Ascendant Resources Inc. (TSX: ASND) ("Ascendant"
or the "Company”) is very pleased to announce the appointment of
Mr. Joao Barros to the position of President, Ascendant Portugal,
where he will continue to oversee the exploration and development
efforts at the Lagoa Salgada VMS project (“Lagoa Salgada”), located
on the prolific Iberian Pyrite Belt in Portugal. Mr. Barros is a
Civil Engineer with an MSc in Geology with more than 17 years of
experience tied to the mining industry in Portugal.
Mr. Barros is currently President of Redcorp –
Empreendimentos Mineiros, Lda., the joint venture company in which
Ascendant has its investment and is earning an 80% interest in
Lagoa Salgada. Mr. Barros has been instrumental in the advancement
of the Lagoa Salgada project over the past twelve years, and most
recently under Ascendant’s direction. Mr. Barros has a strong
technical background having significant senior mining management
experience with the exploration and development of numerous
polymetallic VMS, gold and tungsten operations in Portugal.
Chris Buncic, President & CEO of Ascendant
stated, “We are thrilled to have Joao join us at Ascendant. Joao
comes from an esteemed family steeped in the recent history of
mining in Portugal. His depth of experience in mining project
management, having built several operations in Portugal over the
past two decades, will add tremendous strength to Ascendant’s
management team. We are grateful for his guidance and contributions
to our exploration success thus far at Lagoa Salgada, and we have
the greatest confidence in our continued success under his
direction in Portugal.”
About Ascendant Resources
Inc.
Ascendant is a Toronto-based mining company
focused on its 100%-owned producing El Mochito zinc, lead and
silver mine in Honduras and its high-grade Lagoa Salgada VMS
project located in the prolific Iberian Pyrite Belt in
Portugal.
After acquiring the El Mochito mine in December
2016, Ascendant spent two years implementing a rigorous and
successful optimization program restoring the historic potential of
El Mochito, a mine in production since 1948. With steady state
production achieved, the Company remains focused on further cost
reduction and operational improvements to drive profitability.
The Company is engaged in exploration and the
advancement of the Lagoa Salgada project with the goal of building
upon the defined Mineral Resources and robust results of the maiden
Preliminary Economic Assessment completed in January 2020 and
advancing the project towards construction. Ascendant holds a
21.25% interest in the Lagoa Salgada project through its 25%
position in Redcorp - Empreendimentos Mineiros, Lda, (“Redcorp”)
and has an earn-in opportunity to increase its interest in the
project to 80%. Mineral & Financial Investments Limited owns
the additional 75% of Redcorp. The remaining 15% of the project is
held by Empresa de Desenvolvimento Mineiro, S.A. (EDM), a
Portuguese Government owned company supporting the strategic
development of the country’s mining sector. The Company’s interest
in the Lagoa Salgada project offers a low-cost entry to a
potentially significant exploration and development opportunity,
already demonstrating its mineable scale.
Ascendant Resources is also engaged in the
ongoing evaluation of producing and development stage mineral
resource opportunities. The Corporation's common shares are
principally listed on the Toronto Stock Exchange under the symbol
"ASND". For more information on Ascendant Resources, please visit
our website at www.ascendantresources.com.
Neither the Toronto Stock Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX) accepts responsibility for the adequacy or
accuracy of this release. For further information please
contact:
Katherine PrydeDirector, Communications &
Investor RelationsTel: 888-723-7413info@ascendantresources.com
Forward Looking
Information This news release
contains "forward-looking statements" and "forward-looking
information" (collectively, "forward-looking information") within
the meaning of applicable Canadian securities legislation. All
information contained in this news release, other than statements
of current and historical fact, is forward-looking information.
Often, but not always, forward-looking information can be
identified by the use of words such as "plans", "expects",
"budget", "guidance", "scheduled", "estimates", "forecasts",
"strategy", "target", "intends", "objective", "goal",
"understands", "anticipates" and "believes" (and variations of
these or similar words) and statements that certain actions, events
or results "may", "could", "would", "should", "might" "occur" or
"be achieved" or "will be taken" (and variations of these or
similar expressions). Forward-looking information is also
identifiable in statements of currently occurring matters which may
continue in the future, such as "providing the Company with", "is
currently", "allows/allowing for", "will advance" or "continues to"
or other statements that may be stated in the present tense with
future implications. All of the forward-looking information in this
news release is qualified by this cautionary note.
Forward-looking information in this news release
includes, but is not limited to, statements regarding the
exploration activities and the results of such activities at the
Lagoa Salgada Project, the ability of the Company to advance the
Lagoa Salgada Project to a Preliminary Economic Assessment, and the
ability of the Company to fund the exploration with funds from
operations. Forward-looking information is based on, among other
things, opinions, assumptions, estimates and analyses that, while
considered reasonable by Ascendant at the date the forward-looking
information is provided, inherently are subject to significant
risks, uncertainties, contingencies and other factors that may
cause actual results and events to be materially different from
those expressed or implied by the forward-looking information. The
material factors or assumptions that Ascendant identified and were
applied by Ascendant in drawing conclusions or making forecasts or
projections set out in the forward-looking information include, but
are not limited to, the success of the exploration activities at
Lagoa Salgada Project, the Company advancing the project to a
Preliminary Economic Assessment, the ability of the Company to fund
the exploration program at Lagoa Salgada with funds from
operations, and other events that may affect Ascendant's ability to
develop its project; and no significant and continuing adverse
changes in general economic conditions or conditions in the
financial markets.
The risks, uncertainties, contingencies and
other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information
may include, but are not limited to, risks generally associated
with the mining industry, such as economic factors (including
future commodity prices, currency fluctuations, energy prices and
general cost escalation), uncertainties related to the development
and operation of Ascendant's projects, dependence on key personnel
and employee and union relations, risks related to political or
social unrest or change, rights and title claims, operational risks
and hazards, including unanticipated environmental, industrial and
geological events and developments and the inability to insure
against all risks, failure of plant, equipment, processes,
transportation and other infrastructure to operate as anticipated,
compliance with government and environmental regulations, including
permitting requirements and anti-bribery legislation, volatile
financial markets that may affect Ascendant's ability to obtain
additional financing on acceptable terms, the failure to obtain
required approvals or clearances from government authorities on a
timely basis, uncertainties related to the geology, continuity,
grade and estimates of mineral reserves and resources, and the
potential for variations in grade and recovery rates, uncertain
costs of reclamation activities, tax refunds, hedging transactions,
as well as the risks discussed in Ascendant's most recent Annual
Information Form on file with the Canadian provincial securities
regulatory authorities and available at www.sedar.com.
Should one or more risk, uncertainty,
contingency, or other factor materialize, or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, the reader should not place undue reliance on
forward-looking information. Ascendant does not assume any
obligation to update or revise any forward-looking information
after the date of this news release or to explain any material
difference between subsequent actual events and any forward-looking
information, except as required by applicable law.
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