Gold driven... Ghana focused.

Our flagship property in Ghana is the Fahiakoba, a 22.07 sq km prospecting license located on strike with and between Perseus Mining's 4.32 million ounce (gold reserves & resources) Edikan Mine and AngloGold Ashanti's 60 million ounce (reserves & resources of 9.52 and 35.41 million ozs, and historical production of ~31 million ozs) Obuasi mine. The latter is the longest producing, highest grade and largest gold resource in West Africa.

Asante Gold holds a 100% interest in the Fahiakoba gold concession thru an option agreement with Goknet Mining Company Limited of Accra which holds the prospecting license, and is subject to 5% Government and 3% underlying NSR interest.

The nearest Perseus gold deposit is some 3km along strike to the southwest. The property covers a part of the former Dunkwa Continental Mining Lease where large scale gold dredging activities were active from 1930 for nearly 70 years on the Ofin River and its tributaries. The dredging operation was based in Dunkwa, and during this period some 1.45 million ounces of gold were recovered, with dredge production peaking in the early 1960's at 69,000 ounces per year (Minerals Commission, 2002). The original source of the gold in the Fahiakoba alluvial/placer deposits has not been determined, however Asante is of the opinion that the source of gold in these type of systems is generally located nearby. Numerous licensed small scale alluvial operations are currently ongoing. At Fahiakoba, the small scale title extends only to the base of the alluvial deposits with all deep large scale rights reserved for Asante.

Property Geology

The property is underlain by favourable Birimian meta-sediments, with more than 70% of the Fahiakoba concession covered by transported alluvial material. No modern exploration or drilling has taken place to date. Recent airborne geophysical surveys have outlined some 20 km of strong NE trending shear and fold zones, some of which have associated VTEM conductors. These type of structural targets at Perseus and elsewhere in Ghana host significant gold deposits and will be the target of our ongoing exploration efforts. Anomalous gold values have been noted in a pit with quartz stockwork in granite that is associated with one of the airborne geophysical targets. Phase 1 auger drilling to test below the alluvial cover has been completed with anomalous gold trends identified.

Phase One Auger drilling consisted of 531 holes totalling 2,304 metres. Over 1000 samples were taken with results to 560 ppb Au.

Diamond Drilling Commenced - Initial Results Reported May 2012

In early March 2012, a 5,000 metre diamond drilling program was initiated to test the previously outlined structures. Partial results from 4 of the 14 diamond drill holes (2,437 m) completed to date were received in May, with an additional 280 sample results pending.

Results for drill holes FAH12-001, 2, 3 and 5 were drilled in the area of a small scale alluvial pit where a previous grab sample in saprolite gave 2.05 g/t Au. Drilling under the pit gave long intersections of quartz stockwork in a quartz-rich greywacke.

Visible gold was noted in a 1.5 cm quartz vein at a down hole depth of 201.8 m, associated with strong pyrite mineralization in siltstone/greywacke. The 0.5 metre sample containing this vein averaged 289.50 g/t Au. The gold is coarse, occurs as both free gold in the quartz and interstitial in the pyrite, and appears related to late stage (D4?) foliation as noted at many West African gold deposits.

Drill hole FAH12-005 was drilled 200 metres to the east of the other noted drill holes to test the southwest end of a previously outlined airborne VTEM conductor. The hole collared in greywacke and from 47.0 to circa 200.0 metres down hole intersected poorly mineralized, but strongly foliated meta slate/phyllite with minor quartz veining. A graphitic shear zone was intersected at 175.0 metres which correlates with the extension of the VTEM anomaly to the southwest. The collar map is below:



Best intersection in the remainder of the reported holes was 1 metre of 7.34 g/t Au at a depth of 41.5 metres in FAH12-003. Anomalous gold was noted in 8 other intervals in the first three holes at depths from 34.0 to 175.0 metres -- with values ranging from 0.28 to 0.85 g/t Au.

Drill Hole	From (metres)	To (metres)	Intercept (metres)	Estimated True Width (metres)	Wt. Average g/t Au, uncut
FAH12-001	NSA
FAH12-002	NSA
FAH12-003	41.08	42.08	1.00	1.00	7.34
FAH12-005	201.50	202.00	0.50	0.50	289.50

Table One: Significant Drill Hole Assay Results ('NSA' -- no significant assays)

Programs of fixed source VLF EM and additional soil sampling/auger drilling are currently underway to further evaluate the area of the discovery in FAH12-005. Completion of the budgeted 5,000 m drill program is expected to resume once the additional submitted samples have been received and the ground work completed.

These initial drill results have confirmed that the extensions of the Akropong and Edikan shear zones, which cross the Fahiakoba concession, contain anomalous to highly anomalous gold mineralization. These shear zones are mappable with geophysics through the extensive surface cover. Exploration of the +20 km strike length of shear zones on the concession is therefore warranted.