ANK.V · 2017-01-23 12:00:00

Angkor Reports Discovery of Gold at Okalla West Concentrated in 2 Metre Thick Soil Layer

Exploration Programs

Angkor Reports Discovery of Gold at Okalla West

Concentrated in 2 Metre Thick Soil Layer

VANCOUVER, BC, (January 23, 2017): Angkor Gold Corp. (TSXV: ANK and OTC: ANKOF)

(“Angkor” or “the Company”) is pleased to announce recent exploration results from the

Okalla West Exploration Prospect, Cambodia. The Okalla West surface gold zone is within the

Company’s 150 km 2 Banlung Exploration license, Cambodia. Work on Okalla West is done

under an agreement with Blue River Resources Ltd. (TSXV: BRX).

New auger assay results in the Okalla West gold zone shows that gold mineralization is located

in a 2 metre thick lateritic soil layer which is covered by soil org anics from 0.1 to 0.5 metres

thick. Of the 235 samples analysed from within the laterite soil layer, the highest grade returned

was 2.45 g/t Au.

As previously reported, a Very Low Frequency Electro -magnetic (VLF -EM) survey was

conducted in December 2016 over a 1.1 km 2 area within the previously discovered 4 km 2

surface gold anomaly. Interpretation of the VLF-EM survey suggests two structural fault systems

with the possibility of containing multiple quartz veins . Four assayed grab samples from field

mapping show evidence of a quartz vein system in the surrounding area outside of the 1.1 km 2

covered by the VLF-EM survey. The assays of these four grab samples returned results of 0.52

g/t Au, 0.09 g/t Au, 3.09 g/t Au and 1.83 g/t Au.

Based on the field observation and assay results, much of the gold appears to be a secondary

deposit formed by groundwater leaching from quartz vein systems in the underlying bed rock

then re-precipitating the gold into the laterite. Some of the gold is also hosted by locally derived

bedrock clasts. This will be further examined during the upcoming trenching program, which is

planned to begin in the next month. This is expected to consist of linear trenches and/or pits

over 5 lines tot alling approximately 7,200 cubic metres. Total volume will depend upon soil

conditions and sampling procedure as determined during the program.

NEW RESULTS FROM RE-TESTED ASSAYS

Duplicate assays using a slightly different technique, done as routine part of the QA/QC

protocol, showed considerable variance of results within individual samples, which is suggestive

of a strong nugget effect.

This presence of erratic coarse gold (the nugget effect) was further confirmed by metallic screen

analysis on 11 selected samples of 87 with exceptionally high gold panning concentration index.

(See Table 1, below.)

Box 153, Sexsmith, AlbertaT0H 3C0

Canada • www.angkorgold.ca

Sample

Eastin

Northin

GOLD

INDEX(*

ASSAY(*2

) SCREEN ANALYSES (*3)

CHECKS(*4)

g/t

COARSE

g/t

FINE

g/t

MEAN

g/t g/t g/t

S103251

71159

150214

4 9 0.04 2.71 0.14 0.20 0.16 0.11

S103299

71123

150181

9 7 0.03 5.19 0.09 0.20

0.05

0.13

S103201

71135

150214

1 25 0.03 5.44 0.05 0.14

0.04

0.06

S103324

71131

150162

1 9 0.11 0.09 0.14 0.14

0.13

0.14

S103268

71128

150194

0 7 0.02 0.04 0.14 0.14

0.12

0.15

S103254

71163

150214

0 14 0.06 0.24 0.13 0.13

0.14

0.12

S103252

71159

150214

4 19 0.05 0.10 0.08 0.08

0.06

0.10

S103271

71123

150194

0 17 0.07 0.19 0.06 0.06

0.08

0.04

S103276

71155

150194

0 5 0.02 0.22 0.03 0.04

0.02

0.03

S103206

71140

150213

8 11 0.02 0.02 0.02 0.02

0.02

0.01

S103304

71128

150181

9 5 0.02 0.03 0.01 0.01

0.01

(*1) High gold panning concentration index

(*2) Au-ICP22-AES 50g Fire Assay Inductively Coupled Plasma-Atomic Emission Spectrometry

