ASCENDANT RESOURCES TO POSTPONE REPORTING FOURTH QUARTER AND FULL YEAR 2019 RESULTS DUE TO DELAYS CAUSED BY COVID-19

TORONTO, March 25, 2020 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND) ("Ascendant" or the "Company”) is postponing the reporting of its fourth quarter and full year 2019 results, associated filings, its Annual Information Form, and the conference call scheduled for March 26, 2020 due to logistics caused by the COVID-19. The Company will report results as soon as possible and is afforded the postponement by a 45-day extension announced by the Ontario Securities Commission under the “Ontario Instrument 51-502”, dated March 23, 2020.

Recent global events pertaining to COVID-19 has impacted the Company and its consultant’s ability to rely on timely information for its financial reporting obligations.

Ensuring a safe and healthy working environment for our workforce is a primary focus for Ascendant and we continue to implement and enforce additional precautionary health and safety measures. The Company continues to pursue the best available paths to manage operational risk and preserving capital during this very difficult time.

The Company ratifies that management and the Company’s insiders remain subject to an Insider Trading Black Out period as per its internal Insider Trading Policy and confirms that there have been no material business developments since November 2019 when the Company filed its third quarter interim financial results.

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, to deliver record levels of production with profitability restored. With steady state production achieved, the Company was able to drive further metal production growth in 2019 as it focused on grade improvements and now remains focused on further cost reduction and operational improvements to drive profitability in 2020. Given the significant land package of approximately 11,000 hectares in Honduras and an abundance of historical data, there are several near-mine and regional targets providing longer term exploration upside which could lead to further Mineral Resource growth.