Ashanti Gold Announces Remaining Drill Results from Anumso, Highlight intersections include 9m @ 1.60g/t, 4m @ 1.73g/t and 3m @ 4.95g/t

Vancouver, British Columbia--(Newsfile Corp. - March 22, 2017) - Ashanti Gold Corp. (TSXV: AGZ) ("Ashanti" or "AGZ" or the "Company") is pleased to announce results from the remaining 13 drill holes from its recent 20 hole, 2,000m reverse circulation ("RC") drill program on the Anumso project, Ghana (first 7 holes announced on March 8, 2017). Assays from these thirteen holes continue to confirm the presence of gold mineralization in Banket conglomerate consistent with previous drilling. Ashanti's CEO Tim McCutcheon said "We are delighted with these results as they demonstrate the presence of gold over exciting intervals while confirming and validating work of previous explorers. More importantly, they set the stage for Ashanti to undertake further exploration on the Banket conglomerate within the Anumso Mining License. With evidence of gold occurring along 2.6 km of Banket conglomerate, we are eager to assess the remaining ~8.4 km of un-explored or under-explored Banket conglomerate occurring within the Anumso Mining License."

Ashanti Gold's drill program was designed to verify and confirm gold mineralization along 2.6 km of Banket conglomerate as identified in historic drilling. Banket conglomerate is the key gold-bearing strata within the Tarkwaian suite of rocks that overlie Birimian volcanic rocks of the Ashanti Belt, Ghana. Banket conglomerate consists of quartz pebbles and cobbles set in silt and mud matrix along with gold. This is the same rock unit that hosts the famous Tarkwa, Iduapriem, Teberebie, and Damang deposits approximately 135 km to the southwest where AngloGold Ashanti and Gold Fields Ltd are currently producing gold.

Ashanti has undertaken this initial drill program to assess that portion of Banket conglomerate which has been previously tested by historic exploration. This represents 2.6 km of a total of ~10 km of strike length of Banket conglomerate occurring within the Anumso Mining License. The remaining portion of Banket conglomerate has only been tested with a few isolated historic drill holes. Ashanti wishes to investigate further the opportunities posed by these rocks.

All samples were collected over 1 metre intervals and were collected from dry RC cuttings. Samples were collected from the drill site and transported to the Company's secure camp and preparation facility where they were split using a standard universal splitter into lab samples of approximately 2kg. Remaining material is retained for later resampling or checking. Samples were transported by the company to ALS Laboratories in Kumasi, Ghana where they were prepared and assayed using standard 50g fire assay technique.

*Drill holes are oriented to intersect stratigraphy at an optimal angle, however true widths cannot be determined as detailed information on the true orientation of stratigraphy at the point of intersection of the drill hole is not available.

Figure 1. Overview of the northern block of the Anumso Mining License where Ashanti drilled twenty RC holes (green dots) along a portion of exposed Banket conglomerate outlined with the dashed red lines.

Cannot view Figure 1? Please visit https://orders.newsfilecorp.com/files/853/25781_agz-22mar2017x5x1resized.jpg to view this image

Figure 2. Detailed view of part of the Banket conglomerate drilled by Ashanti. See Figure 1 for location within the Anumso Mining License.

Cannot view Figure 2? Please visit https://orders.newsfilecorp.com/files/853/25781_agz-22mar2017x6x1resized.jpg to view this image

Figure 3. Shaded relief map of the northern and southern Anumso Mining License blocks showing the extent of "East" and "West" Banket conglomerate as expressed by topographic highs (outlined with dashed red line). Ashanti new drill holes reported in this press release are shown as green dots. Historic drill holes are shown with red dots.

Cannot view Figure 3? Please visit https://orders.newsfilecorp.com/files/853/25781_agz-22mar2017x7x1resized.jpg to view this image

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

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.

Quality control is monitored by the insertion of blind certified standard reference material and blanks at a rate of 1/20 samples. Blind duplicate splits are inserted into the sample stream at the rate of 1/50 samples. All samples have been analyzed by ALS Laboratories in Kumasi, Ghana, an internationally known testing company.

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.