Ascot Resources Ltd.

Ascot Resources Ltd.

May 10, 2011 09:00 ET

Ascot Resources Ltd. Starts 2011 Drill Program at Premier

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2011) - Ascot Resources Ltd. (TSX VENTURE:AOT) is pleased to announce that its 2011 exploration program at Premier is underway and that drilling will commence this week. Ascot has recently purchased an additional track mounted drill rig, so the Company now owns three drill rigs, all of which will be employed at Premier. The budget for 2011 is $3.5-$4.0 million, consisting of a 20,000-25,000 meter drill campaign of approximately 100 diamond drill holes.

The 2010 drilling campaign was successful in continuing to confirm the property has potential for both bulk tonnage and higher grade underground gold targets analogous to the system mined at Premier (historic production - 2.11 MOz Au, 44.24 MOz Ag from 8.64 Mt). In 2011 the Unicorn and Province/Big Missouri zones will be drilled at sufficient density to provide an initial 43-101 resource in this large target area.

Recent compilation of historic Westmin drilling in small areas including S1, Dago and Martha Ellen has greatly aided with the geological model and extended mineralization in areas not previously drilled by Ascot. Drilling by Westmin includes over 550 drill holes at a tight drill spacing and helps to demonstrate good continuity of gold mineralization. This data will be drill tested in the field, in 2011, for potential inclusion in an initial 43-101 resource.

Allan frame has resigned as a director of the Company to pursue other business interests. Ascot would like to thank him for his significant contributions to the Company and wishes him well in his future endeavours.

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


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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