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| | March 28, 2007
Ascot signs Option Agreement to acquire 100% of property north of the Premier Gold Camp
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| | The Company is pleased to announce signing of an Option Agreement to acquire a 100% interest in 17 mineral claims ("the Property") located 25 kilometres north of Stewart in the Cassiar Mining District. The claims are immediately north of the historic Premier Gold Camp.
The Option Agreement is subject to approval by the TSX Venture Exchange.
In order for Ascot to acquire a 100% of the title to the property it must make the following payments:
(a) $200,000 within ten days of the later of the Execution Date and the approval of this agreement by the TSX Venture Exchange;
(b) $300,000 on or before the first anniversary of the Execution Date;
(c) $400,000 on or before the second anniversary of the Execution Date;
(d) $500,000 on or before the third anniversary of the Execution Date; and
(e) $9,100,000 on or before the fourth anniversary of the Execution Date.
Upon Ascot making the payments, it will have been deemed to have acquired 100% of the legal and beneficial title to the Property free and clear of all Encumbrances.
The Property is subject to a 2% Net Smelter Royalty.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ASCOT RESOURCES LTD.
"Bob Evans", Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statements contained in this news release that are not historical fact, such as statements regarding the economic prospects of Ascot's projects, Ascot's future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, Ascot's ability to raise sufficient capital to fund development, changes in economic conditions or financial markets, changes in prices for Ascot's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Canada or the United States, technological and operational difficulties or inability to obtain permits encountered in connection with our exploration and development activities, labour relations matters, and changing foreign exchange rates. |
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