Ashanti Gold Gives Corporate Update

VANCOUVER, Oct. 05, 2018 - Ashanti Gold Corp. (“Ashanti” or the “Company”) - (TSXV: AGZ) is pleased to give a corporate update.

For Mali, work is progressing well on the Resource Estimation and accompanying NI 43-101 supporting resource report on its Kossanto East project. Data analysis and auditing, 3D geological modelling, and assembly of Specific Gravity and QA/QC data are all advancing and being compiled by the Ashanti team and its consultants. Multiple press releases from June to September have disclosed positive drill results and positive metallurgical testing results on Kossanto East. These results for 2018, that include 105 holes for a total of 12,283m of drilling, will be combined in the Resource Estimation with 144 historic holes for 16,192m of previously completed drilling.

In Ghana, Ashanti continues to work on its properties. For Anumso, a four hole drill program has been designed to test the soil sample anomaly to the north of the historic resource estimate (see press release of March 21, 2018). As the rainy season is just over, management intends to commence this drill program shortly.

Tim McCutcheon, CEO, said “The resource report on Kossanto East will change the profile of Ashanti and allow the market to benchmark our metrics with our peers active in West Africa. Given current peer group and historic M&A valuations, management believes Ashanti is deeply undervalued.”

ABOUT ASHANTI GOLD

Ashanti is a gold-focused, exploration and development company that targets projects where it has a competitive advantage due to past work experience of the team and specific project know-how. The Company is driving forward its 100%-owned Kossanto East project in Mali on the prolific Kenieba Belt of Mali, which hosts such deposits as Loulo, Fekola and Sadiola. Ashanti is also working to advance, together with its earn-in partners, the Anumso project and the Ashanti Belt project in Ghana, which are near-adjacent to the Akyem deposit.

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.