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File: DAU_AGZ_Acquisition_PR_FINAL_March 11 2019.pdf

For Immediate Release

                      Desert Gold Announces Binding Letter of Intent
                              To Acquire Ashanti Gold Corp.
March 11, 2019, Desert Gold Ventures Inc. (TSXV: DAU) ("Desert Gold") and Ashanti Gold Corp.
(TSXV: AGZ) ("Ashanti") are pleased to announce that they have entered into a binding letter of intent
(the "LOI") contemplating the acquisition by Desert Gold of all of the outstanding common shares of
Ashanti (the "Ashanti Shares"), (the "Proposed Transaction").

Under the terms of the LOI, all of the issued and outstanding Ashanti Shares will be exchanged on the
basis of 0.2857 Desert Gold common shares (each whole share, a "Desert Gold Share") for each Ashanti
Share (the "Exchange Ratio"). The Exchange Ratio implies consideration of CAD $0.0514 per Ashanti
Share based on the closing price of the Desert Gold Shares on the Toronto Venture Stock Exchange
("TSXV") on March 8, 2019. This represents a premium of 28.5% based on the closing price of Ashanti
Shares on the TSXV on March 8, 2019. The Proposed Transaction value is approximately CAD $3.8
million on a fully diluted in-the-money basis, representing 31% dilution to Desert Gold shareholders. The
parties have until April 15, 2019 to enter into a definitive agreement and have set a longstop date of
September 30, 2019 to close the Proposed Transaction.

Transaction Highlights
   dot Excellent Location on Prolific Senegal Mali Shear (SMSZ) and Main Transcurrent Shear
      Zones (MTSZ)   The district-scale land package spans the SMSZ, which is related to 30 million
      + oz gold of production and resources(1) and the MTSZ, which hosts Barrick's >3 million ounce
      Massawa Deposit(2). The combined property overlies portions of these two structures and the
      interaction zone between them (see Figure 1)
   dot District-Scale Land Package - Consolidated properties (see Figure 1 below) create an ~15 km
      across by ~25 km long, ~190 km2, target-rich, land package (see Figure 2)
   dot Combined Properties host >11 known Gold Zones   Consolidated properties host greater than
      11 known gold zones occurring both east and west of the SMSZ and MTSZ, suggesting
      significant exploration potential in a variety of geological settings

Benefits to Desert Gold Shareholders
   dot Strategic acquisition to create a district-scale land package over regional-scale structures (SMSZ
        and MTSZ) that are related to numerous, multi-million ounce gold deposits
   dot Exposure to well-situated Anumso gold property in the multi-million ounce Ashanti Belt in
        Ghana
   dot Combined entities will likely increase shareholder liquidity, trading and capital markets exposure
   dot Further strengthen Desert Gold's exploration and development pipeline
   dot Anticipated costs savings from consolidating operations

Benefits to Ashanti Shareholders
   dot Acquisition premium (28.5% based on the closing price of Desert Gold common shares on the
        TSX Venture Exchange on March 8, 2019.)
   dot Increased exposure to combined properties' overlying regional-scale structures (SMSZ and


      4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
         MTSZ) that are related to numerous, multi-million ounce deposits
   dot    Exposure to Desert Gold projects contiguous to BCM's Tabakoto and Hummingbird Resources'
        Yanfolila gold mines in Mali
   dot    Access to a strong, in-country operational team with capabilities to significantly advance
        combined properties
   dot    Improved capital markets exposure
   dot    Anticipated costs savings from consolidating operations

Figure 1. Regional Scale Geological Setting




       4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
 Figure 2. Consolidated Property Package with Highlight Results




     4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
 Highlighted Historic Drill Results from Consolidated Properties*




*True widths cannot be determined with the information available. All results have been presented in previous news rel
--->eases.


