Angkor Gold Corp to Grant Options at a Premium of 10% Above 30 Day Average Trading Price

Vancouver, British Columbia--(Newsfile Corp. - December 4, 2012) - ANGKOR GOLD CORP. (TSXV: ANK) (“ANGKOR”) Angkor is pleased to announce that it has granted an aggregate of 3,211,000 incentive stock options under its stock option plan to its directors, officers, employees and consultants.

Each option, vesting immediately upon grant, entitles the holder thereof to purchase one Common Share in the capital of Angkor at a price of $0.33 per share, representing an exercise price that is 10% above the 30 day average trading price.

Mike Weeks commented, “We have decided to issue the options 10% above our current market price because we believe in the long term value of our company. It is our intention to continue building value for all shareholders in 2013, and the Angkor management team has been actively pursuing avenues to accomplish our mid-term goal of self-financing our exploration efforts.”

Of the 3,211,000 incentive stock options granted, 476,000 options were granted to Angkor’s Khmer staff in Cambodia. These options will have an exercise period of five years from the date of grant. The remaining 2,735,000 options were granted to Angkor’s directors, officers and consultants, and will expire two years from the date of grant.

The stock options are not transferrable. The common shares issued upon exercise of the stock options will be subject to a four month resale restriction from the date of grant.

On December 3, 2012, the last day that the Company's common shares traded prior to the granting of the stock options, the closing trading price of the common shares on the TSX Venture Exchange was $0.275.

ANGKOR GOLD CORPORATION is a public company listed on the TSX-Venture exchange. The company has 5 exploration licenses in the Kingdom of Cambodia covering a total of 1348 km² and 3 Memoranda of Understanding with the Ministry of Mines, Industry and Energy covering a further 1499 km². The company has been actively exploring these concessions over the past 3 years, and has now covered all 8 tenements with stream sediment geochemical sampling, has flown low level aeromagnetic surveys over much of the ground, drilled 17,556 metres of NQ core in 143 holes, of which 8,815m in 66 holes were drilled this season; and has collected in excess of 20,000 ‘C’ zone soil samples in 8 centres of interest, over a combined area of 20km², in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.

FOR FURTHER INFORMATION PLEASE CONTACT:

ANGKOR GOLD CORP.
Mike Weeks, President
Telephone: (780) 568-3801
Email: mw@angkorgold.ca

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and completion of the Corporation's financings and related information. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations and assumptions made by the Corporation. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, Cambodia, the United States and globally; industry conditions, including fluctuations in the prices of gold and other base metals; governmental regulation of the mining industry in both Canada and Cambodia, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain mining equipment and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in mining operations; competition for, among other things, capital, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the mining industry; failure to realize the anticipated benefits of acquisitions and dispositions; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture nor its regulation services provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this press release.