Asante GOLD Announces $500K Private Placement

ASANTE GOLD ANNOUNCES $500K PRIVATE PLACEMENT

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

FOR IMMEDIATE RELEASE May 15, 2017

Vancouver, British Columbia – May 15, 201 7 – Asante Gold Corporation ( CSE:ASE/

FRANKFURT:1A9/OTC:ASGOF) (“Asante Gold” or the “Company”) announces its intention

to complete an exploration campaign and working capital private placement (“Private

Placement”) of up to 5,000,000 units of the Co mpany at $0.10 per unit (each a “Unit”) for

aggregate gross proceeds of $500,000.

Each Unit will consist of one common share of the Co mpany (a “Common Share”) and one full

transferrable Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the

holder to purchase one additional Common Share at an exercise price of $0.15 for twelve (12)

months from the closing date of the Private Placement . Finder’s fee s may be payable on a

portion of the offering . All securities purchased under this offering will be subject to a four

month and one day hold period.

Certain directors and officers of the Company may participate in the private placement. Any

such participation would be considered to be a “related party transaction” as defined under

Multilateral Instrument 61 -101 (“MI 61 -101”). The transaction would be exempt from the

formal valuation and minority sha reholder approval requirements of MI 61 -101 as neither the

fair market value of any units issued to or the consideration paid by such persons would not

exceed 25% of the Company’s market capitalization.

On behalf of the Board,

"Douglas R. MacQuarrie"

President and CEO

About Asante Gold Corporation

Asante Gold is developing the Kubi Mining Lease and is exploring the Keyhole, Fahiakoba and Betenase

concessions, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle.

For further information please contact:

Douglas MacQuarrie, President and CEO, tel: +1 604-558-1134; E-mail: [email protected]

Doreen Kent, Shareholder Communications, tel: +1 604-948-9450; E-mail: [email protected]

Kirsti Mattson, Media Relations, tel: +1 778-434-2241; E-mail: [email protected]

Rebecca Greco, Business Development, tel: +1 416-822-6483; E-mail: [email protected]

Florian Riedl-Riedenstein, Director; European Investor Relations, E-mail: [email protected]

Additional information is available on our web site at: www.asantegold.com

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the

adequacy or accuracy of this release.