Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

November 08, 2007 15:01 ET

Ascot Resources Ltd.: News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2007) - Ascot Resources Ltd. (TSX VENTURE:AOT) is pleased to announce the signing of a purchase agreement to acquire three crown grants (Old Timer, Butte and Yellowstone) located north of Stewart in the Cassiar Mining District. The crown grants are surrounded by the Company's Dilworth property (see news release March 28, 2007) and acquisition of these crown grants is complimentary to the Company's exploration plans for Dilworth (see attached map).

The purchase agreement is subject to approval by the TSX Venture Exchange.

Ascot will pay to the vendor:

1) $100,000 cash,

2) 200,000 common shares of Ascot, and

3) 1% net smelter royalty on the crown grants.

Ascot's 2007 exploration program at Dilworth was shut down in October by freezing weather. Results from the drill program have been delayed by the long back-ups being experienced in all Canadian Assay Laboratories. Results are expected to be available later this month.

ON BEHALF OF THE BOARD OF DIRECTORS OF ASCOT RESOURCES LTD.

John A. Toffan, President & 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.

To view attached map please click on the following link: http://www.ccnmatthews.com/docs/aot1108.pdf

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.
    John A. Toffan
    President & Director
    (604) 684-8950
    (604) 684-9877 (FAX)
    Website: www.ascotresources.ca