Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

January 12, 2011 11:06 ET

Ascot Resources Drills 496.0 Meters of 0.459% Copper in Drill Hole Eleven on the Mt. Margaret Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 12, 2011) - Ascot Resources Ltd. ("Ascot") (TSX VENTURE:AOT) is very pleased to announce the results for drill holes seven through eleven of the 2010 drill program on the Mt. Margaret property in the St. Helens Mining District of Skamania County in Washington State.

Drill holes seven and eight were drilled in the northwestern portion of the property from a common pad. This area had seen relatively little historic drilling by Duval and these holes tested the continuity of mineralization in this area. Hole MM-10-7 confirmed good continuity of a steeply NW dipping higher grade zone below hole MM-10-05 and the zone persists to depths greater than 450 meters below the surface. Hole MM-10-07 and 08 also tested areas of lower grade "barren pottasic core" area and demonstrate the presence of wide areas of lower grade Cu, Mo, Ag and Au are present.

Drill holes nine, ten and eleven are a fence of holes across the central area of mineralization and encountered a wide area of mineralization extending the mineralization to depths of 450 meters. This area was historically only weakly defined and the present fence of holes has expanded the width of mineralization to in excess of 400 meters.

A plan map of drill hole locations and sections is included with this release, more detailed sections and results will be available on the Ascot web site.

To view the maps and diagrams accompanying this press release please click on the following link: http://media3.marketwire.com/docs/AOT0112.pdf

This news release completes reporting for the 2010 drill program. Planning for the 2011 program is underway.

Highlight results:

MM-10-07 Azimuth 315 degrees Dip -50

  From To Int. Cu%      
MM-10-07 (m's) (m's) (m's) Assay Mo % Ag g/t Au g/t
Entire Hole 54.60 500.00 445.40 0.341 0.009 1.6 0.173

MM-10-08 Azimuth 270 degrees Dip -70

  From To Int. Cu%      
MM-10-08 (m's) (m's) (m's) Assay Mo % Ag g/t Au g/t
Entire Hole 57.00 461.00 404.00 0.192 0.008 1.3 0.145

MM-10-09 through 11 Azimuth 270 degrees Dip -60 Single Fence of holes

  From To Int. Cu%      
MM-10-09 (m's) (m's) (m's) Assay Mo % Ag g/t Au g/t
Entire Hole 20.00 401.00 381.00 0.347 0.007 1.6 0.130
               
  From To Int. Cu%      
MM-10-10 (m's) (m's) (m's) Assay Mo % Ag g/t Au g/t
Entire Hole 15.00 524.00 509.00 0.296 0.007 1.3 0.149
               
  From To Int. Cu%      
MM-10-11 (m's) (m's) (m's) Assay Mo % Ag g/t Au g/t
Entire Hole 24.00 520.00 496.00 0.459 0.014 1.5 0.225

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. 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 SGS Canada Inc.

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.

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

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