ascot resources ltd (ASOLF) Snapshot

Ascot Resources Ltd. announced that P&E Mining Consultants Inc. has completed an updated independent National Instrument 43-101 compliant mineral resource estimate for the company's Premier property located near Stewart, British Columbia. The updated mineral resource estimate incorporates the Big Missouri and Martha Ellen deposits and replaces the previous mineral resource estimate for the Big Missouri deposit. Highlights for the 2013 mineral resource estimate: all mineral resources have been reported inside an optimized pit shell at a cut-off grade of 0.25 g/t gold-equivalent (AuEq), and contains a total of 2.43 million ounces AuEq at a grade of 0.85 g/t AuEq in the Indicated category and 0.49 million ounces AuEq at a grade of 0.74 g/t AuEq in the Inferred category. The updated mineral resource estimate is based on 155,153 m of drilling from 1,080 drillholes, incorporating results from three target areas: the Big Missouri deposit, the Martha Ellen deposit, and the Dilworth deposit. At present a mineral resource has not been defined for the Company's Dilworth zone. All three target areas remain open for expansion as shallow dipping sheets within a six square kilometer area. This latest resource represents approximately 15% of the total target area. These targets have the advantage of having favorable moderate topography and developed infrastructure from previous mine operations and on ongoing hydroelectric construction at nearby Long Lake. Further discussion and analysis: this updated mineral resource estimate clearly demonstrates the amenability of the mineralization to an open pit scenario, which can be further enhanced with expansion of the current drilling results. A much higher percentage of mineralization is within the present Indicated category compared to the 2012 resource, as a better understanding of controls on mineralization is gained with further work. The optimized pit for the mineral resource estimate is based on a 0.25 g/t AuEq cut-off aided by the favorable infrastructure and topography of the project. The 2012 drill program again demonstrates the good lateral continuity of the shallow dipping system of which the present resource has only tested approximately 15% of the target area. This is regarded as a baseline mineral resource to allow expansion over all three target areas (Big Missouri-Martha Ellen-Dilworth) with an aggressive 2013 program. The Dilworth target has been tested with 135 drill holes to date. Numerous gold and silver intersections have been reported, similar to those reported at Big Missouri and Martha Ellen, that is high grade intervals contained within lower grade zones. In 2013, the Company, plans to do sufficient drilling at Dilworth to delineate a viable resource.

Ascot Resources Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, interest and other income was CAD 14,313 against CAD 188,798 for the same period a year ago. Loss before income tax was CAD 150,017 against CAD 155,103 for the same period a year ago. Loss after income tax was CAD 424,950 or CAD 0.01 basic and diluted per share against CAD 373,404 or CAD 0.00 basic and diluted per share for the same period a year ago. For the nine months, interest and other income was CAD 41,240 against CAD 739,298 for the same period a year ago. Loss before income tax was CAD 634,912 against CAD 549,676 for the same period a year ago. Loss after income tax was CAD 1,186,945 or CAD 0.02 basic and diluted per share against CAD 1,552,455 or CAD 0.02 basic and diluted per share for the same period a year ago. Total cash outflows from operating activities were CAD 1,011,121 against total cash inflows from operating activities of CAD 252,089 for the same period a year ago. Acquisition of property, plant and equipment was CAD 214,635 against CAD 173,181 for the same period a year ago.

Ascot Resources Ltd. announced that it received final approval from the Bureau of Land Management (BLM) for two prospecting permits on the Mt. Margaret property in the St. Helens Mining District of Washington State. The decision comes after months of intensive environmental review, the results of which confirm the prospecting activities will have no significant impact on the environment. Earlier this month, the U.S. Forest Service issued a Finding of No Significant Impact and Decision Notice consenting to the proposed drilling. The exploration program is expected to commence in the spring and involves drilling 63 drill holes from 23 drill pads. Ascot Resources' proposal has the support of residents and elected officials throughout the region. Much anticipated, results of the exploration will help determine if there is a significant mineral deposit at hand with the potential to create jobs and long-term economic benefits to surrounding communities.