Ascot Resources Ltd. (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the Ball and SAG
mills have been delivered to the Premier Gold Project (“PGP”) and
are being prepared for installation inside the mill building. The
Company is also pleased to provide an update on the significant
progress made as a part of the PGP Early Works program.
EARLY WORKS PROGRAM HIGHLIGHTS
- Most Ball and
SAG mill components, including the mill shells, have been delivered
to site and are being prepared for installation.
- Construction
camp installation and office refurbishment is well underway and is
expected to house construction crews and other personnel in the
coming weeks.
- Temporary power
installed and activated to the mill, including interior and
exterior lighting.
- Mill building
and area cleanup largely completed.
- Testing and
repairs of various tanks.
- Rebuilt, tested,
and certified mill building overhead crane.
- Many site roads
have been graded and bermed for construction and operations.
- New water
treatment plant location finalized and land is currently being
cleared.
Derek White, President and CEO, commented,
"Ordering the Ball and SAG mills last year was a prudent decision,
and we are very pleased that they have now been delivered in a
timely manner – especially amid increasing competitive pressures in
procurement of long lead time equipment in the mining industry. We
continue to anticipate the issuance of our Joint Act Permit
Amendment in the coming weeks. In advance of that milestone, we
have progressed many pre-construction activities as a part of our
Early Works program. Most importantly, crews have prepared the Ball
and SAG mill foundations for installation of the shells and motors,
and our temporary construction camp has been installed and will
soon be ready to house the workforce required for project
construction. We look forward to progressing into full-scale
project construction in the near future and continue to anticipate
initial production in the fourth quarter of 2022.”
SUMMARY OF PROGRESS TO DATE
Once snow levels subsided in late May, crews
mobilized to begin the Early Works program at PGP. The overall
goals of the program were to clean up and prepare the site for
full-scale construction and the delivery of the Ball and SAG mills.
The mill building was energized with a temporary 25kV power line,
which enabled interior and exterior lighting and also the use of
critical components such as the overhead crane.
The foundations for the Ball and SAG mills were
prepared with concrete and grout works, as well as anchor bolt and
sole plate installation. The Ball and SAG mill shells were recently
delivered, and are now being assembled and prepared for
installation. The Company expects delivery of remaining mill
components such as the motors in the near term.
The construction camp is nearing completion,
with 3 out of 4 dorm modules delivered and installed. Camp services
such as electricity and water will enable operation of the kitchen,
laundry, and other central services. The completed camp with a
total capacity of 150 people is expected to be ready to house
construction crews by the end of September.
Crews have also achieved much progress on the
civil works improving the various roads including grading, widening
and berming along the 8km haul road from the Premier mill building
to Big Missouri. The new water treatment plant location was
finalized and crews have recently been clearing the area to prepare
for construction.
Figure 1 Ball mill shells
delivered and brought into the mill building is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3f758172-cdb3-42d3-bdc9-9548ea4d07db
Figure 2 Ball mill cradle being
installed is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/430e26a4-d0ac-4123-b754-d7b8843f278d
Figure 3 Ball mill shell being
lowered into the cradle is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3400399f-dab2-4b46-9518-0949ce6d71d2
Figure 4 SAG mill shell
delivered is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c7e31d73-ab26-4f67-81a3-59dd2d20255d
Figure 5 SAG mill cradle being
installed is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/174f879c-6428-436d-8df8-f3aa8e1487c5
Figure 6 Construction camp
progress, 3 out of 4 dorms installed is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f3ec736a-59b0-4bd3-97a3-49ed40a6f0c5
Qualified Person
John Kiernan, P.Eng., Chief Operating Officer of
the Company is the Company’s Qualified Person (QP) as defined by
National Instrument 43-101 and has reviewed and approved the
technical contents of this news release.
On behalf of the Board of Directors of
Ascot Resources Ltd.“Derek C. White”President &
CEO
For further information contact:David Stewart,
P.Eng.VP, Corporate Development & Shareholder
Communicationsdstewart@ascotgold.com778-725-1060 ext. 1024
About Ascot Resources Ltd.
Ascot is a Canadian-based junior exploration and
development company focused on re-starting the past-producing
Premier gold mine, located in British Columbia’s prolific Golden
Triangle. Ascot shares trade on the TSX. Concurrent with
progressing the development of Premier, the Company continues to
successfully explore its properties for additional high-grade
underground resources. Ascot is committed to the safe and
responsible development of Premier in partnership with Nisga’a
Nation as outlined in the Benefits Agreement.
For more information about the Company, please
refer to the Company’s profile on SEDAR at www.sedar.com or visit
the Company’s web site at www.ascotgold.com, or for a virtual tour
visit www.vrify.com under Ascot Resources.
The TSX has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding
Forward-Looking Information
All statements, trend analysis and other
information contained in this press release about 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. All statements, other than
statements of historical fact, included herein are forward-looking
statements, including statements regarding the Company’s
exploration and development plans, the success of the Projects, the
implementation of the Agreement, the benefits of the Agreement to
Nisga’a Nation, its citizens and businesses as well as the
shareholders and stakeholders of Ascot, and related matters.
Although Ascot believes that the expectations reflected in such
forward-looking statements and/or information are reasonable, undue
reliance should not be placed on forward-looking statements since
the Ascot can give no assurance that such expectations will prove
to be correct. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements, including the risks, uncertainties and
other factors identified in the Ascot’s periodic filings with
Canadian securities regulators, and assumptions made with regard
to: the anticipated benefits of the Agreement, the estimated costs
associated with construction of the Premier Gold Project; the
timing of the anticipated start of production at the Projects; the
ability to maintain throughput and production levels at the Premier
Mill; the tax rate applicable to the Company; future commodity
prices; the grade of Resources and Reserves; the ability of the
Company to convert inferred resources to other categories; the
ability of the Company to reduce mining dilution; the ability to
reduce capital costs. 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. Important
factors that could cause actual results to differ materially from
Ascot’s expectations include risks associated with the
implementation of the Agreement, risks associated with the business
of Ascot; risks related to exploration and potential development of
Ascot’s projects; business and economic conditions in the mining
industry generally; fluctuations in commodity prices and currency
exchange rates; uncertainties relating to interpretation of drill
results and the geology, continuity and grade of mineral deposits;
the need for cooperation of government agencies and indigenous
groups in the exploration and development of properties and the
issuance of required permits; the need to obtain additional
financing to develop properties and uncertainty as to the
availability and terms of future financing; the possibility of
delay in exploration or development programs and uncertainty of
meeting anticipated program milestones; uncertainty as to timely
availability of permits and other governmental approvals; risks
associated with COVID-19 including adverse impacts on the world
economy, construction timing and the availability of personnel; and
other risk factors as detailed from time to time and additional
risks identified in Ascot’s filings with Canadian securities
regulators on SEDAR in Canada (available at www.sedar.com). The
timing of future economic studies; labour disputes and other risks
of the mining industry; delays in obtaining governmental approvals,
financing or in the completion of the Premier Gold Project as well
as those factors discussed in the Annual Information Form of the
Company dated March 26, 2021 in the section entitled "Risk
Factors", under Ascot’s SEDAR profile at www.sedar.com.
Forward-looking statements are based on estimates and opinions of
management at the date the statements are made. Ascot does not
undertake any obligation to update forward-looking statements.
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