Ascot Resources Ltd.

Ascot Resources Ltd.

August 01, 2012 11:53 ET

Ascot Resources Continues to Expand a Large Gold System in the Big Missouri Area

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2012) - Ascot Resources Ltd. (TSX VENTURE:AOT) is pleased to announce an update on drilling results from its ongoing 2012 exploration program at Premier. The 2012 drilling campaign continues to expand and confirm the property has potential for both bulk tonnage and higher grade underground gold/silver targets. This release includes results for the first 55 holes (PR-12-267 to 321) that have results completed for, out of the 88 holes completed to date for a total of 18,935 meters of drilling. The remainder of the holes have results pending and will be released at a later date. Drilling in 2012 has all been outside of the area of the NI 43-101 resource announced May 2, 2012 and continues to expand the Big Missouri system with a majority of the holes encountering gold and silver intersections. Drilling started in the southeast (Dago area) and northeast (Unicorn area) due to limited access from heavy snowfall and a slow spring melt. This drilling has now shifted to the western side of the Big Missouri in the Day and Northstar areas. Drilling has also commenced in the Martha Ellen zone located 2.0km's northwest of the Big Missouri zone.

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. Detailed results table, locations and figures can be viewed at the following Ascot link:

New highlights include:

Hole # From
Au g/t Ag g/t Area
PR-12-268 38.00 75.00 37.00 0.79 3.5 Dago
PR-12-274 99.38 148.05 48.67 0.74 3.5 Dago
PR-12-287 115.00 159.00 44.00 0.85 4.1 Dago
PR-12-299 33.00 56.00 23.00 1.70 32.9 Dago
PR-12-304 25.00 97.71 72.71 0.55 26.2 Dago
PR-12-309 163.00 230.00 67.00 0.67 7.4 Day
PR-12-312 146.00 221.00 75.00 0.45 2.9 Day
PR-12-316 37.00 159.00 122.00 0.84 1.5 Day
incl. 74.57 113.00 38.43 2.14 1.5
PR-12-320 9.00 135.00 126.00 0.98 6.3 Martha Ellen
incl. 31.00 42.20 11.20 6.89 26.2
PR-12-321 13.00 59.00 46.00 1.69 18.4 Martha Ellen
incl. 19.50 33.00 13.50 5.04 54.4

In 2012 the region historically known as the Big Missouri area is being drill tested covering portions of the historic Unicorn, S1, Dago, Northstar, and Province/Big Missouri zones and will be drilled at sufficient density to provide an updated to the May 2, 2012 NI43-101 resource in this large target area (approximate 50 meter centres). The surface extent of showings and alteration in this area covers a surface area of approximately 3.0 square kilometres.

Drilling has also commenced in the Martha Ellen area at a density that will allow an initial resource of this near surface target previously tested by Westmin with 155 historic diamond drill holes. This area is believed to be the northwest fault offset extension of the Big Missouri zone.

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 SGS Canada Inc. in Vancouver, BC. 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. Samples containing greater than 10 g/t silver, 10 g/t gold 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 bi-weekly sample shipments made to SGS Labs.

On Behalf of the Board of Directors


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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