LONDON--(BUSINESS WIRE)--
Ascot Mining plc
("Ascot" or the "Company")
Athol Gold Invests £250,000 into Ascot Mining via Warrant Exercise
Ascot Mining announces that it has received notification from Athol Gold PLC that it has exercised warrants to subscribe for 1,250,000 ordinary shares of 1p each in the Company, at an exercise price of 20 pence per share.
David Jackson, CEO of Ascot commented:
"We are pleased to see this continuing vote of confidence in your Company, shown by our principal institutional shareholders. This additional £250,000 cash injection into Ascot will allow us to invest in accelerating the ramp up of production at Chassoul and our other Costa Rican properties as we accelerate our progress towards a listing on the Alternative Investment Market (‘AIM’)”.
In accordance with the FSA's Disclosure and Transparency Rules, the Board of Ascot confirms that the Company now has 57,386,924 shares of 1p each in issue carrying voting rights (ISIN: GB00B2QH7M99) and a total of 16,617,754 warrants outstanding (ISIN: GB00B5222R97).
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in Ascot under the FSA's Disclosure and Transparency Rules.
The Directors of the Issuer accept responsibility for this announcement.
--ENDS--
Enquiries:
Ascot Mining Plc
Damien Daly +44 (0) 7880 55 46 47
Rivington Street Corporate Finance
Heena Karani: +44 (0) 207 562 3393
Bishopsgate Communications
Michael Kinirons: +44 (0)207 562 3395
Michael.kinirons@bishopsgatecommunications.com
Notes to Editors -
Ascot Mining is a PLUS quoted gold mining company with a focus on gold production in Costa Rica. The Company currently has a portfolio of four assets.
The Company's flagship asset is the Chassoul Gold Mine located in Coasta Rica. The mine is a gold mine located approximately 76 km from the capital San Jose along the Pan American Highway, and then approximately 22 km via a secondary road. This mine received final permits on December 14, 2007. Construction of infrastructure, the mill and plant facilities and rehabilitation of the mine is now complete and the Pouring of gold dore is targeted for late November and at regular intervals thereafter. Throughput at the mill is increasing toward its expanded design capacity of 150 tpd with Gold production targeted to reach 1,200 ounces of Gold per month within sixty to ninety days.
Further increases are planned through delivery of supplementary ore from the Company's other nearby mines. Mine development is proceeding well and on schedule. It is believed that the Chassoul Mine concession holds considerable potential as there is one explored vein and eight yet unexplored veins.
Ascot has acquired a 100% operational interest in the Tres Hermanos and El Recio Gold Concessions ("Tres Hermanos El Recio") in Costa Rica. The mine is located 110 km North West of the capital, San Jose, Costa Rica and is readily accessible via a good 7.5 km gravel road off the Pan American Highway. The Tres Hermanos vein system, which can be traced on surface for a considerable distance, has been mined to a depth of 210 m. Reserve calculations indicate diluted resources of 825,000 tons at 0.319 oz/ton. The deposit is open at depth and on strike.
The Company has a ten year renewable agreement for the exploration and exploitation in the nearby Boston Concession. The Boston deposit lies to the northeast of Tres Hermanos and El Recio. The Boston Concession is owned by a syndicate of local miners who wish to continue to work the property. Veritas Mining has a 10 year renewable agreement with the Concession owners to accept delivery of ore produced based upon a formula of tonnage and ore grade, less certain deductions for equipment, explosives and safety supplies provided by the Company.