Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

June 23, 2010 09:00 ET

Ascot Resources Ltd. Drilling Intersects 7.33 g/t Au Over 12.79 Meters at Premier Unicorn Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2010) - Ascot Resources Ltd. (TSX VENTURE:AOT) is pleased to announce results for the first four drill holes of the 2010 Premier drilling. The budget for 2010 is $4.0 million, consisting of a 20,000-25,000 meter drill campaign in approximately 100 diamond drill holes.

The 2010 drilling commenced in the Unicorn zone area to follow up and expand on the initial 2009 drilling campaign. The drilling continues to encounter both lower grade bulk tonnage gold targets and higher grade underground gold targets analogous to the system mined at Premier (historic production- 2.11 MOz Au, 44.24MOz Ag from 8.64 Mt).

Zone Hole No. From (m) To (m) Length (m) Au (g/t)
Unicorn P-10-49 41.90 42.25 0.35 2.18
  also 56.25 56.75 0.50 2.14
  also 80.87 90.71 9.84 0.92
  incl. 86.94 90.71 3.77 2.08
  also 101.36 114.15 12.79 7.33
  incl. 110.33 112.33 2.00 41.17
  also 182.22 210.49 28.27 0.26
  also 247.54 275.80 28.26 0.27
  incl. 258.35 265.05 6.70 0.51
  incl. 263.25 265.05 1.80 1.03
           
Unicorn P-10-50 22.20 24.00 1.80 2.28
  also 85.50 89.35 3.85 0.64
  also 122.20 150.31 28.11 0.38
  incl. 123.34 125.90 2.56 0.72
  incl. 130.25 130.90 0.65 2.09
  also 167.10 175.75 8.65 0.53
  incl. 173.20 175.75 2.55 0.92
  also 185.35 199.95 14.60 0.28
  also 226.46 247.75 21.29 0.46
  incl. 237.76 239.67 1.91 2.30
  also 258.66 302.31 43.65 0.86
  incl. 258.66 274.40 15.74 1.54
  incl. 269.90 274.40 4.50 2.98
  incl. 278.24 280.04 1.80 1.21
  incl. 285.64 286.64 1.00 2.35
  incl. 298.30 301.25 2.95 1.37
  also 329.23 340.00 10.77 0.87
  incl. 332.00 332.50 0.50 10.70
           
Unicorn P-10-51 51.07 53.54 2.47 1.02
  also 89.04 104.74 15.70 0.35
  incl. 95.57 97.77 2.20 0.94
  also 113.20 117.05 3.85 0.66
  also 152.55 154.48 1.93 1.50
  also 204.70 352.00 147.30 0.98
  incl. 220.00 352.00 132.00 1.07
  incl. 238.57 276.87 38.30 2.46
  incl. 252.46 270.00 17.54 3.65
           
  incl. 252.46 256.46 4.00 8.84
  incl. 264.50 270.00 5.50 4.31
  subintervals incl. 252.46 253.46 1.00 22.90
  subintervals 254.46 256.46 2.00 6.15
  subintervals 264.50 267.00 2.50 7.75
  subintervals 274.00 276.87 2.87 4.01
  subintervals 310.46 313.35 2.89 4.85
           
Unicorn P-10-52 9.60 11.50 1.9 1.24
  also 166.16 230.00 63.84 0.72
  incl. 204.00 205.00 1.00 2.02
  incl. 208.67 209.67 1.00 1.96
  incl. 226.06 229.00 2.94 7.95
  incl. 227.00 228.00 1.00 17.16
  also 267.05 274.66 7.61 2.36
  incl. 267.65 268.15 0.50 24.75
  also 298.22 314.75 16.53 0.34
  also 326.85 334.36 7.51 1.19

Initial drilling has returned extensive gold mineralization in all four initial 2010 holes in the Unicorn zone, which can be traced on surface for a strike length of approximately 1500 meters. The central portion of this zone, in the 2009 drilling, demonstrated both bulk tonnage values and higher grade zones eg. P09-040 which intersected 55.50 meters grading 1.32 g/t Au at shallow depths (47.50-103.00 meters) and included higher grades such as 4.00 meters grading 7.34 g/t Au (99.00-103.00 meters) (see November 23, 2009 press release). Holes in 2010 continue to demonstrate narrower high grade intersections such as P-10-49 with 7.33 g/t Au over 12.79 meters, and P-10-51 with 8.84 g/t Au over 4.0 meters. Wider low grade intervals continue to be encountered such as P-10-51 with 1.07 g/t Au over 132.00 meters including an interval of 2.46 g/t Au over 38.30 meters.

These first four holes continue to encounter the Unicorn zone which is believed to be a moderately west dipping zone associated with high level "Premier porphyry dykes". The holes also continued testing to the east of the zone and encountered widespread gold mineralization which was commonly not closed off at the depth due to limits of the drill. This eastern portion of the Unicorn zone remains open to the north, south and east as well as down dip. This initial drilling tests a strike length of approximately 220 meters and this is presently being extended over an additional 400 meters of strike length. Drilling is at 090 degrees with -50 degree dips and a plan map will be available on the Ascot web site. A number of additional holes have been completed with assays pending.

Quality Assurance/Quality Control

Analytical work is being carried out by Assayers Canada in Vancouver, BC. Quality assurance and quality control programs include the use of analytical blanks and standards in addition to the labs own internal quality assurance program. Samples containing greater than 200 g/t silver and greater than 10,000 ppm (1%) lead and zinc are routinely re-assayed. Identified or suspected metallic gold or silver are subjected to "metallics" assays. Sampling and storage are at the company's secure facility in Stewart with weekly sample shipments made to Assayers Canada.

Graeme Evans, P.Geo and Leif Bjornson, P.Geo are providing the field management for the Premier exploration program. Graeme Evans, designated as the Qualified Person (QP) as defined by National Instrument 43-101 has prepared the technical information in this news release.

On Behalf of the Board of Directors

ASCOT RESOURCES LTD.

John A. Toffan, President and Director

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release relative to markets about 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. All statements, other than statements of historical fact, included herein, including, without limitation; the completion of the Offering on the terms set forth herein, the anticipated closing date of the Offering and the use of proceeds from the Offering are forward looking statements. 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. Important factors that could cause actual results to differ materially from the Company's expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. 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 except as required by applicable securities laws. 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 press release.

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