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Alset Updates Progress on Re-Sizing Concessions and Drilling Permits

THUNDER BAY, ONTARIO -- (Marketwired) -- 11/30/16 -- Alset Energy Corp. (TSX VENTURE: ION) ("Alset" or "the Company") is pleased to provide an update regarding ongoing work encompassing re-sizing the concessions as well as permitting efforts on the Company's Mexican Lithium Salar projects.

The largest concession, Sutti 19 located in the State of San Luis Potosi, Mexico, is currently being split into 18 smaller concessions that will result in the reduction of annual work requirements required by the Mexican government but without any loss of ground. Concession Sutti 19 covers approximately 8776 hectares and will be split into 18 separate new contiguous concessions with a maximum of 500ha each. The total amount of hectares will remain unchanged however the expenditures required by the Mexican government will be drastically reduced (see Alset PR October 4, 2016). Surveying monuments were erected to facilitate this work and were completed by the Company's team of consultants in Mexico. The paperwork associated with this effort is currently being finalized and will be submitted to the requisite Mexican authority promptly. The Sutti 19 concession currently covers numerous salars including Caliguey and Santa Clara. Caliguey was a historical table salt operation that returned high lithium values from 1.2% to 2.1% lithium in 4 samples of fluid collected on the surface of the property by the Mexican government in 1992 (see Alset PR dated September 1, 2016).

In addition, the Company has moved ahead on the drill permitting and is on schedule for drilling in the first quarter of 2017. To date, the permit for drilling at La Salada, located in Zacatecas State, Mexico, has been submitted and the permit for Santa Clara and Caliguey will also be submitted within the next few weeks.

Allan Barry Laboucan, President and CEO of Alset Energy said: "One of our near-term project initiatives of re-sizing the concessions is well underway. With our largest concession completed, we can now continue with the reduction followed by splitting into smaller parcels of Sutti 22 as it remains advantageous and cost effective to do so. We are progressing expeditiously with our ongoing drill permitting and we are awaiting results from the laboratory for samples recently submitted that will provide us with insight into grade and recovery of lithium."

Clinton Barr, PGeo, Vice-President of Exploration for Alset Energy Corp., is the qualified person responsible for this release and has prepared, supervised and approved the preparation of the scientific and technical disclosure contained within the release.

About Alset Energy (ION.V)

Alset Energy is a TSX-V listed junior exploration company focused on exploring and acquiring mineral properties containing the metals needed by today's high-tech industries. The Company is actively exploring in Mexico and Canada.

On behalf of the Board of Directors of Alset Energy Corp.,

Allan Barry Laboucan, President and CEO

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.

Contacts:
Allan Barry Laboucan
(604)-505-4753

Investor Relations:
Daniel Boase
(416) 566-2673
www.alsetenergy.ca

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