Ascot Reports on the Passing of Founder, John Toffan
July 02 2019 - 8:15AM
Ascot Resources Ltd. (TSX.V: AOT, OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) announces with great sadness the recent
passing of John Toffan. John was the founder of Ascot Resources and
for twenty-nine years its President and Chief Executive Officer.
John had a long and prolific career in the Golden Triangle region
of BC, being involved in some of the area’s major discoveries. He
was pivotal to the financing and running of Delaware Resources
which eventually became the Snip Mine and he was President of
Stikine Resources when it discovered the Eskay Creek mine. John
acquired an option on the Premier property for Ascot in 2009 and in
the following years significantly increased the known resources on
the property before passing the reins on to current management in
late 2017. In addition to his considerable achievements in the
Golden Triangle, John had a very successful career in horse racing
where he co-owned Grade 1 winners that included Bien Bien, Came
Home and Free House.
The Company also announces that it has issued an
aggregate of 726,111 number of shares using the volume
weighted average trading price of CAD$0.6986 (June 28, 2019) to
Sprott Private Resource Lending (Collector), LP
(“Sprott”) and Resource Income Partners
Limited Partnership (“RIPLP”), in satisfaction of
interest payment obligations equal to an aggregate of CAD$507,261
in accordance with the terms of convertible debentures issued by
the Company in favour of Sprott and RIPLP.
For more information about the Company, please
refer to the Company’s profile on SEDAR at www.sedar.com or
www.ascotgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
OFASCOT RESOURCES LTD.
“Derek C. White”, President and
CEO
For further information,
please contact: |
|
Ascot Resources Ltd. |
|
Kristina Howe |
|
VP, Investor Relations |
|
Tel: 778-725-1060 ext. 1019 |
|
Email: khowe@ascotgold.com |
|
About Ascot Resources
Ltd. Ascot is a Canadian-based junior exploration
company focused on re-starting the past producing historic Premier
gold mine, located in British Columbia's Golden Triangle. The
Company continues to define high-grade resources for underground
mining with the near-term goal of converting the underground
resources into reserves, while continuing to explore nearby targets
on its Premier/Dilworth and Silver Coin properties (collectively
referred to as the Premier project). Ascot's acquisition of IDM
Mining added the high-grade gold and silver Red Mountain project to
its portfolio and positions the Company as a leading consolidator
of high-quality assets in the Golden Triangle.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release.
Cautionary Statement Regarding
Forward-Looking InformationAll 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. 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 estimated costs associated
with construction of the Premier and Red Mountain Projects; the
timing of the anticipated start of production at the Premier and
Red Mountain Projects; the ability to maintain throughput and
production levels at the Premier Mill; and the Companies' ability
to achieve the synergies expected as a result of the Transaction.
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 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 native 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; 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). 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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