Ascot Mining Plc
EXPLORATION AND CORPORATE UPDATE
London, 12 April 2010, Ascot Mining ("Ascot" or the "Company") (PLUS Markets:
ASMP, XETRA(R): AM3.DE) is pleased to provide this update to its operations at
Chassoul and Tres Hermanos / El Recio and Corporate activities.
Chassoul
The assay results obtained in the first raise (a vertical opening) have been
very encouraging and support the information obtained from drifting North and
South on the Cajeta vein on the lower level accessed via the new lower Cajeta
tunnel (announced 6 April). Exploration focus will be on extending the drift in
the Cajeta vein both North and South to explore the full extent of this vein on
this level. The planned production raises will add valuable geological
information, enabling better planning of stopes and grade control.
Of particular interest is the Pochote vein, which is one of nine (9) veins
within the Chassoul concession. Two bulk samples will be taken soon to ascertain
the grade, continuity and metallurgical characteristics. It is anticipated that
the results will be positive and encourage further exploration and subsequent
development. Once this has been established the vein will be developed for
production as an additional source of ore for the Chassoul mill.
A surface recognizance survey will be conducted on the area surrounding the
Chassoul concession to determine if gold showings in the area warrant additional
claims to be staked.
Tres Hermanos
It is planned to drill a number of short holes up to 100 feet which will test
targets identified in the satellite imagery recently commissioned by the
Company. These targets are new, potential ore zones which have not been
explored. Additional holes will be drilled to establish the continuity, grade
and vein thickness of known veins; in particular the Marvin vein and the Tres
Hermanos vein.
As part of the ongoing exploration program a number of holes will be drilled
from the seventh level of the Tres Hermanos vein to test the vein extension at
depth.
El Recio
The El Recio property contains open pit reserves of 255,507 short tons grading
2.74 grams which translate into 700,089 grams or 22,508.7 ounces of gold.
Once this surface ore has been mined, a number of holes will be drilled to test
the vein's lower extension.
Several encouraging targets have been identified in areas where no previous
mining has taken place. Indications are that the veins continue at depth.
Boston
There are a number of existing tunnels on the Boston concession. One or more of
these will be rehabilitated and a thorough sampling program conducted. It is
anticipated that these rehabilitated workings will provide additional sources of
ore.
AQUISITIONS:
The Company has identified additional prospects within the Costa Rica Gold belt
and is in negotiations with a view to further acquisitions which will be
announced when successfully concluded.
CANADIAN LISTING APPLICATION:
Over the past twelve months, the Board of Directors of Ascot Mining PLC ("the
Board") have been reviewing the relative merits of listing the Company's shares
in Canada. Having given this matter due consideration, the Board announces it
has retained Canadian legal counsel to immediately assist in seeking Ontario and
British Columbia regulatory reporting status and to apply on behalf of the
Company to list its shares for trading on a recognised and fully regulated
Canadian Stock Exchange. In this regard, the Company has also commissioned an
updated NI-43-101 technical report and an independent corporate valuation. These
reports are expected to be completed shortly and will be posted to the Company's
website.
The Company originally listed on PLUS Markets on 16 April 2008. However, it has
been advised by some international shareholders and potential shareholders that
they have found it difficult to access this market. The Board believes that the
Company's existing and future shareholders will be better served by having
access to a more liquid, easily accessible and transparent marketplace and that
a listing in Canada, combined with its existing listings will provide a more
efficiency for maximizing shareholder value and liquidity. The Company's shares
have been trading on Xetra(R) since 15 December 2008 and this exchange currently
accounts for the majority of Ascot's share trading volume.
David Jackson, CEO of Ascot Mining, stated, "Our corporate strategy continues to
be accompanied by a commitment to our shareholders to facilitate ease of market
access and to enhance the liquidity of our common shares".
Corporate Activities
EXPANSION:
Ascot Mining, in accordance with its originally stated objectives continues to
seek additional exploration and development opportunities and to enhance its
operations and management team. In this regard the Company is currently in
discussions which, if successful will broadly satisfy this criteria.
CORPORATE COMMUNICATIONS:
The Board has committed to enhance its shareholder communications and in
accordance with the passing of a required resolution at the AGM will introduce a
mailing list for timely transmission of news via email. It has also planned the
publication of a regular newsletter. Anyone wishing to receive email updates
will need to indicate through the Company's website: www.ascotmining.com
The Directors take responsibility for this announcement.
Enquiries: Damien Daly + 44 (0) 7880 55 46 47
Email: info@ascotmining.com
Website: www.ascotmining.com