Jin Huang Mining Company Limited - Early Warning Press Release

Hong Kong, Feb. 12, 2018 /CNW/ - This press release is being disseminated jointly by Jin Huang Mining Company Limited ("Jin Huang"), Gold Mountains Asset Management Limited ("Gold Mountains") and Zijin Global Fund ("Zijin"), as required by National Instrument 62-103 – The Early Warning System and Related Take Over Bids and Insider Reporting Issues in relation to their beneficial ownership of common shares (the "Common Shares") of Asanko Gold, Inc. (the "Company") with its headquarters located at 680-1066 West Hastings Street, Vancouver, British Columbia Canada V6E 3X2 according to its website.

On February 9, 2018, Jin Huang acquired beneficial ownership of 7,300,000 Common Shares, representing approximately 3.59% of the issued and outstanding Common Shares, through the facilities of the Toronto Stock Exchange (the "Transaction"). The Common Shares were acquired at a price of Cdn. $1.076 per Common Share. Immediately after closing of the Transaction, Jin Huang had beneficial ownership of 11,300,000 Common Shares, representing approximately 5.55% of the issued and outstanding Common Shares. Before the Transaction, Jin Huang owned 4,000,000 Common Shares, representing approximately 1.97% of the issued and outstanding Common Shares.

On January 29, 2018, Zijin, Gold Mountains and Jin Huang entered into a voting agreement pursuant to which the parties agreed to vote all of their respective holdings of the Common Shares (whether present or after acquired) as a group. As a result, Jin Huang, Zijin and Gold Mountains may be considered to be acting jointly or in concert for the purposes of Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids.  Zijin has beneficial ownership of 11,529,097 Common Shares, representing approximately 5.67% of the issued and outstanding Common Shares. Gold Mountains, as the manager of Zijin and various other funds, is deemed to have beneficial ownership of or control over 12,529,097 Common Shares (including the 11,529,097 owned by Zijin), representing approximately 6.16% of the issued and outstanding Common Shares.  The voting agreement took effect from January 29, 2018 and will be in force unless terminated by mutual agreement of the parties thereto.

On an aggregate basis, Jin Huang, Zijin and Gold Mountains now have beneficial ownership of or control over 23,829,097 Common Shares, representing approximately 11.71% of the issued and outstanding Common Shares.

Jin Huang, Zijin and Gold Mountains acquired the Common Shares for investment purposes and do not currently have the intention of exercising control or direction over the Company. Each of Jin Huang, Zijin and Gold Mountains will review their holdings from time to time and may continue to acquire and/or dispose of additional securities of the Company according to market conditions and other relevant factors in the future.  

Although Jin Huang, Zijin and Gold Mountains have no present intention to acquire additional securities of the Company, they intend to review their investment on a regular basis and, as a result thereof, may at any time or from time to time determine, either alone or as part of a group, (i) to acquire additional securities of the Company, through open market purchases, privately negotiated transactions or otherwise, (ii) to dispose of all or a portion of the securities of the Company owned by it in the open market, in privately negotiated transactions or otherwise, or (iii) to take any other available course of action, which could involve one or more of the types of corporate transactions involving the Company. Any such acquisition or disposition or other transaction would be made in compliance with all applicable laws and regulations and subject to any applicable restrictions on transfers. Notwithstanding anything contained herein, each of Jin Huang, Zijin and Gold Mountains specifically reserves the right to change its intention with respect to any or all of such matters. In reaching any decision as to its course of action (as well as to the specific elements thereof), each of Jin Huang, Zijin and Gold Mountains currently expects that it would take into consideration a variety of factors, including, but not limited to, the following: the Company's business and prospects; other developments concerning the Company and its businesses generally; other business opportunities available to Jin Huang, Zijin and Gold Mountains and their affiliates; changes in law and government regulations; general economic conditions; and money and stock market conditions, including the market price of the securities of the Company.

Zijin, a company formed under the laws of the Cayman Islands, is an investment fund managed by Gold Mountains and is engaged in holding, distributing or effecting any sale of securities held by it.  The address of the principal business office of Zijin is Unit 7503A, Level 75, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.

Gold Mountains, a corporation formed under the laws of Hong Kong, is an investment company (that is not registered under the Investment Company Act of 1940) whose principal business purpose is to provide investment management services to Zijin and other funds.  The address of the principal business office of Gold Mountains is Unit 7503A, Level 75, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.

Jin Huang, a company formed under the laws of the British Virgin Islands, is an investment holding company and is engaged in holding, distributing or effecting any sale of securities held by it. The address of the principal business office of Jin Huang is Unit 7503A, Level 75, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.

Each of Zijin, Gold Mountains and Jin Huang is a subsidiary of Zijin Mining Group Co., Ltd. (whose principal business is mining and extracting raw materials).

An Early Warning Report reflecting the above-noted acquisition of Common Shares has now been filed, copies of which are available on SEDAR at www.sedar.com.

SOURCE Jin Huang Mining Company Limited

Jin Huang Mining, Company Limited, Unit 7503A, Level 75, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong, + (852) 2803 2738; Gold Mountains Asset Management Limited, Unit 7503A, Level 75, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong, + (852) 2803 2280; Zijin Global Fund, Unit 7503A, Level 75, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong, + (852) 2803 2116