Angkor Gold Corp.
TSX VENTURE : ANK

November 21, 2011 09:00 ET

Angkor Gold Corp.: News Release

- Diamond drilling commences on the Border gold prospect, Oyadao tenement, Cambodia

- Contract awarded to locally owned and operated drilling company

- Over 20 holes programmed for this prospect

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2011) -

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES.

ANGKOR GOLD CORP. (TSX VENTURE:ANK) ("ANGKOR") is pleased to announce that a contract to drill a minimum of 15 short (50m each) and 7 longer (100-150m) (1550m total) diamond drill holes in the Border Prospect on Oyadao tenement, Ratanakiri Province, Cambodia, has been awarded to Veriak Drilling, a Cambodian owned and operated contractor. The rig is on site and drilling of OY11-039 commenced on 18 November, 2011.

Mike Weeks, Angkor's President and CEO states, "We are thrilled to be moving forward with our Border prospect and building upon the results of the extensive exploration work we have completed at this prospect over the past two years. This drill program ties in with Angkor's philosophy of putting as much money as possible into the ground, employing local businesses, and advancing several of our outstanding Cambodian gold projects simultaneously."

The drill program is aimed primarily at the North Vein, where extensive open workings by illegal artisanal miners have exposed a robust quartz vein system over a continuous strike length well in excess of 500m. These workings extend down vertically at least 35m in places, and grab samples recorded gold values up to 14.8g/t Au. Other more westerly workings on a related feature add at least another 500m extension to the North Vein. Historical records show only 5 diamond drill holes by Liberty Mining International targeted it at roughly 200m intervals along strike, but there are favourable intersections: 6.0m at 0.83 g/t Au in OY0013RD; and 3.0m at 43.3 g/t Ag (including 277 g/t Ag over 0.75m) in OY0014RD.. The log for OY0008RD records visible gold, but assayed only 1.6 g/t Au over 0.8m. OY0006RD showed no precious metals, but did return 1.8% Zn over 1.8m from the same apparent zone as the high silver in OY0014RD.

A further 5 holes, each to 100m (500m total) will probe new targets outlined by the soil geochemistry survey completed last season. The Border prospect has been a major focus of the company's exploration work over the past 2 years, where an intensive 'C' zone geochemical soil survey covered an area of some 2.5km x 3.0km. Lines were cut both east-west and north-south at 100m spacing, and auger sampled at 20m intervals from depths ranging from 1.5 to 3.2m.

Two of the areas of concentration of gold in the soils are no surprise, and their orientation is entirely as one would expect. The first is an east-west linear, covering roughly 600m which reflects the North Vein of the prospect. The Central Vein system is manifest in a bull's-eye gold anomaly that extends southwest for 320m. North vein is picked out poorly by the bismuth distribution, but Central vein is beautifully outlined by bismuth, lead and silver. However, the outstanding feature of gold distribution is strong linearity covering more than 1500m along direction 130°, repeated weakly by silver and copper, and particularly well by lead and zinc.

Border Prospect 'C' Zone Soil Geochemical Survey: http://media3.marketwire.com/docs/ank_maps.pdf

A most compelling feature of the soil geochemistry is the coincidence of a strong copper bull's-eye in the south that repeats for silver; arsenic; molybdenum; lead and zinc.

The Bull's Eye (4 maps): http://media3.marketwire.com/docs/ank_maps.pdf

Recently some new outcrops have been uncovered on the Central Vein on which we had some success in our 2009 and 2010 drill programs. Some 300m of follow-up drilling in 2 holes will target this area.

All cores will be saw-split before sampling. Cores will be stored at the Company facility in the city of Banlung, Ratanakiri province. All analyses will be done by a reputable internationally recognized laboratory. In the past, Angkor has used ALS-Chemex in Vientiene, Laos for gold by single assay ton fire assay with an AA finish, and in Brisbane, Australia for base metals by ICP-MS following acid digestion. Higher value results will be analysed in duplicate. Company QA/QC protocol requires the insertion of some 20% of blank and standard samples on a randomized basis throughout the sample sequence. The protocol further requires that no sample interval be greater than 1.0m or less than 0.5m.

The QP for this release is Adrian G. Mann, P.Geol., VP Exploration for ANGKOR. He is a graduate of London University and of the University of the Witwatersrand, with over 40 years world-wide experience in mineral exploration and mining geology. Dr. Mann lives in Calgary, Alberta.

ANGKOR GOLD CORPORATION is a public company listed on the TSX-Venture exchange. The company has 4 exploration licenses in the Kingdom of Cambodia covering a total of 1167 km2 and 3 Memoranda of Understanding with the Ministry of Mines, Industry and Energy covering a further 1499 km2. The company has been actively exploring these concessions over the past 21/2 years , and has covered all 4 licenses with stream sediment geochemical sampling, has flown low level aeromagnetic surveys over most of this ground, drilled some 8781 metres of NQ core in 76 holes, and has collected in excess of 12,500 'C' zone soil samples in 6 centres of interest, over a combined area of 12km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.

THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and completion of the Corporation's financings and related information. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations and assumptions made by the Corporation. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, Cambodia, the United States and globally; industry conditions, including fluctuations in the prices of gold and other base metals; governmental regulation of the mining industry in both Canada and Cambodia, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain mining equipment and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in mining operations; competition for, among other things, capital, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the mining industry; failure to realize the anticipated benefits of acquisitions and dispositions; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture nor its regulation services provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this press release.

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