Astur Gold September 2016 Letter to Shareholders - Seite 2

We have retained Herbert Smith Freehills ('HSF') in Madrid to assist us in the permitting process. HSF has a distinguished history of working closely and collaboratively with government departments and all stakeholders to ensure that all the requirements of the stakeholders are met with a view to creating a mutually beneficial relationship between the Company and the community it is forming part of. We align very closely with this philosophy and believe the project will benefit greatly from our team, HSF and stakeholders working together.

We have decided to change the name of Astur's wholly-owned Spanish subsidiary, which owns the Salave property, to Fénix Oro. We believe it is appropriate to change the name in line with the new management and philosophy of the team.

We have engaged Mine Development Associates to update the NI 43-101 report produced in 2014 so as to ensure our technical disclosure and mineral resources are current. The NI 43-101 report will ensure the investors and shareholders have the most current information and will flow into the feasibility study to be completed as soon as practicable.

We have called an Annual General Meeting and Extraordinary General Meeting to be held on 11 October 2016. We look forward to introducing ourselves to the shareholders personally and explaining our longer term plans for the Salave project.

Path Forward

The intrinsic value of Astur is the Salave project and our focus is therefore firmly on bringing it to production in the near term by working closely and collaboratively with the relevant stakeholders.

The immediate focus of the Company will be threefold:

1. Re-engaging with Stakeholders;
2. Recapitalising the Company; and
3. Completing the Feasibility Study

Re-engaging with Stakeholders

Our first priority is to re-engage with the Salave project's stakeholders, working closely with the local government, regulatory authorities, landholders and communities with a view to building a project that benefits all those involved and satisfies the environmental and public policy concerns of all parties. We intend to do what is necessary to de-escalate the relationships with the relevant stakeholders and re-engage with the interested parties with a clean slate, constructively and collaboratively. We will only progress the project with the support of the community in which we operate.