Mr. Stephen Burega reports

ANGKOR SIGNS USD $3.65 MILLION EARN-IN AGREEMENT WITH HOMMY RESOURCES ON BANLUNG PROPERTY

Angkor Gold Corp. has entered into an earn-in agreement with Canadian-based private company Hommy 5 Resources Inc. on Angkor's wholly owned Banlung property in northeastern Cambodia. The Banlung property is one of Angkor's five licences in Cambodia.

"I am extremely pleased to announce Angkor has concluded a major, long-term funding agreement with Hommy Resources on our Banlung licence," said Angkor's chief executive officer, Stephen Burega. "As the region's most successful project generator, Angkor has been able to attract such development and funding partners as Japan's JOGMEC and Australia's Emerald Resources to our collection of gold and copper assets. The principals behind Hommy Resources are already shareholders of Angkor, and their stable funding of continued exploration on our highly prospective Banlung property will allow us to rapidly advance this asset."

Angkor's Banlung property includes two primary prospects -- Okalla West and Okalla East with gold mineralization associated with an alkaline intrusive complex. The styles of mineralization and alteration observed during Angkor's previous exploration are typical of mineralization associated with alkaline systems. Drilling on the property is expected to begin in the coming dry season. Initial drilling at Okalla West will be aimed at prospective structurally hosted gold anomalies. Gold with associated zinc, arsenic and lead anomalies are top priority.

Approximately $1.2-million (U.S.) in work has been done at Banlung since the beginning of 2017, including shallow drilling to investigate and better understand the underlying structure. In addition to drilling, the entire licence area has previously been the subject of an aeromagnetic survey, satellite imagery geological interpretation, with reconnaissance field truth mapping and multielement stream sediment geochemical survey, as well as extensive grab sample, termite mound and auger sampling.

The company previously reported a high-grade zone in 2011 which included an intercept of high-grade gold at Okalla East of 86.0 grams per tonne gold over one metre, at 101 m to 102 m in drill hole BL11-026 (see company press release of March 1, 2018). Note that this is a selected interval of mineralization and is not necessarily representative of the mineralization hosted on the property. The link between gold mineralization and alkaline rocks can be found in many cases around the world, including some of the largest gold deposits such as the Cripple Creek deposit in Colorado, the Brucejack Gold mine in Canada and the Porgera in Papua New Guinea.

"I am particularly pleased that Dr. Adrian Mann is back as a consultant for Hommy Resources," said Dennis Ouellette, Angkor's vice-president of exploration. "He has years of experience as Angkor's former VP, Exploration, and is intimately familiar with the tremendous exploration potential at Okalla West and Okalla East. I look forward to working with him."

The terms of the agreement with Hommy Resources include a total investment by Hommy Resources of $3.3-million (U.S.) in exploration and development expenditures plus cash payments to Angkor of $350,000 (U.S.) over a three-year period for them to acquire a 51-per-cent participating interest in the Banlung licence. Upon completion of the initial earn-in option, Hommy Resources has the right to acquire an additional 29-per-cent participating interest in the licence with the commissioning and completion of a feasibility study. After that, Angkor will maintain a 20-per-cent participating interest in the property through to production or, at Angkor's discretion, can convert to a 3.5-per-cent net smelter return on all metals. Angkor will be the operator on the project until Hommy Resources acquires a 51-per-cent participating interest in the Banlung licence.

Key highlights of the agreement:

• Angkor has granted to Hommy Resources the sole and exclusive right and option to acquire up to a 80-per-cent participating interest in Angkor's Banlung licence through the exercise of three milestones.
• The completion of the first option will occur when Hommy Resources has spent a total of $500,000 (U.S.) in exploration and development expenses within one year on the Banlung licence with an additional cash payment to Angkor of $150,000 (U.S.), at which point Hommy Resources will have earned a 20-per-cent participating interest.
• After Hommy Resources has fully paid the amounts referred to the first option, Hommy Resources can elect to acquire a 51-per-cent participating interest by incurring additional exploration and development expenditures of $2.8-million (U.S.) plus an additional $200,000 (U.S.) cash payment to Angkor. All exploration and development expenditures by Hommy Resources must be completed no later than 720 days following the earning of the first option.
• After Hommy Resources has earned the first and second options, Hommy Resources can elect to acquire an additional 29-per-cent participating interest by completing a definitive feasibility study on the property before March 7, 2022.
• After the exercise of the third option, Angkor, in its sole discretion, may choose to continue to hold a 20-per-cent participating interest or to convert its 20-per-cent participating interest into a 3.5-per-cent net smelter return. Hommy Resources may also buy back from Angkor up to an undivided 1.5-per-cent NSR for an amount to be mutually agreed upon or set by arbitration, reducing Angkor's NSR to 2.0 per cent.
• If Angkor chooses to hold its 20-per-cent participating interest, Hommy Resources will finance Angkor's share of the cost of exploration and development, which will be repaid by Angkor from future revenue from the property.
• Should there be a decision to mine, Angkor and Hommy Resources agree to finance the development and operation of any mining property in proportion to their participating interests after Hommy Resources has earned its second option of 51 per cent. If Hommy Resources has not yet earned its full 51 per cent, Hommy Resources will continue to make the exploration and development and other payments until it reaches its 51-per-cent vested interest before Angkor is required to co-fund. Angkor may decline at any time to co-fund the development and operation of the mining property, and retain at its option a fixed and free-carried 20-per-cent participating interest through to production or a 3.5-per-cent NSR.
• Either Hommy Resources or Angkor may choose to convert all of Hommy Resources fully vested participating interest to common shares in Angkor at a fixed conversion price of 25 cents per share, provided that if the conversion is at Hommy Resources request, Hommy Resources must first pay to Angkor the sum of $100,000 (U.S.).

About Angkor Gold Corp.

Angkor Gold is a public company listed on the TSX Venture Exchange and is a leading mineral explorer in Cambodia, with a large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.

Dennis Ouellette, BSc, PGeo, is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA No. 104257) and a qualified person as defined by National Instrument 43-101. He is the company's vice-president of exploration and has reviewed and approved the technical disclosure in this release.

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