Ascot Resources Ltd.

Ascot Resources Ltd.

March 24, 2011 12:16 ET

Ascot Resources Ltd.: Premier/Dilworth Option Agreements Extended to 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2011) - Ascot Resources Ltd. (TSX VENTURE:AOT) is pleased to announce that its Premier and Dilworth option agreements have been extended by one year and the latest Closing Date is now October 1, 2013. In order to maintain its option until 2013, Ascot will have to make additional payments in 2012 on the agreement anniversary dates, $200,000 for the Dilworth option and $100,000 for the Premier option.

With this option extension Ascot will have the time needed to define a 43-101 resource on a number of new targets outlined in the 2009 and 2010 programs. For 2011 a program of resource drilling is planned mainly in the Province and Unicorn areas to follow up on both wide areas of lower grade gold intersections (>1.0 g/t Au) and the tighter drilling required on a number of high grade gold intersections (>10.0 g/t Au) to allow resource definition. Ascot now has 3 diamond drill rigs and a minimum 20-25,000 meter program will commence as soon as the weather allows.

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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