Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

July 14, 2008 16:16 ET

Ascot Suspends Work on Shiploader at Swamp Point

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2008) - Ascot Resources Ltd (TSX VENTURE:AOT) announces that, further to its news release of March 26, 2008, the Company is suspending construction of the ship loading facility at its 100% owned Swamp point Aggregate Mine. The Mine is located on tidewater in northwestern British Columbia and is being developed to provide high-quality aggregates to California and other Pacific coastal markets. The primary focus of the Company was the California market and the ship loading facility is designed to accommodate vessels up to Panamax size (70,000 dwt) specifically to service the California market. The recent dramatic downturn in the US housing market has had a negative effect on the demand for aggregate products in California, from which it will take time to recover. The downturn has made it increasingly difficult for the Company to secure profitable sales contracts in California for near-term delivery.

The Company continues to believe that the California aggregate market has enormous longer term potential. Earthworks and related equipment procurement for the shiploader have been largely completed. Once market conditions improve, and the Company has made its decision to resume work, a relatively short construction period will be needed to complete the shiploader.

Ascot remains well funded and will continue to pursue sales of aggregate in British Columbia and Alaska that can be serviced by barge. Work at the Swamp Point site to ensure the Company's ability to supply these markets is ongoing.

At the Company's Dilworth Gold project, drilling continues on high priority targets identified in last year's exploration program and on new targets identified on the three crown grants acquired in November 2007. The total exploration budget for Dilworth for 2008 is $3.2 million.

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

Robert A. Evans, 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. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that cold cause actual results of operations to differ materially form those contained in the forward-looking statements. 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 even if circumstances or management's estimates or opinions should change. 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 release.

Contact Information

  • Ascot Resources Ltd.
    Robert Evans
    Director
    (604) 684-8950
    (604) 684-9877 (FAX)
    Website: www.ascotresources.ca