Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

November 23, 2010 12:24 ET

Ascot Resources Drills 322.5 Meters of 0.412% Copper on Its Third Hole on the Mt. Margaret Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2010) - Ascot Resources Ltd. ("Ascot") (TSX VENTURE:AOT) is very pleased to announce the results for the third diamond drill hole (MM-10-03) on the Mt. Margaret property in the St. Helens Mining District of Skamania County in Washington State. This hole was drilled in the central portion of the property at -60 degree dip to the west, across and below historic Duval drill holes #61 and #63. Hole MM-10-3 is located 240 meters east of hole MM-10-02 (see News release November3, 2010) as part of a fence of holes. This fence of holes was the southernmost fence of holes on the program and it confirms continuity of mineralization between and below the historic holes over a lateral distance greater than 450 meters and a vertical depth of 400 meters which has substantially expanded the mineralization from historic drilling and leaves mineralization open on the perimeter and at depth. This hole was again shut down in mineralization and continues to suggest the mineralization dips moderately to the west rather than a more vertical zonation as previously modeled by Duval.

Results include:

MM-10-03 From
(m's)
To
(m's)
Int.
(m's)
Cu%
Assay
Mo % Ag g/t Au g/t
Entire Hole 11.60 496.00 484.4 0.344 0.014 1.4 0.196
incl. 155.10 477.60 322.5 0.412 0.017 1.6 0.230

It was noted with internal standards that previously reported MM-10-01 had consistently low ICP copper values and it was decided to perform Cu assays on all samples to determine accurate copper values. This has increased the copper grades on hole MM-10-01 from the previously reported 0.327%Cu/499.9 meters to 0.365%Cu/499.9 meters. All results since MM-10-01 are based on Cu assays for all samples.

Ascot has completed eleven diamond drill holes (4876.4m's) to date and the program has ended for the season due to inclement weather. A plan map of drill hole locations and a cross section of this fence of holes is included with this release and a more detailed section will be available on the Ascot web site.

Quality Assurance/Quality Control

Analytical work is being carried out by Assayers Canada 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. All samples are run for ICP AR, Au FA as well as Cu Assays. Sampling and storage are at the company's secure facility in Randle with weekly sample shipments made to Assayers Canada

The Qualified Person responsible for review of the technical data in this news release is Graeme Evans, P.Geo. Mr. Graeme Evans is the qualified person for the purposes of NI 43-101.

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

"John A. Toffan", President and Director

This news release contains certain forward-looking information concerning the business of Ascot Resources Ltd. (the "Corporation"). All statements, other than statements of historical fact, included herein including, without limitation; statements about the exploration of the Mt. Margaret Property and completion of the acquisition of the Mt. Margaret Property, are forward-looking statements. These forward-looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Corporation'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 explore and develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals. The Corporation is under no obligation to update forward-looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

To view the maps accompanying this release please click on the following link: http://media3.marketwire.com/docs/1123aot.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information