Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

December 17, 2010 16:00 ET

Ascot Resources Ltd. Drilling Intersects 18.53 g/t Au Over 13.0 Meters at Premier Sparky Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2010) - Ascot Resources Ltd. (TSX VENTURE:AOT) is pleased to provide final results obtained from its 2010 drill program at Premier. The 2010 program consisted of 68 diamond drill holes for a total of 21,720.51 meters. This release reports results from the last 27 drill holes. Previous results have been released on June 23, 2010 and October 12, 2010 on the Unicorn and Province zones. Initial testing of additional zones includes Sparky, Martha Ellen, 49er and Gerry zones.

Sparky and Bee zones on the Dilworth property were tested with six holes from three pads. These holes tested south-north across portions of both zones over a strike length of 220 meters and returned locally very high values in the Sparky zone for example: P-10-97 of 3.02 m's @ 77.83 g/t Au similar to nearby historic hole HL-08-39 which returned 2.0 m's @ 71.52 g/t Au. Also a new zone of interest was discovered in the Bee Zone which at the east end in hole P-10-109 returned 15.19 m's @ 4.23 g/t Au. Highlight results include (uncut):

Zone Hole From To Length Au
No. (m) (m) (m) (g/t)
Sparky P-10-94 71.14 73.12 1.98 1.21
Sparky P-10-95 70.36 73.94 3.58 1.21
  also 183.39 193.00 9.61 0.59
  also 213.00 216.10 3.10 1.01
  also 344.51 347.09 2.58 2.14
Sparky P-10-97 22.00 86.00 64.00 3.91
  incl. 56.00 69.00 13.00 18.53
  incl. 56.00 59.02 3.02 77.83
Sparky P-10-109 156.50 360.50 204.00 0.62
  incl. 167.21 169.07 1.86 5.28
  also 202.42 260.48 58.06 1.40
  incl. 243.29 258.48 15.19 4.23
  incl. 248.00 251.00 3.00 9.60
  incl. 248.00 249.00 1.00 12.59
  also 306.50 325.98 19.48 0.56
Sparky P-10-110 363.00 367.00 4.00 1.58

Martha Ellen zone was tested with four holes closely spaced and from two pads to determine the potential of structural zones in the northern portion of the zone proximal to a large body of Premier Porphyry. All four holes intersected gold values demonstrating good continuity to the zone and highlights include (uncut):

Zone Hole From To Length Au
No. (m) (m) (m) (g/t)
Martha Ellen P-10-89 0.00 91.00 91.00 0.84
  incl. 0.00 63.93 63.93 1.10
  incl. 14.93 18.02 3.09 6.47
  incl. 16.00 17.00 1.00 14.34
  also 31.69 39.64 7.95 1.52
  also 44.00 58.38 14.38 1.47
Martha Ellen P-10-90 0.00 31.44 31.44 0.40
  incl. 22.50 25.60 3.1 1.00
Martha Ellen P-10-92 0.00 39.00 39.00 0.99
  incl. 22.31 31.50 9.19 2.72
  incl. 28.33 31.50 3.17 5.62
Martha Ellen P-10-93 0.00 33.00 33.00 1.81
  incl. 22.50 29.99 7.49 6.98
  incl. 22.50 25.00 2.50 13.30

49er and Gerry zones, were tested with six holes over a strike length of 500 meters to follow up on results from the 2008 drilling. This 2010 drilling confirms there are a number of zones of widespread gold mineralization again associated with Premier Porphyry dykes. Highlight results include (uncut):

