Corporate Update

Asa Resource Group PLC

("Asa" or "the Company")

5 May 2016

Corporate Update

Asa Resource Group Plc ("Asa" or "the Company) is pleased to announce further developments with regard to the Cooperation and Development Agreement (the "CDA"), signed between the Company and Zhejiang Hai Liang Co. Limited ("Zhejiang Hailiang ") in 2013. The CDA, announced on 21 August 2012 originally relates to the Company's interests covering about 4,721 km² in the Katanga copper belt region of the south eastern part of the Democratic Republic of Congo over 27 of the 33 licence areas in which the Company has a 100% beneficial holding. In accordance with the CDA, Zhejiang Hailiang has fulfilled the relevant investment and mining exploration obligations as stated in the agreement. Accordingly, the Company has fulfilled its obligation to transfer 62% of its shares in Muya Resource SARL to HAILIANG (Africa) Mineral Investment Co., Ltd, a subsidiary of ZheJiang Hailiang, pursuant to the terms of the CDA. The Equity transfer transaction was completed at the end of last month.

Mr Yat Hoi Ning, Executive Chairman of Asa said:

"Now that the Zhejiang Hailiang has completed all its mining exploration obligations, paid all mining exploration expenses and fulfilled its investment requirements as stated in the CDA, Asa Resource Group Plc shall accomplish the equity transfer transaction in accordance with the CDA, retain a 38% shareholding in Muya Resource SARL and a 100% interest in five further exploration licences within the Katanga region.  Asa Resource Group will continue explore more business opportunities and strive to bring more benefits to our shareholders."

About Asa Resource Group PLC

Asa Resource Group PLC is a public company listed on the London Stock Exchange's Alternative Investment Market (AIM). The core businesses of Asa Resource Group PLC are Gold, Diamond, Copper and Nickel mining, as well as Agriculture, Property Management and Mining Services.

For further information please visit www.asaukplc.com or contact:

London:

Asa Resource Group Plc

One Fleet Place, London EC4M 7W

Yim Kwan, Finance Director

Amilha Young, Group General Counsel and Company Secretary

Tel: +44(0) 20 3696 5470

Hong Kong:

Asa Resource Group Plc

Units 509-510, Level 5, Core E, Cyberport 3, 100 Cyberport Road, Hong Kong

Samuel Ng, Investment Manager

Tel: +852 25662638

Nominated Adviser

Grant Thornton UK LLP

30 Finsbury Square, London EC2P 2YU

Colin Aaronson, Richard Tonthat, Carolyn Sansom

Tel: +44 (0) 20 7383 5100

Financial Adviser and Corporate Broker

Cantor Fitzgerald Europe

1 Churchill Place, Canary Wharf, London E14 5RB

Stewart Dickson, Jeremy Stephenson, Patrick Pittaway

Tel: +44 (0) 20 7894 7000

Public Relations

E-mail: [email protected]