Ashanti Gold Announces Formation of Advisory Board

Vancouver, British Columbia--(Newsfile Corp. - May 11, 2017) - Ashanti Gold Corp. (TSXV: AGZ) ("Ashanti" or the "Company") is pleased to announce it has formed an Advisory Board to attract highly qualified and respected people in the mining industry to help the company advance its corporate development.

The starting members of the Advisory Board are Henk Van Alphen and William Pincus.

Mr. Van Alphen has had a long and successful career in the mining industry and has delivered exceptional value to the shareholders of his companies. Currently, Henk is CEO and Director of Wealth Minerals, a lithium exploration and development company with a large asset portfolio in Chile. Wealth has a substantial position in the Atacama Salar, developing a lithium project near to two operations that are the highest grade, lowest cost lithium producers globally and which account for 1/3 of global lithium production. Wealth was ranked #3 in Mining for the 2017 TSX Venture 50 (R) Awards. Mr. Van Alphen was also a key player in such companies as Corriente Resources, Cardero Resources, Trevali Mining, Balmoral Resources, and International Tower Hill. During his career Van Alphen has raised and helped raise over $1bn in various financings.

Mr. Pincus has over 40 years of industry experience. Most recently, Mr. Pincus was Chairman of Global Minerals Ltd., a company developing the Strieborna silver deposit in Slovakia. Prior to that he was Chairman of Esperanza Resources, which was acquired by Alamos Gold for a total value of $85M in 2013. His experience includes: Vice President of Sunshine Mining Company, overseeing the development of the 155-million-ounce Pirquitas silver deposit and Executive Vice President of the mining consulting firm, Pincock, Allen and Holt. Additionally, Mr. Pincus was a key player at FMC Gold (acquired by Meridian Gold) and Atlas Corporation where he was involved in the successful exploration and acquisition of various precious metal projects. He graduated from the University of Colorado with a B.A. in geology in 1975 and received an M.Sc. in geology and an M.Sc. in mineral economics in 1981 and 1986, respectively, from the Colorado School of Mines. He is a Certified Professional Geologist.

Ashanti's CEO Tim McCutcheon said "We are very excited to have Mr. Van Alphen and Mr. Pincus join our advisory board. I take it as a vote of confidence in the quality of our projects and our approach to gold exploration. Drawing on these close relationships and their wealth of experience will be vital to Ashanti's aggressive advancement of our world-class assets."

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.

"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

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.