Ascot Resources Ltd.

Ascot Resources Ltd.

December 07, 2007 12:41 ET

Ascot Ready to Order Shiploader

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2007) - Ascot Resources Ltd. (the "Company") (TSX VENTURE:AOT) is pleased to announce recent developments in its aggregate business and progress at its 100% owned Swamp Point project, located in coastal British Columbia, 150 kilometres north of Prince Rupert.

Construction of stockpile pads and a permanent barge load out and fendering system designed to accommodate 5,000 to 7,500 tonne barges was completed in March, 2007, which allowed the first tug and barge aggregate shipments to commence on schedule in April, 2007. Between April and June, 2007, 145,000 tonnes of base material was shipped to the Port of Prince Rupert as part of the phase one development of a major container port at Fairview Terminals. In the summer months site and camp construction proceeded to completion in parallel with a major program of waste removal, water management, and construction of haul roads. During this phase all rock work and culverts for roadway drainage and winterization of the accommodation facilities was also completed. In the period September through to the end of November, 2007, blasting and construction of the laydown area for the fuel farm, power generation and shops was completed. The ship loader support structures and attendant marine and earth works are now in final engineering design at Sandwell Engineering and are scheduled for completion in mid-January, 2008. The Company anticipates placing orders in December, 2007, for two track mounted 1,200 tonne per hour ship loaders, to be manufactured in Europe, together with all ancillary feed conveyor systems. The ship loader construction, delivery and commissioning at site is expected to take approximately ten months which would allow the Company to be in a position to begin export deliveries in the last quarter of 2008.

In California, marketing and sales activities are continuing to make excellent progress. In discussions with a southern California Port Authority, the Company identified an optimum landing site opportunity for Panamax self discharge ocean going vessels and is presently in final negotiations with the owners of the landing site and the Port Authority for lease of and improvements to the landing site. In advance of identifying this site the Company entered into discussions with a large, well respected southern California concrete producer that would take Ascot material both for its own consumption and for sale to other customers in the region. Recognizing the high quality of the Ascot product and Ascot's ability to secure a local landing site, the California firm has made a firm commitment to working with Ascot. The California concrete firm has provided the Company proposed terms for a ten year, 750,000 tonne per year off take agreement, and, has asked the Company to negotiate on its behalf final arrangements for the landing site. The Company is now well advanced in these various discussions and will provide further details once agreements are signed.

The Company's marketing and sales efforts in California have been spearheaded by British Pacific Aggregates Ltd., owned and managed by Mr. John Chambers. British Pacific and Mr. Chamber's history of success in the import of construction aggregates into California from British Columbia has been fundamental to guiding the Company's business strategy in the Pacific Rim markets. Mr. Eric Woodhouse, formerly President of RMC Pacific Materials Inc. in California, recently joined British Pacific as partner, and brings a great depth of experience and knowledge which will be key to achieving our objectives in this market. Mr. Woodhouse, in addition to taking responsibility for the Company's activities in California and Pacific Rim markets, will assume management and direction of all aspects of Ascot's aggregate business.


Kenneth M. Carter, Director

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release regarding anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ascot Resources Ltd.
    Kenneth M. Carter
    (604) 684-8950
    (604) 684-9877 (FAX)