LOI Conditions & Steps to Definitive Agreement
The Proposed Transaction is subject to a range of conditions, including, but not limited to, Desert Gold
and Ashanti entering into one or more binding definitive agreements containing customary terms and
conditions, including representations and warranties customary in a transaction of this nature. In the event
that definitive agreement(s) are entered into between the parties, and subject to the final transaction
structure, the closing of the Proposed Transaction will be subject to additional conditions precedent
including, but not limited to, the receipt of all required approvals, approval of the Proposed Transaction
by the requisite majority of shareholders of Ashanti by way of special meeting of Ashanti shareholders
and agreement on customary non-solicitation covenants, board support and fiduciary-out provisions for
transactions of this nature. In addition to shareholder and regulatory approvals, the closing of the
Proposed Transaction is conditional on Ashanti being granted a renewal of its Kossanto East exploration
permit in Western Mali which is due to expire May 7, 2019. Under the terms of the LOI, Ashanti's CEO
Tim McCutcheon will be offered a board seat on the board of Desert Gold upon closing of the Proposed
Transaction.

Desert Gold and Ashanti are committed to consummating the Proposed Transaction in an expedited
manner and will issue further information about the Proposed Transaction in the near future. There can be
no assurances that any transaction relating to the Proposed Transaction or otherwise will result, or as to
the final definitive terms thereof.

Desert Gold's President Jared Scharf commented "We've been monitoring Ashanti's progress for several
years and their success in advancing the Kossanto East property, albeit in a very challenging market. The
acquisition of Ashanti will be a strategic milestone for Desert Gold as the consolidation of the Kossanto
East and Farabantourou properties creates a district-scale land package covering two of the most prolific
regional super-structures in West Africa, the Senegal Mali Shear and the Main Transcurrent Fault Zone.
Even with the consolidated land package already showing significant gold mineralization, we've only
scratched the surface in terms of understanding the exploration potential of this vast area. Consolidating
these contiguous assets under one corporate entity is a major step towards creating and realizing value for
the Desert Gold and Ashanti shareholders. The proposed acquisition of Ashanti is at the core of Desert
Gold's strategy to continually expand our exploration footprint in Western Mali."




        4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
 About Desert Gold
Desert Gold Ventures Inc. is a gold exploration and development company which holds 3 gold
exploration permits in Western Mali (Farabantourou, Segala West and Djimbala) and a mining license at
its Rutare gold project in central Rwanda.

About Ashanti
Ashanti is a gold-focused, exploration and development company that targets projects where it has a
competitive advantage due to past work experience of the team and specific project know-how. The
Company is driving forward its 100%-owned Kossanto East project in Mali on the prolific Kenieba Belt,
which hosts such deposits as Loulo, Fekola and Sadiola. Ashanti is also working to advance, together
with its earn-in partners, the Anumso project and the Ashanti Belt project in Ghana, which are near-
adjacent to the Akyem deposit.


Technical Disclosure
This press release contains certain scientific and technical information of Desert Gold and Ashanti. Each party is
solely responsible for the contents and accuracy of any scientific and technical information disclosure relating to it
--->.

Don Dudek, P.Geo. is a director of Desert Gold and a Qualified Person under National Instrument 43-101, has
reviewed and approved the Desert Gold scientific and technical information contained in this press release.

