Ann: Exploration and resource drilling update-AQQ.AX, page-2

FIRST GOLD ASSAYS from recommencement of Drilling Key Points
 Pre‐Feasibility drill program commenced mid‐August 2016.
 First results received for resource hole APD1324 which intersected 28m @ 4.8g/t gold from 169m
 1500m of drilling completed to date.

Aphrodite Gold Limited (“Aphrodite” or “the company”) wishes to advise that the first gold assays from diamond drill hole APD1324 have been received. They include 28m @ 4.8g/t from 169m compared with an earlier adjacent reverse circulation hole APR1227 which intersected 21m @ 1.6g/t from 152m.

To date a total of approximately 1500m has been completed; predominately diamond core drilling comprising of 1 exploration hole to 500m, 2 resource infill holes and 3 metallurgical holes out of a total of 3 exploration holes, 23 resource holes and 7 metallurgical holes respectively.

The exploration hole APRD1325 followed up a previous intersection of 52m @ 1.4g/t from 308m at Phi North 300m north of the modelled resource. The hole has intersected the mineralised sequence and results are pending. A second exploration hole, APRD1327, 160 metres further north is underway.