Zone Hole From To Length Au
No. (m) (m) (m) (g/t)
49er P-10-100 88.30 95.62 7.32 1.00
  also 115.00 255.00 140.00 0.41
  incl. 158.53 169.37 10.84 1.54
  incl. 164.18 166.00 1.82 4.60
49er P-10-101 238.00 298.40 60.4 0.49
  incl. 276.00 283.00 7.00 0.75
49er P-10-103 17.80 47.56 29.76 0.52
  also 86.00 241.00 155.00 0.39
  incl. 116.79 117.64 0.85 8.89
  incl. 138.82 155.00 16.18 0.52
  incl. 162.00 180.00 18.00 0.53
49er P-10-104 68.50 138.00 69.5 0.52
  incl. 113.00 136.13 23.13 0.96
  incl. 135.00 136.13 1.13 11.97
Gerry P-10-108 128.00 149.00 21.00 0.57
  incl. 131.50 135.95 4.45 0.92

The balance of drill holes (12 holes) were within the Unicorn and Province zones. These holes continue to identify the presence of a number of high grade zones and large areas of low grade bulk gold targets.

Zone Hole From To Length Au
No. (m) (m) (m) (g/t)
Unicorn P-10-91 85.50 106.50 21.00 0.60
  also 131.00 148.14 17.14 0.44
  also 184.56 190.63 6.07 0.84
Unicorn P-10-96 104.00 122.00 18.00 0.51
  incl. 114.00 122.00 8.00 1.06
  incl. 121.15 122.00 0.85 7.84
  also 174.00 207.00 33.00 0.51
  incl. 183.93 207.00 23.07 0.65
  incl. 195.00 196.37 1.37 4.80
Unicorn P-10-99 174.00 225.81 51.81 0.49
  incl. 191.77 208.00 16.23 0.97
  incl. 204.00 208.00 4.00 1.30
  also 383.38 398.91 15.53 0.50
  incl. 394.00 398.91 4.91 1.23
Unicorn P-10-102 15.67 64.00 48.33 0.41
  also 207.50 242.16 34.66 0.43
  incl. 231.00 234.00 3.00 1.70
  also 385.00 391.52 6.52 1.20
Unicorn P-10-105 3.05 28.00 24.95 0.58
  incl. 3.05 8.90 5.85 1.93
  also 362.00 367.50 5.50 0.77
  also 427.00 428.84 1.84 1.85
Unicorn P-10-107 28.00 37.00 9.00 9.46
  incl. 29.61 30.37 0.76 102.00
  also 69.66 89.25 19.59 1.10
  incl. 81.00 87.19 6.19 3.00
  incl. 86.00 87.19 1.19 12.24
  also 226.48 255.97 29.49 0.69
  incl. 228.50 238.00 9.50 0.94
  also 377.00 378.30 1.30 5.69
Unicorn P-10-111 35.50 41.50 6.00 0.86
Province P-10-112 9.00 30.00 21.00 0.54
  incl. 27.08 30.00 2.92 1.70
  also 167.00 185.82 18.82 3.15
  incl. 171.70 177.00 5.30 10.73
  incl. 171.70 174.00 2.30 19.65
Province P-10-113 151.66 164.29 12.63 0.94
  incl. 159.00 163.00 4.00 2.55
  also 186.00 248.41 62.41 0.58
  incl. 190.50 199.00 8.50 1.62
  incl. 212.30 220.78 8.48 0.89
Unicorn P-10-114 16.27 35.09 18.82 0.84
  incl. 16.27 22.00 5.73 2.02
  also 55.00 77.56 22.56 0.55
  incl. 66.00 70.00 4.00 1.90
Province P-10-115 62.91 70.97 8.06 0.46
  also 154.56 198.19 43.63 0.85
  incl. 156.00 162.52 6.52 3.39
  incl. 185.05 190.00 4.95 1.23
Province P-10-116 181.08 200.00 18.92 1.11
  incl. 191.00 200.00 9.00 2.07
  incl. 195.00 200.00 5.00 3.40

Plan maps of the Premier and Dilworth 2010 drilling are available on the Ascot web site.

Ascot is reviewing the 2010 work and historic work to outline a 2011 drill program to define resources in priority areas.

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. Samples containing greater than 200 g/t silver 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 weekly sample shipments made to Assayers Canada.

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.

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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