Angkor newsletter May 23 
Dear Angkor Shareholders and Friends,
In case you missed today’s press release, I wanted to give you an update on activities at Mesco’s Phum Syarung mine site.
As you know, Angkor sold the 12 square kilometres of Phum Syarung to Mesco Gold (Cambodia) Co., Ltd (“Mesco”) for US$1.8 million in cash, and we retained a sliding scale Net Smelter Return interest of 2.0% to 7.5% on any gold production, as well as 7.5% of the value all other metals produced. Environmental approvals were granted to Mesco on August 8, 2016 and a mining license was issued by the Cambodian Ministry of Mines on September 6, 2016.
Last week we visited the Phum Syarung mine site to observe progress underground and to the infrastructure. Multiple administrative buildings have been completed and are now occupied on site, as well as an on-site assay lab in full operation with the capability to quickly test not only gold, but also a full suite of other elements. They have doubled the size of their employee living quarters.
Angkor VP Exploration Dennis Ouellette with Mesco's new underground loaders.
Mesco tells us it has purchased underground mining equipment which has started to arrive in Cambodia. We saw a number of brand-new underground loaders already on site with additional containers of heavy equipment at customs waiting for delivery. This represents a major investment by Mesco and is a very encouraging sign.
The Angkor team also observed progress underground as well. The headframe has been in place since early 2017, along with two inclines and a loading shaft. Incline 1 is now approximately 213.0 m in length and has become the main entrance point for Mesco to stage the next steps of underground development. Horizontal cross-cutting off of incline 1 on multiple levels is planned by Mesco to join the loading shaft and Incline 2. The overall distance between the loading shaft at the northern most point and Incline 2 at the southernmost point is approximately 400m.
Headframe and utility buildings at the Mesco Mine Site
We are especially encouraged by the recent progress which comes at a time when Thompson Reuters has predicted the average gold price for 2018 to be $1360/oz. With gold in 2018 at or near its highest annual price for 5 years and our royalty at Mesco on a sliding scale based on the price of gold, this would be very good news for us. As well, a strong gold price has also generated significant recent interest in our other properties where gold is the primary target.
Because Mesco is owned and operated by Mesco Steels Limited and other entities based in India, their results and reporting as to grade and project economics are not governed by CIM definitions or North American NI 43-101 standards or requirements. They own the project and conduct any and all exploration and testing themselves. Our agreement with Mesco does not give us access to their data, assays, process or project economics for verification.
The National Bank of Canada now has a branch in Banlung. National Bank has made an almost US $150 million investment to acquire a controlling interest in Advanced Bank of Asia Limited (ABA Bank of Cambodia).
Cambodia’s economy is predicted to grow this year again at a rate of 7%. As a major member of the ASEAN group of nations and with its ‘One Belt, One Road’ policy, China has drawn a significant amount of capital investment to Cambodia from foreign markets across numerous sectors. “The extractive sector in particular has experienced recent success. Kris Energy has been granted a production license marking the first oil to be produced locally, and Angkor’s exploration partner Renaissance is in the final stages of approval for its open-pit gold Okvau mine less than 60 kms south of our Koan Nheak property.
Cambodia continues to develop at an astronomical pace with no signs of slowing down in the near future. It is not hard to understand why companies such as Manulife and National Bank of Canada have decided to establish their businesses’ presence in Cambodia.
As always, if you have any questions, please do not hesitate to contact me or our CEO Stephen Burega (sb@angkorgold.ca).
Sincerely,
Mike Weeks
Executive Chairman
Angkor Gold Corp.
mw@angkorgold.ca