TORONTO, ONTARIO--(Marketwired - Feb. 13, 2017) - Ascendant Resources Inc. (TSX VENTURE:ASND) ("Ascendant" or the "Company") is pleased to announce it has completed its first zinc concentrate shipment from the El Mochito mine marking a significant milestone for the Company since acquiring the operation in late December, 2016.
The Company's sale of approximately 5,000 tonnes of zinc concentrate has left the Port of Cortes, Honduras, having met all required specifications in accordance with the 10-year offtake agreement between Ascendant and Nyrstar NV ("Nyrstar"). Under this agreement, Ascendant will receive payment for the provisional invoice of 90% of the shipment within 5 business days. Final invoice and payment will be made after processing and once final weights, assays and metal prices are known, as is customary in concentrate sales, and subject to adjustment for treatment and refining charges in line with the 2017 international benchmark standard. The provisional price received for the concentrate is based on the 5 business days leading up to the shipment of the official London Metal Exchange ("LME") Settlement quotation for Special High Grade Zinc as published in the LME's "Metal Bulletin", (in USD) and final pricing will be based on the average prices for March, being the one month after the month of shipment. Further details on the shipment can be found within the agreement posted to SEDAR.com.
President and CEO, Chris Buncic commented "Ascendant's first shipment from the El Mochito mine represents a significant milestone for the Company as we continue with our progress on the identified operational enhancements and examine potential exploration opportunities at the El Mochito mine. Our direct exposure to the current strong zinc price is a good supportive tailwind for achieving our goals of sustainable throughput enhancements at the mine coupled with continued exploration of high quality targets".
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; that the automatic exercise of the Subscription Receipts and Compensation Warrants will take place as expected; that any accretive acquisitions of or pertaining to mineral resource assets in North, South or Central America (or otherwise) will be completed; 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; risk factors disclosed in the Prospectus, in Ascendant's most recent Annual Information Form and Management's Discussion and Analysis available electronically on SEDAR; 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.