Dr. Paul Klipfel, CPG (AIPG certification #10821), Ashanti's COO and Chief Geologist is a Qualified Person as
defined by Canadian NI 43-101 and has supervised the preparation of the scientific and technical information that
forms the basis for this news release. Dr. Klipfel is responsible for all aspects of the work on the Kossanto East
property including the Quality Control/Quality Assurance programs. Dr. Klipfel is not an Independent Person, as he
is a shareholder of Ashanti.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown
risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from
those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-
looking statements. All statements other than statements of present or historical fact are forward-looking statements,
including statements with respect to the Letter of Intent and the likelihood that the definitive agreement(s) will be
entered into and that Proposed Transaction will be consummated on the terms and timeline provided herein or at all,
the benefits of the Proposed Transaction to Desert Gold and Ashanti and the receipt of all required approvals
including without limitation the companies shareholders and applicable regulatory authorities and applicable stock
exchanges. Forward-looking statements include words or expressions such as "proposed", "will", "subject to", "near
future", "in the event", "would", "expect", "prepared to" and other similar words or expressions. Factors that could
cause future results or events to differ materially from current expectations expressed or implied by the forward-
looking statements include general business, economic, competitive, political and social uncertainties; the state of
capital markets; risks relating to (i) the preliminary and non-binding nature of the LOI, (ii) the ability of the part
--->ies
to satisfy the conditions precedent to the execution of any definitive agreement(s) or to ultimately agree on definiti
--->ve
terms, (iii) the impact on the respective businesses, operations and financial condition of Desert Gold and Ashanti
resulting from the announcement of the Proposed Transaction and/or the failure to enter into definitive agreement(s)
or to complete the Proposed Transaction on terms described or at all, (iv) a third party competing bid materializing
prior to the effective date of any definitive agreement(s) or the completion of the Proposed Transaction, (v) delay or
failure to receive board, shareholder regulatory or court approvals, where applicable, or any other conditions
precedent to the completion of the Proposed Transaction, (vi) unforeseen challenges in integrating the businesses of



       4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
 Desert Gold and Ashanti, (vii) failure to realize the anticipated benefits of the Proposed Transaction, (viii) other
unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other
factors ultimately being inaccurate or irrelevant; and other risks described in Desert Gold's and Ashanti's documents
filed with Canadian securities regulatory authorities. You can find further information with respect to these and
other risks in filings made with the Canadian securities regulatory authorities and available at www.sedar.com.
Desert Gold's and Ashanti's documents are also available on their respective websites at www.desertgold.ca and
www.ashantigoldcorp.com. We disclaim any obligation to update or revise these forward-looking statements, except
as required by applicable law.

For more information contact:

Desert Gold Ventures Inc.
Jared Scharf
President and Director
Email: jared.scharf@desertgold.ca
Tel.: +1 (858) 247-8195
Website: www.desertgold.ca

Ashanti Gold Corp
Tim McCutcheon
President and CEO
Email: tmccutcheon@ashantigoldcorp.com
Tel.: +1 (604) 396-1336
Website: www.ashantigoldcorp.com


(1)      Randgold's Loulo-Gounkoto mine complex to the west with ore reserves of 32 Mt average at 4.6 g.t for 3.7 mill
--->ion oz
         Au in the Proven and Probably category. Endeavour Mining's Tabakoto and Segala mines which hosts ~3 million o
--->z
         Au (18.5 Mt at 3.5 g/t for 1.8 million oz Au measured and indicated, 9 Mt at 3.6 g/t for 1 million oz Au infe
--->rred and 6.4
         Mt at 3.5 g/t for 0.7 million oz Au proven and probable. B2Gold Fekola mine to the south with ore reserves of
---> 48.3
         million Mt average at 2.37 g/t gold for 3.34 million oz Au in the Proven and Probably category and 65.8 milli
--->on Mt
         average at 2.13 g/t gold for 4.5 million oz Au. To the north Sadiola/Yatela mine contains ore reserves of 38 
--->million Mt
         at 1.57 g/t gold for 2 million oz Au and 87 million Mt at 1.58 g/t gold for 6 million oz Au in the measured a
--->nd indicated
         category.
(2)      Barrick      website    -     https://barrick.q4cdn.com/788666289/files/quarterly-report/2018/Randgold-2018-R
--->eserves-
         Resources.pdf ; Estimated Indicated mineral resources of 23Mt @ 4.0 g/t Au totalling 2.5 million ounces of go
--->ld and
         estimated inferred mineral resources of 6 Mt @ 3.0 g/t Au totalling 0.51 million ounces of gold




       4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882