20160915 NR H2 2016 Production Guidance FINAL...PRESS RELEASE ASANKO GOLD INCREASES H2 2016...

PRESSRELEASE

ASANKOGOLDINCREASESH22016PRODUCTIONGUIDANCE

Highlights:

• Steadystateoperationscontinuewith34,301ouncesproducedinJulyandAugust2016

• H22016productionguidanceincreasedto100,000–105,000ouncesupfrom90,000–100,000ouncespreviously

• Millsoperatingat10%overdesigncapacityat3.3Mtpaandgoldrecoveryexceedingplan

• CrushingimprovementsbeingundertakenthroughQ12017toincreasemillthroughputtocirca3.6Mtpafor2017

• Newlife-of-mineplanbeingoptimizedwithhigherthroughputratesandgoldproductionfor2017and2018aheadofPhase2operations

Vancouver,BritishColumbia,September15,2016–AsankoGoldInc.(“Asanko”orthe“Company”)(TSX,NYSEMKT:AKG)ispleasedtoprovideanupdateontheAsankoGoldMine(AGM),locatedinGhana,WestAfrica. Theminedeclared commercial productiononApril 1, 2016and reached steady stateoperationsduringQ2 2016. July and August production has been reflective of steady state operationswith 34,301ouncesproduced.Assuch,theCompanyhasincreaseditsproductionguidanceto100,000–105,000ouncesforH22016,previously90,000-100,000ounces.Asanko’s improved guidance is the result of minor operational improvementsmade during Q2 2016 tooptimizetheprocessingfacilitywhichhasresultedinthemillsperforminginexcessoftheiroriginaldesigncapacityonacontinuousbasis.This,togetherwithhigherthanplannedrecoveryandoregradesapproachingreservegradesbeingfedfromtheNkranpit,hasdeliveredaveryencouragingperformancesofarforQ32016. InJulytheprocessingplantmilled274,325tonnesat2.1g/tgoldproducing17,042ouncesandforAugust279,737tonnesweremilledat2.0g/tfor17,259ounces.Commentingonthestrongproductionperformance,PeterBreese,PresidentandCEO,said“TheAsankoGoldMine is performing extremely well, having now reached steady-state operations with current run ratesthroughtheprocessingfacilityabovefeasibilitylevels.ThesolidperformancewehaveseeninJulyandAugusthasgivenustheconfidencetoincreaseourguidanceforH22016.Ourfocusnowcontinuestobeonbringingouroperatingcostsin-linewithexpectationsbytheendof2016.”Thecurrentmillcapacityof275,000to280,000tpm(equivalentto3.3milliontonnesperannum(“Mtpa”))isapproximately 10% above design throughput rates. The bottleneck to increasing production further isprimarily theore crushing circuit. Modifications to the crushing circuit to improve throughput rates arecurrentlybeingundertakenandwillbecompletedinQ12017.Inaddition,inanefforttoimprovethroughputrates even further, a newmobile crusherhasbeenpurchasedand is expected tobeoperational by lateSeptember2016.Oncethecrushingimprovementshavebeenimplemented,theCompanyexpectstoachievemonthlyproductionthroughputsof300,000tpm(3.6Mtpa)withoutfurthercapitalexpenditure.

2

TheCompany is currentlyupdating theAGM life-of-mineplan in conjunctionwith thePhase2DefinitiveFeasibilityStudy(“DFS”).Thenewlife-of-mineplanwillbebasedonprocessing20%moreorethanplannedat3.6Mtin2017.AssuchtheCompanyexpectstheDFStoestimateinexcessof220,000ouncesofproductionin2017,whichiswellabovepreviousplansforthatyear.OrefeedwillcomefromtheNkranpit,thetwonear-surfaceoxidedepositsdiscoveredearlierthisyear,AdubiasoExtensionandNkranExtension,andtheDynamiteHillsatellitepit.TheDFSisnowexpectedtobepublishedduringQ42016,atwhichtimeformalproductionguidancefor2017willbegiven.Permits forAdubiasoExtensionandDynamiteHillhaverecentlybeenobtainedandthepermit forNkranExtensionisexpectedinQ12017.BushclearingandGradeControldrillingoftheAdubiasoExtensionpithascommencedinpreparationforminingoperationsinQ42016.TheCompanywillbepresentingattheDenverGoldForumnextweekinColoradoSprings,USA.AcopyofthepresentationwillbeavailableontheCompany’swebsite:www.asanko.com.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.Phase1commencedgoldproductioninJanuary2016anddeclaredcommercialproductiononApril1,2016.Ramp-uptosteadystateproductionof190,000ouncesperannumwasachievedinQ22016.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.TheCompanyissubjecttothespecificrisksinherentintheminingbusinessaswellasgeneraleconomicandbusinessconditions.FormoreinformationontheCompany,InvestorsshouldreviewtheCompany'sannualForm20-F filingwith theUnited States Securities Commission and its home jurisdiction filings that are available atwww.sedar.com.

3

NeitherTorontoStockExchangenortheInvestmentIndustryRegulatoryOrganizationofCanadaacceptsresponsibilityfortheadequacyoraccuracyofthisrelease.