Alset Provides Update

Thunder Bay, Ontario: Alset Energy Corp. (TSXV: ION) (“Alset” or “the Company”) announces that it has received documentation from its Mexican legal advisors that two of the concessions held under the Company’s option agreement, as they are currently registered, may require a considerable amount of annual work expenditures. Such expenditures are required to be completed in order to maintain them in good standing under Mexican Mining Law relative to the others in the portfolio. While it is not uncommon for significant exploration costs to be expended in order to keep large mineral/mining holdings in good standing with mining authorities around the world, the initial estimates for the Mexican concessions appear excessive and are currently estimated at approximately $1.8 million annually. After receiving these initial estimates, the Company immediately consulted with its Mexican advisors and is confident that these costs can be substantially lowered to more reasonable and manageable amounts moving forward. The Company is expeditiously working on these measures and will update shareholders accordingly.

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