Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

October 10, 2012 08:30 ET

Ascot Drills 0.45 Metres of 3550 Grams Per Tonne Gold and 2180 Grams Per Tonne Silver at Dilworth

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2012) - Ascot Resources Ltd. (TSX VENTURE:AOT) current drilling at Premier is spread over three areas, the Big Missouri, the Martha Ellen and the Sparky zone at Dilworth. Hole #391 has recently returned a narrow high grade gold hit from the Sparky zone averaging 3550 g/t gold and 2180 g/t Ag over a 0.45 meter interval contained in quartz breccia ( 103.5 opt gold, 63.6 opt silver over 1.48 feet).

Drilling continues to encounter widespread gold and silver mineralization in all three areas and the geometry of mineralization continues to develop as gently dipping sheets in all the zones as part of a large coherent mineralized system. Drilling is presently extended over a distance of 4.5 kilometers.

New Highlights include:

Hole # Zone Comment From
m's
To
m's
Width
m's
Au
(g/t)
Ag
(g/t)
PR-12-373 Province 165.20 184.00 18.80 1.99 1.9
incl. 181.50 184.00 2.50 11.10 4.5
PR-12-377 Martha Ellen 177.00 196.00 19.00 1.19 4.3
incl. 188.00 190.00 2.00 7.38 21
PR-12-378 Province 176.61 209.76 33.15 1.17 6.5
incl. 176.61 186.39 9.78 2.49 13.5
PR-12-380 Martha Ellen 112.00 122.00 10.00 2.33 14.2
PR-12-381 Sparky 302.00 335.00 33.00 1.01 62.0
incl. 305.00 316.00 11.00 2.05 166.5
incl. 312.23 315.00 2.77 6.56 603.4
PR-12-382 Province 160.58 192.53 31.95 1.35 5.6
incl. 160.58 170.80 10.22 2.20 5.9
PR-12-384 Province 194.86 256.15 61.29 1.66 6.7
incl. 199.00 201.00 2.00 10.45 20.9
incl. 209.65 221.00 11.35 4.83 15.0
incl. 211.00 215.65 4.65 8.52 23.1
PR-12-385 Martha Ellen 71.39 141.00 69.61 1.01 4.1
incl. 73.00 84.00 11.00 4.98 15.7
incl. 75.00 76.00 1.00 36.40 40.0
PR-12-391 Sparky also 172.29 193.14 20.85 1.15* 50.1 *cut to 1opt Au
incl. 178.26 178.21 0.45 3550.00 2180.0

N.B. values are uncut unless stated.

To date, in 2012, Ascot has completed 147 drill holes for a total of 33,312 metres. The initial 102 holes were reported in previous releases most recently dated Sept 8, 2012, this release covers the most recent 22 holes (holes #369; #391 and #390 still have results pending). Wide zones of gold and silver mineralization continue to be encountered in many of the areas demonstrating bulk tonnage potential in a generally flat sheet like orientation with higher gold and silver grades in zones within broad gold envelopes. Estimated true widths are generally 10-20% less than reported drill widths, as holes fan across gently dipping sheets. Detailed results table, locations, azimuths and dips and figures can be viewed at the following Ascot link: www.ascotresources.ca

Drilling will continue as long as weather permits.

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.

Quality Assurance/Quality Control

Analytical work is being carried out by ALS Lab Group. Quality assurance and quality control programs include the use of analytical blanks and standards and duplicates in addition to the labs own internal quality assurance program. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. 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 bi-weekly sample shipments made to ALS Labs Terrace prep site.

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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