Vancouver, British Columbia, February 20, 2020 – Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE American: AKG) reports an updated Mineral Resource Estimate (“MRE”) and Mineral Reserve Estimate (“MRev”) for the Asanko Gold Mine (“AGM” or the “Project”), located in Ghana, West Africa. The AGM is a 50:50 joint venture (“JV”) with Gold Fields Ltd (JSE, NYSE: GFI), which is managed and operated by Asanko.
Estimated Mineral Resources and Mineral Reserves at the Asanko Gold Mine Highlights (100% basis)
• Estimated Measured and Indicated Mineral Resources of 64.1 million tonnes (“Mt”) at 1.70 g/t gold for 3.50 million ounces (“Moz”) gold contained (Measured Mineral Resources at 2.3 Mt at 0.76 g/t gold for 0.06 Moz gold contained and Indicated Mineral Resources at 61.7 Mt at 1.74 g/t gold for 3.45 Moz gold contained).
• Estimated Proven and Probable Mineral Reserves of 53.4 Mt at 1.38 g/t gold for 2.38 Moz of gold contained (Proven Mineral Reserves of 2.3 Mt at 0.76 g/t gold for 0.06 Moz gold contained and Probable Mineral Reserves of 51.1 Mt at 1.41 g/t gold for 2.32 Moz gold contained).
• Estimated Inferred Mineral Resources of 7.0 Mt at 1.59 g/t gold for 0.36 Moz of gold contained.
The MRE and MRev are effective December 31, 2019. Mineral Resources were estimated using a $1,500/oz gold price and are inclusive of Mineral Reserves which were estimated using a $1,300/oz gold price. An updated NI 43-101 compliant technical report outlining the life of mine plan supporting the updated estimates will be filed on SEDAR at www.sedar.com as soon as practically possible, but no later than April 5, 2020.

Asanko Gold Mine Life of Mine Plan Highlights and Optimization (100% basis)
• Estimated gold production of 2.1 Moz of gold over an expected 10-year mine life at projected all-in sustaining costs (“AISC”)1 of $1,135/oz.
o 8 years of mining operations planned at the open pit deposits that make up the AGM (Esaase, Nkran, Akwasiso, Abore, Asuadai and Adubiaso).
o 10 years of processing mined ore and run-of-mine stockpiles projected through the existing 5.4 Mtpa processing plant.
• Initial 2 years (2020-21) expected to produce on average 242,000 ounces of gold per year at an anticipated $1,048/oz AISC1, with the potential for strong margins and projected free cash flow1 of $91.3 million at an assumed $1,400/oz gold price.
• Limited anticipated development capital expenditures of $105 million over the life of mine including the $25 million Tetrem village relocation currently underway and expected to be completed in 2020.
• Launched major cost reduction initiative with the goal of driving down AISC1 by approximately $100/oz.
• Increased focus on exploration with the aim of unlocking potential within 21,000 hectare land package.
“The updated Mineral Reserve Estimate for the Asanko Gold Mine is in-line with the development plan that we announced in August last year which targeted 8-10 years of mine life at a production rate of 225,000 to 250,000 ounces per year,” said Greg McCunn, Chief Executive Officer. “2020 and 2021 are both expected to be good years for the mine with projected strong free cash flow. Using this updated life of mine plan as a baseline, we are launching a major cost reduction initiative at the AGM and increasing focus on exploration on our prospective 21,000 hectare land package.
When we look at our 50% share of the Asanko Gold Mine cashflows at today’s gold price, we estimate that we continue to trade at a discount to our net asset value. As a result, we are continuing with our share buy-back program. As of the end of January, we had purchased and cancelled 1.8 million shares, returning approximately $1.6 million to Asanko Shareholders.”
This news release should be read in conjunction with, and is subject to, the final NI 43-101 compliant technical report dated February 2020, which will be available on the Company’s website and filed on SEDAR as soon as practically possible, but no later than April 5, 2020.
The updated life of mine plan contemplates a substantial pushback of the Nkran pit (“Cut 3”) to access its anticipated mineral reserves. The Company is currently initiating an exploration program aimed at delineating near mine targets on existing mining licences in order to defer an investment decision on Nkran Cut 3.
Additionally, the Company has initiated a cost reduction program at the Asanko Gold Mine with the objective of driving down operational costs. Specifically, the program envisages delivering a sustainable saving of $100/oz AISC1 over the remaining mine life. The program will focus on (amongst other items):
• Retendering of existing mining contracts with the goal of driving down per unit mining costs, increasing efficiencies and reducing the fixed cost allocation over more production units.

• Retendering of existing haulage contracts for the haulage of ore from Esaase to the processing facility in order to increase efficiencies and reduce the fixed cost allocation over more production units.
• Optimisation of all sustaining and development capital expenditures.
• Review of general and administrative expenditures at the Asanko Gold Mine.
• Assessment of energy inputs.
• Optimizing crushing, ore re-handling and plant throughput.
Asanko Gold Mine Mineral Resource Estimates (100% basis)
Updated MRE’s are reported for the six deposits that make up the AGM, replacing the previous NI 43-101 report dated June 5, 2017. CSA Global (UK) Ltd (“CSA Global”) compiled the updated MRE’s for the Nkran, Esaase and Akwasiso deposits. The Updated MRE’s for the Abore, Adubiaso and Asuadai deposits were compiled by Asanko under supervision of the CSA Global QP.
The MRE’s are reported in compliance with the definitions and guidelines for the reporting of Exploration Information, Mineral Resources and Mineral Reserves in Canada, “the CIM Standards on Mineral Resources and Reserves – Definitions and Guidelines” dated 10 May 2014 (CIM, 2014).
The effective date of the Mineral Resource is 31 December 2019, presented in the form of a combined global Mineral Resource table below. The Esaase Resources below includes the Mineral Reserves contained in both the Esaase Main and Esaase South pits (as described in the MRE).

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