VANCOUVER, BRITISH COLUMBIA -- (
Marketwire - July 25, 2011) -
Ascot Resources Ltd. (TSX VENTURE: AOT) (the "Company") announced the temporary delay of its drill program on the Mt. Margaret property in the St. Helens Mining District of Skamania County in Washington State as the United States Forest Service (the "USFS") conducts a review of its May 5th, 2011 letter of concurrence with the Company's 2011 Operating Plan.
Over the past year the Company has completed 11 drill holes on the Mt. Margaret property with positive results demonstrating strengthening mineralization at depths below and at widths beyond historic drill results on the property. "We look forward to restarting our drill program again to expand upon the excellent results we have achieved so far," said Bob Evans, Ascot Resources CFO.
The Company understands that USFS's review of the USFS Cowlitz Valley District concurrence letter is being conducted to ensure consistency with USFS regulations and the National Environmental Policy Act (NEPA). In initiating the concurrence letters of 2010 and again in May 2011, the USFS Cowlitz Valley District worked cooperatively with the Company to minimize any environmental disturbance associated with exploration drilling and concluded no Environmental Assessment beyond internal review was required.
As a result of the USFS self-initiated review, court proceedings brought by the Oregon-based group Gifford Pinchot Task Force have been stayed.
The potential outcomes of the USFS review include reinstating the concurrence letter, modifying the concurrence letter, or requiring further environmental review under NEPA. The Company is already in the process of instituting an Environmental Assessment as part of its broader prospecting permit.
"We expect the USFS review to be completed in the next few weeks and it will only have a minimal delay on our 2011 drill program, which was set to begin in early August. If it is determined that an Environmental Assessment for exploration is necessary we will simply roll that into our prospecting permit Environmental Assessment," said Evans.
ON BEHALF OF THE BOARD OF DIRECTORS OF ASCOT RESOURCES LTD.
"John A. Toffan"
President and Director
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press 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. 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. 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.
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 press release.
Contact Information
Ascot Resources Ltd.
Bob Evans
(604) 684-8950
(604) 684-9877 (FAX)
www.ascotresources.ca
