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Ascot Resources Ltd. is a junior resource company with a mandate to explore and develop precious and base metal properties in Canada and abroad. The Company is based in Vancouver and has developed extensive project experience in Canada, Africa, and South America. Our main focus is the identification of attractive projects with the potential to develop into large bulk tonnage or high grade opportunities.

 

Ascot Resources Ltd.            [AOT:TSX-V]  

Yago Property, Nayarit. Almaden Minerals Ltd. (Almaden) has optioned the Yago gold-silver project to Ascot Resources Ltd. (Ascot), A CDNX listed exploration company. Under the terms of the agreement, Ascot must make issue 300,000 shares of Ascot and complete exploration expenditures of US$1,000,000, within two years of signing, to earn a 50% interest in the project. Ascot is committed to issue 200,000 shares and to complete US$400,000 in exploration expenditures in the first year after signing. Ascot may earn an additional 10% interest in the property by issuing an additional 300,000 shares of Ascot and making additional exploration expenditures totaling US$1,000,000. 

The property is well located and accessed by paved road seven kilometres east of Highway 15 on Mexico's west coast. The claims cover extensive quartz adularia vein systems including the La Sarda Mine in the north and Yago in the south. Both areas host high grade gold-silver targets in classic low sulphidation epithermal veins. Nayarit State and the La Sarda-Yago area are situated within the Sierra Madre Occidental, a belt of volcanic rocks which host a number of large low sulphidation epithermal gold-rich veins including the nearby Rosario Mine (4.0 million ounces), Tayoltita (6.0 million ounces), Guadalupe y Calvo (2.0 million ounces) and La Cienega (2.0 million ounces). 

Almaden is very pleased to be partnered with Ascot, a well managed exploration company with a history of conducting high quality and professional exploration programs. Management has felt that the Yago project has exceptional merit as a high-grade gold target since acquiring the property. This new joint venture and the combined talents and assets of Ascot and Almaden will be focused on discovering a bonanza grade vein deposit in 2002.

News Release 8May02