Gold Mineralization Discovered At Betanase Kubi-Obuasi Area, Ghana

December 7, 2015

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

Vancouver, British Columbia – December 7, 2015 – Asante Gold Corporation (CSE:ASE/ FRANKFURT:1A9) (the “Company”) announces that a significant gold mineralized system has been discovered on it’s Betanase option, Ghana.

Assay results have been received for 256 samples taken from the Phase 1 - 562 metre drill program. Four diamond drill holes were completed on three sections each separated by ~250 metres and drilled to test a 750 metre long NNE-trending gold in soil geochemical target.

Six intervals gave anomalous gold values greater than 1.0 g/t Au, with the best intersection in hole BET15-003 which assayed 3.14 g/t gold over 4.0 metres. The mineralization is associated with cross cutting pyritic quartz stringers, and disseminated and local bedded and stringer pyrite in altered Tarkwaian quartzites.

These initial results are considered encouraging given that significant grades and widths of gold mineralization, associated with widespread albite alteration, have been intersected in what may be a large mineralized system – the extensive alluvial workings located just to the west of the drilled area extend upstream an additional 2 km to the north.

The best gold intersections are spatially related to high Induced Polarization (IP) chargeability anomalies that were previously outlined by the Company. Subject to financing, a follow up Phase 2 drill program will target extensive high IP areas along strike to the northeast and southwest. A map showing the drill collars on the IP geophysical results is available at: http://www.asantegold.com/assets/img/BetCollarIP7Dec15.pdf .

Betanase, under option from Perseus Mining (Ghana) Limited, adjoins to the south of the AngloGold Ashanti/Randgold Resources Obuasi mining lease. A photo journal from the drill program and selected core photographs are available at www.asantegold.com .

“Douglas R. MacQuarrie”

President and CEO

Significant assays >=0.5 g/t Au are noted in the table below:

Drill Hole

From (metres)

To (metres)

Intercept (metres)

Estimated True Width (metres)

Wt. Average

g/t Au, uncut

BET15-001

15.0

16.0

1.0

NA

0.55

43.6

45.0

1.4

NA

0.54

50.0

51.0

1.0

NA

0.82

110.0

112.0

2.0

NA

1.93

132.0

134.0

2.0

NA

0.84

BET15-002

4.5

12.0

7.5

NA

1.14

90.0

92.0

2.0

NA

0.65

100.0

102.0

2.0

NA

2.25

118.0

120.0

2.0

NA

0.76

BET15-003

9.0

10.5

1.5

NA

1.2

41.0

45.0

4.0

NA

3.14

BET15-004

30.0

34.0

4.0

NA

0.83

Table One: Significant Drill Hole Assay Results

Drill Hole

WGS84E

WGS84N

Grid E

Grid N

Dip (deg)

Azimuth (deg)

Length (m)

BET15-001

646450E

663078N

4925E

4350N

-45

112

180

BET15-002

646520E

663057N

5012E

4350N

-60

292

148

BET15-003

646538E

663337N

4915E

4620N

-45

112

99

BET15-004

646599E

663592N

4902E

4900N

-45

112

135

Table Two: Drill Collar data

Scientific and technical information contained in this news release has been reviewed and approved by Douglas R. MacQuarrie, P.Geo. (B.C.) Geology & Geophysics, the President and CEO of the Company, who is a “qualified person” under NI 43-101. Field work, core logging and sampling was supervised by Donald G. Allen, MASc. P.Eng. (B.C.). HQ and NQ core was logged, sawn and sampled (1 to 2 metre composites) at our core logging facility in Dunkwa, with half core samples sent to ALS Ghana Limited laboratory in Kumasi, and analyzed for gold by fire assay-AA on a 50 gram sample charge. Laboratory QC consisted of inserting both blanks and standards into the sample stream and multiple re-assays of selected anomalous samples. Results from the QC program suggest that the reported results are accurate. Intercept lengths reported are core lengths, as true widths cannot be accurately determined at this stage in the exploration.

About Asante Gold Corporation

Asante Gold Corporation (CSE:ASE/FRANKFURT:1A9) is continuing to assess the Kubi Gold Mine Option as a potential underground, toll milling operation; exploring the Betanase concession optioned from Perseus Mining (Ghana) Limited and its 100% owned Fahiakoba concession, all located 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: douglas@asantegold.com

Doreen Kent, Shareholder Communications, tel: +1 604-948-9450; E-mail: d.kent@eastlink.ca

Kirsti Mattson, Media Relations, tel: +1 778-434-2241; E-mail: kirsti.mattson@gmail.com

Florian Riedl-Riedenstein, Director; E-mail: frram@aon.net

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.

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