ASCOT UPDATES STATUS OF FEASIBILITY STUDY

VANCOUVER, British Columbia, March 31, 2020 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) reports that the Company continues to work efficiently and as quickly as possible to complete its Feasibility Study for the combined Premier and Red Mountain Gold projects. Despite best efforts, the announcement is now anticipated for mid-April.

Derek White, President and CEO, commented, “We are pleased with the progress to date, understandable minor delays, in-part due to consequences of Covid-19, have postponed the study announcement for approximately two weeks. Ascot’s team and its consultants have made the necessary adjustments to ensure that we are all strictly adhering to Covid-19 recommendations by the federal and provincial governments.

With the closure of the US/Canada border in Hyder, Alaska, we are working with the border authorities to ensure that essential personnel can continue to travel back and forth to the project site to ensure safe and continued operations at the Premier water treatment facility. In order to assist the greater communities of Hyder and Stewart, Ascot is donating our existing supply of Hazmat suits and safety equipment to the hospital in Stewart.”

Derek White further added, “We were fortunate enough to have recently raised C$10.3 million, which will adequately allow for us to fund our activities in 2020. Premier is a unique project: one of the few high-grade resource development stage gold assets in Canada.”

We continue to monitor the Covid-19 situation and its impact on our activities. If you have any questions in the interim, please do not hesitate to email Kristina Howe, our VP of Investor Relations.

ON BEHALF OF THE BOARD OF DIRECTORS OF
ASCOT RESOURCES LTD.

“Derek C. White”, President and CEO

For further information contact:
Kristina Howe
VP, Investor Relations
778-725-1060 / [e-mail]

About Ascot Resources Ltd. 
Ascot is a Canadian-based exploration and development 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 Gold 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.