Kossanto East Project

Highlights:

- Kossanto East is located along the Mali-Senegal border within the highly gold-endowed West Mali Gold Belt.

- The project lies near the intersection of two major shear zones associated with numerous multi-million-ounce gold deposits.

- 40M ounces of gold has been discovered in this area over the past 20 years; 8 new mines have been constructed in the area as a result.

- 10,000m drill program is now underway at Kossanto East. Drill results expected throughout Q3 & Q4 2018. .

- 100% owned project (before Mali-state 10% free carried interest).

Overview:

Ashanti Gold has signed a formal option agreement with Alecto Minerals, an AIM-listed public company, to earn an interest in the Kossanto East Gold Project in western Mali.

The Kossanto East Project is a 66.41 km2 concession in the prolific Kedougou - Kenieba Inlier, the northwestern most exposure of Birimian rocks in West Africa.

The Property hosts two principle drill-tested targets, Gourbassi East (“GE”) and Gourbassi West (“GW”) and several surface anomalies. Geochemical anomalies identified by previous explorers and Alecto led to drill testing, successful intersection of gold mineralization, and production by Alecto of an initial Inferred Resource1 estimate of 121,000 oz gold for GW and a 126,000 oz gold for GE. Gold has been intersected in drill holes over a ~1 km strike length at GW and over a ~900m strike length at GE.

Both areas remain open along strike and down dip and include some notable drill intercepts.

Recent Work:

Soil sampling has outlined anomalies along strike with Gourbassi West and Gourbassi East and within several other zones untested with drill holes.

Results for 450 soil geochemical samples have been received and are in addition to 386 samples reported in February (see News Release dated February 13, 2018). These results enhance the existing targets by improving the continuity within anomalous zones as well as enlarging target width and strike length. In particular, strong sample results define a new prominent gold zone parallel to and southwest of Gourbassi East. Here, numerous samples report values greater than 0.1 g/t Au in soil, with two samples (SGE10554 and SGE10556) reporting in excess of 5 g/t.

The current drill program will improve the data density to a level that will allow resource estimation work, which is planned for completion later this year.

Kossanto East Maps:


“An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. An Inferred Mineral Resource is based on limited information and sampling gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes. Inferred Mineral Resources must not be included in the economic analysis, production schedules, or estimated mine life in publicly disclosed Pre-Feasibility or Feasibility Studies, or in the Life of Mine plans and cash flow models of developed mines. Inferred Mineral Resources can only be used in economic studies as provided under NI 43-101.


Select Drill Intervals from Alecto Drill Data

Hole # From (m) To (m) Interval (m) Au (g/t)

Gourbassi East
CGM_GRC01 60 75 15 2.18
CGM_GRC05 9 14 5 2.24
CGM_TF07 92 99 7 3.10
CGM_TF11 42 55 13 2.07
GDD01 0 80.5 80.5 0.80
incl 0 14.8 14.8 3.10
GRC14 24 53 29 2.70
incl 28 34 6 7.94
GRC-15 7 60 53 1.51
incl 7 12 5 4.36
incl 19 31 12 2.55
GRC16 0 75 75 2.04
incl 3 8 5 11.28
incl 17 35 13 3.88
GRC17 29 75 46 2.16
incl 32 49 17 3.86
GRC18 47 51 4 3.72
GRC19 34 65 31 1.31
incl 35 48 13 2.29
GRC25 56 65 9 1.99
incl 56 60 4 3.25
GRC31 72 75 3 5.22
GRC32 113 119 6 4.18
incl 114 118 4 5.88
GRC33 51 75 24 1.73
incl 52 62 10 2.91

69 74 5 2.10
GRC34 73 81 8 2.55
and 90 96 6 1.21
GRC35 64 70 6 1.90
GR37 12 16 4 7.96
GRD04 248 252 4 3.98
TF22 28 30 4 4.63
TF34 0 18 18 2.98
incl 0 7 7 5.72
and 23 27 4 3.53





Gourbassi West
GRABL7/11 0 34 34 1.55
incl 6 12 6 5.89
GRABL27/9 6 36 30 1.28
incl 12 21 9 2.95
GRABL32/3 6 15 9 2.18
GRABL5/11 21 33 12 1.82
GRC43 37 58 21 1.80
incl 45 54 9 3.46
GRC46 47 55 8 1.31
GRC48 82 88 6 2.27
GRC49 2 9 7 1.77
GRC68 36 40 4 2.29
GRC69 26 39 13 4.36
GRC70 96 101 5 1.96
GRC76 24 141 117 0.97
GRC78 5 9 4 3.51
GRC79 14 35 21 1.24
incl 17 23 6 2.56
GRC80 3 14 11 1.04
and 43 46 3 2.95
and 114 120 6 1.81
and 150 152 2 5.73
GRC81 19 52 33 1.36
incl 33 40 7 2.40
ML02 10 27 17 2.05
incl 21 27 6 3.81
ML_07 144 147 3 3.10

Berola
FRABL1/3 0 12 12 0.65
FRABL1/4 0 9 9 0.83
FRABL4/6 0 15 15 1.18
FRABL4/7 0 18 18 0.73