Ascot Mining Plc
UPDATED TECHNICAL REPORTS
London 26th August 2011; Ascot Mining PLC ("Ascot" or the "Company") has
received updated Technical Reports under National Instrument 43-101 Guidelines
covering the Chassoul, El Recio and Tres Hermanos properties in Costa Rica
(National Instrument 43-101 refers to Standards of Disclosure for Mineral
Projects as promulgated by Canadian Securities Regulators).
The Company provides a summary of the National Instrument 43-101 reports below:
Veritas Gold C.R. SA - The Chassoul Gold Project
The Chassoul mine is considered a property of considerable merit.
The property contains a series of historically identified gold veins that are
currently being explored and evaluated. The fully equipped 150 ton per day
on-site mill, which has been rebuilt and expanded, is being used to process
mined material, principally from the Cajeta vein, and more recently from the
Amarilla vein, together with material being generated from underground
exploration on the multiple Chassoul vein systems. The supply of this
underground exploration material from Chassoul is currently being supplemented
by gold-bearing vein material delivered by truck from the Tres Hermanos and El
Recio properties. The Chassoul plant thus serves as a pilot gold recovery
facility and also as an excellent bulk sampling and evaluation mechanism to
determine the levels of gold in the various types of material generated from
underground and surface exploration.
Ongoing underground exploration and testing of gold-bearing materials removed
will continually allow the reclassification of portions of the veins into a
resource category from the current exploration target status.
Chassoul hosts a total of nine identified gold veins, all in close proximity to
the mill. It is anticipated that ongoing mine underground exploration work will
identify the most appropriate location for a new exploration tunnel in the La
Negra and Amarilla veins.
This work will also better define the relationship between the Pochota and
Cajeta veins and, if it were to confirm that the Pochota vein is really the
continuation of the Cajeta vein offset by a horizontal fault, this would open
up a large new mineralized potential target.
An historical reserve of 112,000 tonnes grading 6.6 g/tonne gold was calculated
by Alan (2003,2006) to be present within the partly developed portions of the
three major veins, namely Cajeta, Negra, and Amarilla. This reserve is
historical in nature, and a qualified person has not done sufficient work to
classify the historical estimate as current mineral resources or mineral
reserves, and Ascot is not treating the historical estimate as current mineral
resources or mineral reserves.
Within this relatively unexplored area, potential exists for establishing a
resource, and an exploration target of an additional 200,000 to 300,000 tonnes
of material grading between 4-8 g/tonne is postulated for the Chassoul
property. This could potentially feed the expanded Chassoul mill for a number
of years.
Veritas Mining C.R. SA - Tres Hermanos, El Recio and Boston
The Tres Hermanos and El Recio concessions are estimated to have produced in
excess of 2,400,000 oz of gold since the discovery of gold in the region in the
late 1800's near the town of Las Juntas. The Tres Hermanos vein has been
historically mined over a strike length of 1.4 kilometres on 3 levels (120
metres vertically), while the El Recio vein was historically mined over a
strike length of 600 metres on 3 levels (95 metres vertically).
The resource potential for Tres Hermanos is untouched in the area below the
seventh level and the postulated geological exploration potential is projected
by the Company's geologists and expert independent consultants to be over 1
million oz of gold. This estimate of exploration potential is conceptual in
nature, and though not confirmed, is based on sound geological reasoning,
extrapolation of known historical reserves, mineralization, geological
structures and historical production.
During the 1970s and through to the 1990s, multiple phases of work by
multinational mining companies provided an extensive background of detailed,
state-of-the-art data, including detailed drilling and reserve calculations,
which is being utilized in the Company's current exploration and pilot
exploitation procedures.
The project focus is primarily on exploration and potential mining of the
untouched exploration target below the deepest level of the Tres Hermanos and
El Recio veins.
The previous work has outlined historical reserves. Potentially mineable target
zones that were not or could not be verified by these previous studies, or that
have not been established from current exploration, are categorized as
Exploration Potential Targets. However, much of the proposed exploration can be
classified as Brownfield (advanced stage) exploration and could almost qualify
as development work, as it is not only within a known mining district, but is
also to a large part within a known mine or mines within current property
holdings.
The current evolved status of the operations and exploration at the Tres
Hermanos and El Recio veins offers an excellent opportunity to combine
exploration and verification of historical vein gold reserves with continued
active production, by doing substantial drifting on the veins and open cutting
of outcropping veins.
When this is combined with testing of development rock in large quantities by
milling through the Chassoul mill, the Company will be able to determine
definitive grades for the exploration target and establish current reserves and
resources.
The exploration programme could create significant cash flow, with development
rock providing continuous feed to the Chassoul mill, thus enabling the
programme to be largely self-funding.
A recent review of the exploration plans in May and June 2011 yielded two
recommended budget phases for the updated National Instrument 43-101 report. An
initial Phase I budget of US$500,000.00 is to be followed by a Phase II budget
of US$4,000,000.00, for a total budget of US$4,500,000.00. It is anticipated
that this will not only establish a reserve of 25,000 ounces, but will also
provide an inferred resource of 60,000 ounces, and additionally provide an
exploration target for 460,000 ounces of gold in a "mine-ready" category.
The Boston Contract Supply Agreement
The Boston concession is owned by a syndicate of some 49 local miners. Veritas
Mining has a 10 year renewable agreement with the concession owners to accept
delivery of material produced based upon a formula of tonnage and gold grade.
This arrangement is commercially attractive to the Company. Four levels are
readily accessible for immediate production and mining is underway. The vein
system is narrow with corresponding high grades, with available records
indicating an average mining grade of up to 15 g/t, but with the potential for
bonanza type shoots.
Summary Exploration Potential and Historical Reserves
NAME ASCOT RESOURCE & GRADE TONNAGE RESOURCE EXPLORATION
INTEREST CATEGORY (OZ/T) (OZ)* POTENTIAL
(OZ)*
El Recio 100% Indicated ** 0.09 241,000 20,800
Veins (Near
surface)
El Recio 100% Exploration 0.22 566,000 124,600
Veins
(Underground)
Tres Hermanos 100% Exploration 0.50 1,400,000 700,000
Boston 3 years Contract 0.40 100,000 40,000
Concession projected
Free Miners 3 years Contract 0.50 250,000 125,000
projected
Chassoul 100% Inferred*** 0.21 112,000 23,500 20,000
Exploration 0.10 200,000
Summary Indicated 241,000 20,800 1,009,600
Resource**
112,000 23,500
Inferred
Resource*** 2,516,000
Exploration
Potential &
Contract
Supply
Source - S.A. Jackson & Associates
*"the Company is not treating the historical estímate as current mineral
resources or mineral reserves".
**Strathcona Mineral Services Limited (1990)Excerpted from Geological Mineral
Reserves.
***Alan, (2003, 2006)Excerpted from Reserve Tabulation Chassoul Property.
The Directors of the issuer accept responsibility for this announcement.
ENDS
For further information please contact:
Damien Daly:
Ascot Mining Plc
+44 (0) 7880 55 46 47
info@ascotmining.com
Heena Karani:
Rivington Street Corporate Finance
+44 (0) 207 562 3393
Heena.karani@rs-cf.com
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