Asanko Gold Initiates Phase 1 of AGM and Appoints Key Contractors

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 3, 2014) - Asanko Gold Inc. ("Asanko") (TSX:AKG)(NYSE MKT:AKG) is pleased to announce it has appointed DRA as the Engineering, Procurement, Construction and Management ("EPCM") contractor for the design and construction of Phase 1 of the Asanko Gold Mine ("AGM") Project in Ghana, following a competitive bidding process.

Based in Johannesburg, South Africa, DRA has successfully worked with the leadership team at Asanko on multiple projects in Africa over many years and has recently completed engineering work on Asanko's Esaase project. DRA is a well-known and highly respected EPCM contractor, with a strong track record of successfully building, commissioning and operating gold plants across Africa. Recently, DRA has acted as EPCM contractor for Randgold Resources on the 7.2 million tonne per annum ("Mtpa") gold processing facilities and associated infrastructure at the recently built and commissioned Kibali site in the DRC and is currently working as the EPCM contractor for Aureus Mining at their New Liberty Project in Liberia.

Peter Breese, President and CEO, said "The appointment of DRA as EPCM contractor marks the initiation of Phase 1 at our flagship project, the Asanko Gold Mine, which will form the foundation of our vision to become a mid-tier gold producer. My team and I have worked extensively with DRA for many years and together we have successfully built and commissioned mines in Africa that have all been delivered on time and on budget. It is this track record that gives us confidence that we will be able to deliver first gold in Q1 2016.

Work is progressing well on all other fronts and the Board is targeting to make an investment decision mid-year. We are fully funded for Phase 1 with US$255 million cash and we are making good progress with Red Kite to modify the security provisions and loan documentation for our existing agreements. We expect to have these revisions completed in Q2 2014."

In addition, the Company has appointed Knight Piesold to design the TSF and carry out detailed geotechnical engineering works for the site. Knight Piesold are well known in Ghana and have designed, built and operated several tailings storage facilities in the country. They have reviewed the current TSF design and concluded that the selected location can be expanded to hold tailings from both Phase 1 and Phase 2 operations.