Ascendant Resources Inc.
TSX VENTURE : ASND

Ascendant Resources Inc.

March 09, 2017 07:30 ET

Ascendant Resources Announces Appointment of Neil Ringdahl as Chief Operating Officer and Change in Financial Year-End

TORONTO, ONTARIO--(Marketwired - March 9, 2017) - Ascendant Resources Inc. (TSX VENTURE:ASND) ("Ascendant" or the "Company") is pleased to announce the appointment of Mr. Neil Ringdahl as Chief Operating Officer effective immediately.

Mr. Ringdahl is a senior mining executive with over 23 years of international mining, development, and executive management experience. Mr. Ringdahl has a strong technical and project background in a career that has been primarily focussed in Latin America and Africa. Previously, Mr. Ringdahl held the role of Chief Operating Officer at Orvana Minerals Corp., a multi-mine gold and copper producer where he oversaw operations, exploration initiatives and executive/corporate activities. While at Orvana he was successful in implementing programs to improve safety and profitability as well as increasing the life of mine. At Apogee Silver, he held the position of Chief Executive Officer where he significantly de-risked the rehabilitation project and initiated construction at the Pulacayo mine in Bolivia while fostering proactive community relations improvements and agreements. Mr. Ringdahl has also held senior positions with Volcan Companía Minera in Peru, Golden Star Resources in West Africa and Anglo Platinum in South Africa. Mr. Ringdahl holds a bachelor's degree with Honors in mining engineering from the University of the Witwatersrand in South Africa.

President and CEO, Chris Buncic stated, "Our key challenges at the El Mochito Mine are increasing production volumes via daily throughput and reducing operating costs in a sustainable manner while managing the negotiations of the collective bargaining agreement with the union and the mine's workers. Neil's extensive experience with turnaround situations in Latin America will be invaluable to Ascendant. His experience with labour negotiations in Bolivia during his tenure at Apogee Silver will be highly beneficial as Ascendant continues to negotiate with the Union at El Mochito. Neil is Spanish speaking and has a proven track record of operating mines safely and efficiently in challenging political, social and operating environments. I very much look forward to his contributions as we further improve our operations."

Ascendant also announces today that it has changed its financial year-end from July 31 to December 31. This change is being implemented to allow the Corporation to align its financial year-end with the financial year-end of its subsidiary, American Pacific Honduras SA de CV. A Notice of Change in Year-End will be available for review shortly under the Corporation's SEDAR profile at www.sedar.com.

About Ascendant Resources

Ascendant Resources Inc. (formerly known as Morumbi Resources Inc.) is a mining issuer focused on its flagship operating asset, the producing El Mochito zinc, silver and lead mine in west-central Honduras in which the Company has a 100% interest. El Mochito has been in almost continuous production since 1948. More broadly, the Company evaluates producing and advanced development stage mineral resource acquisition opportunities in North, South and Central America, on an ongoing basis. The Company's common shares are listed on the TSX Venture Exchange under the symbol "ASND". For more information on Ascendant Resources, please visit our website at www.ascendantresources.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.

Forward-looking information is based on reasonable assumptions that have been made by Ascendant as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Ascendant to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the successful appointment of Neil Ringdahl as Chief Operating Officer; the successful change in the Corporation's financial year-end; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Ascendant; stock market volatility; competition; and such other factors described or referred to elsewhere herein, including unanticipated and/or unusual events. Many such factors are beyond Ascendant's ability to control or predict.

Although Ascendant has attempted to identify important factors that could cause actual outcomes to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate as actual outcomes and future events could differ materially from those reliant on forward-looking information.

All of the forward-looking information given in this press release is qualified by these cautionary statements and readers are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Ascendant disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. This forward-looking information should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.

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