Ascot Resources Clarifies Technical Disclosure
24 October 2013 - 9:20AM
Marketwired Canada
Ascot Resources Ltd. (TSX VENTURE:AOT) ("Ascot" or the "Company") announces that
as a result of a "Technical Disclosure Review" by the British Columbia
Securities Commission ("BCSC"), the BCSC identified a number of "technical
disclosure" issues. The following news release is issued to clarify the
Company's technical disclosure contained in its corporate presentation and on
its website. As a result of a review by the BCSC, we are issuing the following
news release to clarify our disclosure.
The Company had previously disclosed in its corporate presentation (slides 4 and
10) a "reserve potential" and a "target" without including the cautionary
language required under NI 43-101, namely that the quantities and grades were
conceptual in nature and were not based on a delineated mineral resource.
Further, the "reserve potential" was based on an historical estimate, the
disclosure of which is not permitted under NI 43-101 unless the disclosure also
includes a discussion of the differences between the historical estimates and
the reserve and resource categories permitted under NI 43-101. In addition the
historical estimates were based on categories which are not comparable to the
current categories as set out in the CIM standards. The Company in its use of
the expression "reserve potential" did not mean to imply that the Company had
reserves as defined in the current CIM Standards. The Company is retracting this
previous disclosure and has removed this information from its corporate
presentation and website. Investors are cautioned that the "reserve potential"
referred to in the previous disclosure should not be relied upon.
The corporate presentation (slides 4, 12 and 26) also added inferred mineral
resources to other categories of resources, did not provide a breakdown of the
resources by category and did not include certain other accompanying disclosure
required by NI 43-101 namely: effective date of each resources estimate,
quantity and grade of the resources and/or reserves, the key assumptions,
parameters and methods used to estimate the resources and/or reserves and any
known legal, political and environmental or other risks. The Company is
retracting this previous disclosure and has removed this information from its
corporate presentation.
Compliant disclosure, including the accompanying information required by NI
43-101 was provided in the Company's NI 43-101 compliant technical report
entitled: "Technical Report and Resource Estimate for the Big Missouri and
Martha Ellen Deposits, Premier Gold Property, Skeena Mining Division, British
Columbia, Latitude 56 06' 43" N Longitude 130 00' 46" W (NAD 83, Zone 9V,
437,026 mE 6,218,995 mN) for Ascot Resources Ltd." by Eugene Puritch, P.Eng.
Richard H. Sutcliffe, P.Geo. Fred Brown, P.Geo., Tracy Armstrong, P.Geo. and
Alfred Hayden, P.Eng. of P&E Mining Consultants Inc. with an effective date
February 13, 2013. The Independent Qualified Person responsible for preparing
the below resource estimates is Fred Brown, P.Geo of P&E Mining Consultants Inc.
A full copy of the Technical Report is available under the Company's profile on
SEDAR at www.sedar.com and an extract of that disclosure is reproduced below.
Big Missouri Deposit mineral resources (in-pit) at a gold-equivalent (AuEq)
cutoff of 0.25 g/t.(1)(2)(3)(4)(5)
----------------------------------------------------------------------------
Classifi- AuEq
cation Density Tonnes Ag Au AuEq Ag ozs Au ozs ozs Indicated
t/m^3 (000's) g/t g/t g/t (000's) (000's) (000's) %
----------------------------------------------------------------------------
Indicated 2.81 80,987 5.1 0.76 0.83 13,290 1,969 2,168 83
----------------------------------------------------------------------------
Inferred 2.82 19,935 4.3 0.67 0.73 2,734 428 469
----------------------------------------------------------------------------
Martha Ellen Deposit mineral resources (in-pit) at a gold-equivalent (AuEq)
cutoff of 0.25 g/t. (1)(2)(3)(4)(5)
----------------------------------------------------------------------------
Classifi- AuEq
cation Density Tonnes Ag Au AuEq Ag ozs Au ozs ozs Indicated
t/m^3 (000's) g/t g/t g/t (000's) (000's) (000's) %
----------------------------------------------------------------------------
Indicated 2.81 8,433 7.6 0.87 0.98 2,049 235 266 94
----------------------------------------------------------------------------
Inferred 2.80 554 12.0 0.83 1.01 213 15 18
----------------------------------------------------------------------------
Total (Big Missouri and Martha Ellen Deposits) mineral resources (in-pit) at
a gold-equivalent (AuEq) cutoff of 0.25 g/t. (1)(2)(3)(4)(5)
----------------------------------------------------------------------------
Classifi- AuEq
cation Density Tonnes Ag Au AuEq Ag ozs Au ozs ozs Indicated
t/m^3 (000's) g/t g/t g/t (000's) (000's) (000's) %
----------------------------------------------------------------------------
Indicated 2.81 89,420 5.3 0.77 0.85 15,339 2,204 2,434 82
----------------------------------------------------------------------------
Inferred 2.82 20,489 4.5 0.67 0.74 2,947 443 487
----------------------------------------------------------------------------
(1) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues.
(2) The quantity and grade of reported Inferred resources in this
estimation are conceptual in nature and there has been insufficient
exploration to define these Inferred resources as an Indicated or
Measured mineral resource, and it is uncertain if further exploration
will result in upgrading them to an Indicated or Measured mineral
resource category.
(3) The mineral resources in this estimate were calculated with the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions.
(4) The resources and gold-equivalent ratio of 68 g/t silver = 1 g/t gold
was calculated using a gold recovery of 90% and a silver recovery of
65%. Metal prices used (Jan 31, 2013 two year trailing average) were Au
US$1,632/oz for gold and US $33.25/oz for silver.
(5) All resources are reported within an optimized pit shell derived from a
processing cost of CDN$11.00/tonne and a G&A cost of CDN$1.00 per
tonne. Mining cost used is CDN$1.75 per tonne and optimized pit slopes
are 50 degrees. The US$/CDN$exchange rate used was 1:1.
In its recent Management Discussion and Analysis (MD&A) and on its website, the
Company did not identify and disclose nature of the relationship to the Company
of the qualified person who prepared, supervised the preparation of, or approved
of the disclosed technical information. The Company's Qualified Person is Graeme
Evans, a consulting Geologist of Ascot for the last 4 years.
The information in this press release has been reviewed and approved by Mr.
Graeme Evans, P.Geo., consulting Geologist of Ascot and a Qualified Person for
the technical information in this press release under NI 43-101 standards.
ON BEHALF OF THE BOARD OF DIRECTORS OF ASCOT RESOURCES LTD.
John A. Toffan, President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as the term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this news release.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this news
release regarding 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. More particularly and without limitation, this news release
contains forward-looking statements and information concerning the Company's
expectations regarding the timing of filing of its amended MD&A and its updated
corporate presentation and the type of changes that may be required to make its
disclosure compliant with NI 43-101. The forward-looking statements are based on
estimates and opinions of management at the date the statements are made.
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. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ascot Resources Ltd.
Bob Evans
CFO and Director
(604) 379-1170
(604) 684-9877 (FAX)
www.ascotresources.ca
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