Asante Gold Corporation: Positive Initial Drill Results From Fahiakoba Concession, Ghana

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


Asante Gold Corporation (TSX VENTURE:ASE)(FRANKFURT:1A9) (the "Company") is
pleased to announce that drilling to test widely spaced geophysical targets on
the Fahiakoba concession in Ghana has confirmed the presence of anomalous to
highly anomalous gold mineralization. These targets are generally on strike with
mineralization noted at Perseus Mining's Edikan mine, which is adjacent and to
the southwest of the concession. 


Partial results from 4 of the 14 diamond drill holes (2,437 metres) completed
since March 2012 to date have been received, with an additional 280 sample
results pending.  


Drill holes FAH12-001, 2, 3 and 5 reported herein 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. 


VG NOTED in FAH12-005 0.50 metres @ 289.50 G/T AU: visible gold was noted in a
1.5 cm quartz vein at a down hole depth of 201.8 metres, 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. A collar map is available at:
http://www.goknet.net/Asante/FAHcollars22May12.pdf. 


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.




----------------------------------------------------------------------------
                                                   Estimated     Wt. Average
Drill             From          To    Intercept   True Width         g/t Au,
Hole          (metres)    (metres)     (metres)     (metres)           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 metre drill program is expected to resume once
the additional submitted samples have been received and the ground work
completed.


Douglas MacQuarrie, President, noted that "The 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. We are highly encouraged to continue to explore the
indicated +20 kilometre strike length of shear zones on the concession."


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 and sampling was supervised by Donald G. Allen,
MASc. P.Eng. (B.C.). HQ and NQ core was logged, sawn and sampled on site, with
half samples sent to SGS Laboratory in Tarkwa, and analyzed for gold by fire
assay-AA on a 50 gram sample charge. Internal QC consisted of inserting both
blanks and standards into the sample stream and multiple re-assays of selected
anomalous samples. Where multiple assays were received for an interval, the
final value reported was the average of all results for the interval. Results
from the QC program suggest that the reported results are accurate. 


On behalf of the Board,

Douglas R. MacQuarrie, President & CEO

About Asante Gold Corporation 

Asante Gold Corporation (TSX VENTURE:ASE) is a Vancouver-based gold exploration
and development company, exploring the Fahiakoba Concession located in the
centre of Ghana's Golden Triangle and between Perseus Mining's Edikan and
AngloGold Ashanti's Obuasi mines.


This news release contains forward-looking statements which involve known and
unknown risks, delays and uncertainties not under the Company's control which
may cause actual results, performance or achievements of the Company to be
materially different from the results, performance or expectations implied by
these forward-looking statements. We Seek Safe Harbour.
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