Mr. Gordon Neal reports

ABZU GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT AND MANAGEMENT CHANGES

Certain investors of Abzu Gold Ltd., including Stonehouse Construction Pte. Ltd., intend to invest $2-million in the company through a non-brokered private placement of 40 million units of the company at a price of five cents per unit. Each unit will consist of one common share of the company and one common share purchase warrant of the company. Each warrant will entitle the holder thereof to purchase one share at a price of 10 cents per share for a period of 12 months following the closing of the private placement.

The private placement is subject to TSX Venture Exchange approval and all securities issued pursuant to the private placement, including the shares issued on exercise of the warrants, will be restricted from trading for a period of four months and a day from the date of issuance of the units in compliance with securities legislation and exchange policies. The proceeds from the private placement will be used for the company's continuing development of its operations in Ghana and general working capital purposes.

Effective today, the company also announces the appointment of David Price as chief executive officer of the company, who will be replacing Timothy McCutcheon, who has resigned as a director and the chief executive officer of the company. In addition, Ross McDonald has resigned as the chief financial officer of the company and will be replaced by Wilson Soon. The company thanks Mr. McCutcheon and Mr. McDonald for their contributions to the company and wishes them continued success.

Mr. Price

Mr. Price is a seasoned and forward-thinking senior executive with more than 25 years of bankable experience in project finance, investor relations, mergers and acquisitions, and major project execution and delivery experience, from concept to full commercial operation, of major resource development opportunities and utility-grade power-generation projects around the globe.

Currently, Mr. Price is country manager, Canada, for Stonehouse Mining Group as well as corporate communications manager for KazaX Minerals Inc., and is well versed in mining resource development, with significant strength in economic analysis and valuation, project finance, financial and economic modelling, mine design, and operation management. He has operated extensively throughout Africa, South America, Canada and the United States. He has vast experience in environmental assessment, statutory, and regulatory compliance and approvals, associated with the development and delivery of major potash, gold, silver and polymetallic mining and construction projects. Projects include the Palaborwa mine, Buffelsfontein mine, Sigma Colliery and the Milestone project.

Experienced in utility-grade energy resource development, Mr. Price has delivered the first wind park in Ontario and the Bear Mountain wind park in British Columbia, and hydroelectric, co-generation, combine cycle, wind, biomass and landfill gas power generation development projects when having worked with blue-chip companies such as Rio Tinto, Anglo American, Clean Power Income Fund, the Probyn Group, AltaGas, Fluor Daniel Corp. and SOEKOR.

Mr. Price obtained his MBA from the London Business College and a bachelor of science degree in civil engineering from Leeds University, England.

Gordon Neal, chairman of Abzu Gold, stated, "The Abzu board are delighted to have secured the services of David, a well-seasoned professional with a proven track record in getting projects to production, which will be of paramount importance in driving forward Abzu's flagship operation in Nangodi, Ghana."

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