PRESS RELEASE · 2016-07-15 · 1 PRESS RELEASE ASANKO GOLD MINE ANNOUNCES FIRST GOLD PRODUCTION...

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PRESSRELEASE

ASANKO GOLD MINE ANNOUNCES FIRST GOLD PRODUCTION Highlights:

• FirstgoldpouredonJanuary26,2016

• DesignedhourlythroughputratesandmillgrindattainedinbothSAGandBallMills

• Ramp-uptocommercialproductionremainsontrackforQ22016Vancouver, British Columbia, January 27, 2016 –AsankoGold Inc. (“Asanko” or the “Company”) (TSX,NYSEMKT:AKG)announcesfirstgoldproductionofapproximately400ouncesfromPhase1oftheAsankoGoldMine(“AGM”orthe“Project”)inGhana.Thisfollowsthesuccessfulcommencementofoperationsoftheentireprocessingfacilityonemonthaheadofschedule.Thelatestvideosandphotographsareavailableathttp://www.asanko.com/projects/photo-gallery.Commentingon thishistoricmilestone,PeterBreese,PresidentandCEO, said: “I amproud toannouncethattheAsankoGoldMineisofficiallythenewestproducinggoldmineinGhana,withPhase1successfullybuiltwithinourcapitalbudgetandcommissionedonemonthaheadofschedule.AsweembarkonanewchapterforAsanko,I’dliketothanktheGovernmentandourstakeholdersinGhanafor all their assistance in facilitating our transition from explorer to producer. In addition Iwould like tocommendmyteam,ourEPCMcontractorDRAGlobalandallthethousandsofconstructionandservicesub-contractorsfordeliveringawell-executedprojectoverthepast18months.Aswe complete commissioning and ramp up to steady-state production rates, I am pleased to note theearly gains that we have already achieved with respect to throughput rates andmill grind, which haveexceededourexpectations.WeremainconfidentofdeclaringcommercialproductionduringQ22016.”CommissioningandRamp-UpCommissioningoftheprocessingfacilityisprogressingwellandisapproximatelyonemonthaheadoftheoriginalschedule.ThecrusherwashandedoverfromtheEPCMcontractortoAsankoinmid-Decemberandwascommissionedduringthelasthalfofthemonth. OrewasstockpiledaheadofthemillingoperationsandintroducedintotheSAGandBallmillsduringthelastweekinDecember.Commissioning of the mills was initially conducted on marginal grade ore until the mills achieved thedesignedhourlythroughputratesandgrind.Themillshavehadseveraldaysofcontinuousoperationswithdailymillingratesmatchingorexceedingdesignedthroughputsof8,300tonnesperday. Inadditionbothmillshavealsoattainedgrindsthatareinlinewiththeplantdesignparameters.TheoperationswerefedlowgradeoresuntilthedensitybuiltupinthefullyerectedandcommissionedCILcircuit.Oncethiswasachieved,cyanidewasintroducedintotheCILandgravitygoldcircuitsandtheentireoperationfrommillingtotheCILcircuitisnowbeingrunatplannedfeedgrades.GoldinventoryintheCILcircuit will continue to build up to steady-state levels over the next month, after which time full goldproductionratesareexpectedtobereached.CommercialproductionisexpectedinQ22016.

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MiningThedevelopmentoftheNkranpitcontinuestoadvancewellwithfulldrillandblastoperationscontinuingatlong-termsteadystatelevels.Todate,over22milliontonnesofmaterialhasbeenremovedfromthepitandvariousorebencheshavebeenexposed.Therearenowenoughworkingfacesavailable inthepit tofacilitateminingoftherequisitequantitiesoforeatplannedgradestofeedthemillatdesignedthroughputrates.Gradecontroldrillingisproceedingaccordingtoplanwiththenextsixmonthsofplannedorehavingbeendrilled andmodelled into the medium termmine plan. The grade control basedmine plan for 2016 isexpectedtobein-linewiththeDefinitiveProjectPlan,whichwaspublishedinNovember2014.CashPositionTheCompanyhasastrongbalancesheetwithUS$116millioncashonhand,asatDecember31,2015.Enquiries:Forfurtherinformationpleasevisit:www.asanko.com,email:info@asanko.comorcontact: AlexBuck-Manager,InvestorandMediaRelationsToll-Free(N.America):1-855-246-7341Telephone:+44-7932-740-452Email:alex.buck@asanko.comWayneDrier-Executive,CorporateDevelopmentTelephone:+1-778-729-0614Email:wayne.drier@asanko.com

AboutAsankoGoldInc.Asanko’svisionistobecomeamid-tiergoldminingcompanythatmaximizesvalueforallitsstakeholders.TheCompany’sflagshipprojectisthemulti-millionounceAsankoGoldMinelocatedinGhana,WestAfrica.Themineisbeingdevelopedinphases.Phase1hasbeencommissioned,withfirstgoldproducedinearlyQ12016.Ramp-uptosteadystateproductionof190,000ouncesperannumisexpectedinQ22016.Asanko ismanagedbyhighlyskilledandsuccessful technical,operationalandfinancialprofessionals.TheCompany is strongly committed to the highest standards for environmental management, socialresponsibility,andhealthandsafetyforitsemployeesandneighbouringcommunities.Forward-LookingandotherCautionaryInformationThis release includes certain statements thatmay be deemed "forward-looking statements". All statements in thisrelease,other thanstatementsofhistorical facts, thataddressestimated resourcequantities,gradesandcontainedmetals,possiblefuturemining,explorationanddevelopmentactivities,areforward-lookingstatements.AlthoughtheCompanybelievestheforward-lookingstatementsarebasedonreasonableassumptions,suchstatementsshouldnotbeinanywayconstruedasguaranteesoffutureperformanceandactualresultsordevelopmentsmaydiffermateriallyfromthoseintheforward-lookingstatements.Factorsthatcouldcauseactualresultstodiffermateriallyfromthoseinforward-looking statements include market prices for metals, the conclusions of detailed feasibility and technicalanalyses,thetimelyrenewalofkeypermits,lowerthanexpectedgradesandquantitiesofresources,miningratesandrecoveryratesandthelackofavailabilityofnecessarycapital,whichmaynotbeavailabletotheCompanyontermsacceptabletoitoratall.TheCompanyissubjecttothespecificrisksinherentintheminingbusinessaswellasgeneraleconomic and business conditions. For more information on the Company, Investors should review the Company'sannualForm20-FfilingwiththeUnitedStatesSecuritiesCommissionanditshomejurisdictionfilingsthatareavailableatwww.sedar.com.NeitherTorontoStockExchangenortheInvestmentIndustryRegulatoryOrganizationofCanadaacceptsresponsibilityfortheadequacyoraccuracyofthisrelease.