of soil sample lines with multiple lines of anomalous samples.

Figure 3.  Detailed view of orientation soil line across the mineralized zone previously tested with historic drill holes.  The gold values in soil samples exceed 100 ppb over a width of >70m in an area untested by historic drilling for >200m along strike.  Note other lines of anomalism which remain to be drill tested.

Preliminary Metallurgical Test Work for Anumso Mineralized Material
The Company is very pleased to announce positive results for initial metallurgical studies on oxidized and unoxidized mineralized samples from Anumso.  Samples were shipped to Blue Coast Research in Parksville, B.C. Canada for grindability and gold recovery tests.  Two composite samples consisting of 41 kg of oxidized material grading 1.07 g/t Au and 158 kg of unoxidized material grading 1.46 g/t Au were submitted for tests to determine grindability, gravity recovery, and cyanide leach recovery of gold.  Basic cyanidation testwork was conducted on six additional variability composites that ranged in grade from 0.29 g/t to 5.36 g/t.

Cyanidation tests were conducted as standard 48 hour bottle roll tests.  During these tests 1000 grams of sample was added to a bottle along with water to 40% solids.  Sodium cyanide (NaCN) was added according to the test protocols, generally at 1.0 g/L of solution.  Kinetic checks were conducted after 2, 6, 24 and 48 hours to measure gold recovery and reagent consumption.

Results are very encouraging.  Bond Ball Mill Work Index tests indicate the oxidized and unoxidized material is soft to moderately hard (Table 1). Excellent gold recovery by cyanidation (Table 2) was observed.  An initial Extended Gravity Recoverable Gold (EGRG) test was conducted on the unoxidized composite which indicates that up to 72.9% of the gold may be recoverable by gravity methods.  These are initial tests and further work to optimize process conditions and evaluate variability is planned. 

TABLE 1 Results from Bond Ball Mill Work Index Tests
  
SamplekWh/tonne
oxidized6.3
unoxidized12.5


TABLE 2 Bottle Roll Au Recovery for 21 Runs (Oxidized and Unoxidized)*
   
  Au Recovery (%)
RunComposite2 hr6 hr24 hr48 hr
CN-1Unoxidized MC21.045.287.893.0
CN-2Unoxidized MC22.454.390.795.1
CN-3Unoxidized MC19.043.293.497.7
CN-4Unoxidized MC25.156.091.596.3
CN-5Oxide Composite45.276.493.098.6
CN-6Oxide Composite45.177.090.796.1
CN-7Oxide Composite45.180.994.498.8
CN-8Oxide Comp36.771.194.298.6
CN-9Unoxidized MC4.223.176.586.5
CN-3Unoxidized MC19.043.293.497.7
CN-10Unoxidized MC16.954.095.897.7
CN-11Unoxidized MC42.278.791.693.7
CN-12Oxide Composite16.662.795.596.5
CN-7Oxide Composite45.180.994.498.8
CN-13Oxide Composite39.279.194.695.3
CN-14Oxide Composite74.783.793.494.0
CN-15MC - EGRG Pass 3 Tails39.764.394.294.0
CN-16Var-18.224.989.398.5
CN-17Var-247.288.496.497.5
CN-18Var-337.769.595.497.3
CN-19Var-417.734.983.296.2
CN-20Var-511.528.891.599.6
CN-21Var-66.718.470.499.1
*Data provided by Blue Coast Research

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 Quality Control/Quality Assurance

Dr. Paul Klipfel, CPG (AIPG certification #10821), Ashanti’s COO and Chief Geologist is a Qualified Person as defined by Canadian NI 43-101 and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Dr. Klipfel is responsible for all aspects of the work including the Quality Control/Quality Assurance programs. Dr. Klipfel is not an Independent Person, as he is a shareholder of Ashanti.

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.