(*3) Au-SCR22AA Screen Fire Assay Atomic Absorption Spectrometry

(*4) Au_AA26 50g Fire Assay Atomic Absorption Spectrometry

Table 1 – List of 11 selected samples for multiple assay techniques and results

The table above shows how different the gold assay results can be depending on the method

used. Standard fire assay results showed minimal g old even when the pan concentrate gold

index (“Gold Index”) was high. For example, although low results for sample S103201 were

returned in both different assay techniques (“Assay” and “Checks”), the weighted mean assay

Box 153, Sexsmith, AlbertaT0H 3C0

Canada • www.angkorgold.ca

result by metallic screen test ("Screen Analysis") shows a gold grade of 0.14 g Au/t , which is

over twice the best value returned by conventional direct fire assay. This is a function of the high

grade (5.44g Au/t) in the coarse fraction, a clear indication of strong nugget effect.

These results also confirm that although the pan concentrate gold index is an inexpensive and

fast qualitative method of determining the presence of gold in the auger samples, it is not

quantitatively reliable and higher gold assay results may be obtained usin g alternate testing

methods.

SAMPLE METHODOLOGY

Angkor’s QA/QC protocol requires calibration standards and blanks be inserted at a rate of 10

per 100. In addition, periodic checks are run on a selected spect rum of samples at ALS

laboratories. All soil and rock samples were submitted to ALS Mineral -Australian Laboratory

Services (Cambodia) Co. Ltd for preparation in Phnom Penh, and gold analyses were done by

ALS by standard fire assay in their Vientiane laboratories. All other analyses were by ICP -ME

and ICP22 in their Australian laboratories. The initial assays used their Au -ICP22 method of

standard fire assay with an ICP -Atomic emission spectrometry finish on a 50gm aliquot, which

has a detection range of 0.001 to 10 g/t. The check assays used the Au -AA26 method of

standard fire assay with an ICP -Atomic absorption spectrometry finish again on a 50gm aliquot,

which has a detection limit of 0.01 to 100 g/t. The metallic screen analysis, using their Au -

SCR22 method of standard fire assay with an ICP -Atomic absorption spectrometry finish after

screening to 75 microns used a 1kg nominal weight sample, with assay of the entire oversize

fraction and duplicate assay on 50gm aliquots of the undersize fraction. Thi s last method was

done at the recommendation of the laboratory to avoid over or under -estimating gold grades

because coarse gold was suspected.

Dr. Adrian G. Mann, P.Geol., is a Qualified Person as defined by National Instrument 43 -101

and has reviewed this press release.

ABOUT ANGKOR GOLD CORP.

ANGKOR Gold Corp. is a public company listed on the TSX -Venture Exchange and is

Cambodia’s premier mineral explorer with a significantly large land package and a first -mover

advantage building strong relationships with all levels of government and stakeholders.

BLUE RIVER RESOURCES LTD.

Under an agreement with Angkor, Blue River Resources Ltd. has the right to participate initially

in up to a 50% interest of the Banlung exploration license from Angkor Gold Corp., after the

completion of a total investment of US$3.5 million in exploration expenditures over a 4 -year

period. Blue River may then exercise their option on an additional 20% interest of the Banlung

Box 153, Sexsmith, AlbertaT0H 3C0

Canada • www.angkorgold.ca

tenement through the commission and completion of a bankable feasibility study on the property

or portion thereof.

FOR FURTHER INFORMATION PLEASE CONTACT:

ANGKOR GOLD CORP.

Stephen Burega, Vice President of Corporate Development

Telephone: (647) 515-3734

Email: [email protected]

Website at: http://www.angkorgold.ca or follow us on Twitter @AngkorGold.

Neither 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.

Certain of the statements made and information contained herein may constitute “forward -

looking information.” In particular references to the private placement and future work programs

or expectations on the quality or results of such work programs are subject to risks associated

with operations on the property, exploration activity generally, equipment limitations and

availability, as well as other risks that we may not be currently aware of. Accordingly, readers

are advised not to place undue reliance on forward -looking information. Except as required

under applicable securities legislation, the Company undertakes no obligation to publicly update

or revise forward -looking information, whether as a result of new information, future events or

otherwise.

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