Ascot Resources Ltd. (TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce the receipt of
the Mines Act Permit for construction and operation of the Premier
Gold Project (“PGP” or “the project”) located in the Golden
Triangle of northwestern British Columbia, along with an update on
project development. The B.C. Ministry of Energy, Mines and Low
Carbon Innovation has issued to Ascot the M-179 Mines Act Permit,
enabling the restart of operations at PGP. In addition, Ascot
anticipates the Ministry of Environment and Climate Change Strategy
to imminently issue the Environmental Management Act Permit
PE-8044, for which there are no further outstanding information
requests.
With the benefit of having the Mines Act Permit
in hand, Ascot will now evaluate and prepare for an optimal
transition from Early Works to full-scale construction. The receipt
of the final permits is one of the key conditions to draw down the
remaining US$75M under the Company’s project finance facility.
Derek White, President and CEO, commented,
"Receiving the Mines Act Permit for PGP is a momentous milestone
for Ascot, and the culmination of extensive collaboration and
consultation with Nisga’a Nation and the provincial Regulators. We
are grateful that our community-centred approach to responsible
mine development and environmental stewardship was a vision shared
by all parties involved in the permitting process. We would like to
thank our shareholders, Nisga’a Nation and the local towns of
Stewart, B.C. and Hyder, Alaska for their support as we progressed
through the permitting process and are looking forward to the next
chapter as we advance Canada’s next gold mine towards
production.”
“This project will be a welcome source of
employment for hundreds of people who live in the Northwest,” said
Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation.
“Ascot Resources Ltd. is working with Nisga’a Nation to bring
good-paying jobs to the community and those who live around
Stewart, B.C.”
“We are very pleased to see that the Mines Act
Permit for the construction and operation of the Premier Gold
Project has been issued,” said Eva Clayton, President of Nisga’a
Lisims Government. “The Nisga’a Nation have worked in extensive
collaboration with Ascot throughout the permitting process,
including through the Mine Review Committee process leading up to
the granting of the permit. The rights under our Treaty and our
commitment to stewardship of the Nass Valley and Nisga’a citizens
have helped to set the Premier Gold Project to be a safe,
prosperous, and responsible mining operation. We have developed a
strong working relationship with Ascot and we wish to congratulate
them on this important milestone. We look forward to our continued
collaboration with Ascot in the full-scale construction and
operation phases of the Project.”
LOCAL AND REGIONAL PROSPERITY FROM
LOW-CARBON GOLD
Based on the 2020 feasibility study mine plan,
without factoring in additional mine life extension potential
through further resource growth and conversion to reserves, the
project is expected to bring much prosperity to the local
communities and the surrounding region of northwestern British
Columbia. During the approximate 12-month construction phase, Ascot
expects the project to employ a peak of approximately 140 people,
and in operation the mine will directly employ approximately 280
people, not to mention sub-contractors, suppliers, and ancillary
services; Ascot hopes that many of these positions will be filled
by Nisga’a Nation and other local community members. Over the
initial 8-year mine life, Ascot expects to invest C$353M in initial
and sustaining capital and incur C$884M in operating expenses, the
vast majority of which would be spent locally and in the province.
The mine is also expected to generate approximately C$403M in
provincial and federal taxes and C$746M in after-tax free cash flow
based on current spot metal prices.
Moreover, this prosperity will not come at the
expense of high greenhouse gas (“GHG”) emissions as PGP is expected
to be one of British Columbia’s lowest carbon-intensive gold mines.
The project is well situated to be a relatively low carbon emitter
across all three scopes of GHG measurement. Scope 1 pertains
operation of company equipment on company property. Ascot will
operate various high-grade, near-surface underground mines, which
are known to emit much less carbon than their open pit
counterparts. Scope 2 pertains to emissions from purchased power
sources, which in Ascot’s case is B.C.’s clean, hydroelectric grid
power. Scope 3 pertains to upstream and downstream supply chain and
processing. Ascot will pour doré gold-silver bars on site, the
shipping of which will emit much less carbon than would a
concentrate product. The Company is currently undertaking a review
of the 2020 feasibility study mine plan to estimate life of mine
Scope 1-2 emissions, which will be included in Ascot’s inaugural
sustainability report planned for 2022.
PROJECT DEVELOPMENT UPDATE
The Company recently received notice that a
cargo ship travelling from China to Vancouver, carrying a majority
of the Company’s clarifier and thickener components, lost its cargo
at sea in a major storm event. The financial cost of replacement
will be covered by insurance, but the additional time to fabricate
and ship replacement components is expected to cause a delay in the
overall project schedule. This combined with abnormally high
snowfall levels associated with storm events on the west coast of
B.C. has led Ascot to revise the project development plans
throughout the winter season and into 2022. For these reasons and
in order to prioritize the safety of our workforce, the Company is
now planning to scale back most outdoor construction activities and
delay the commencement of underground development until snowfall
levels subside.
In Ascot’s currently contemplated underground
development sequence, by starting in April 2022 initial ore could
potentially be accessed by October, enabling process plant
commissioning by the end of 2022. As a result, the target date for
initial gold production has shifted by one quarter from Q4 2022 to
Q1 2023. Ascot is evaluating the potential impact to project costs
and construction schedule and will provide an update in due
course.
INVESTOR AND ANALYST CONFERENCE
CALL
Ascot welcomes investors and analysts to join
President & CEO Derek White for a conference call today at 1:15
PM PST / 4:15 PM EST to discuss the permits, development plans, and
other Company updates. Please join 5 – 10 minutes prior to the
scheduled time via the details below:
Webcast:
https://services.choruscall.ca/links/ascot20211207.html
Telephone: Toll free Canada/USA
1-800-319-4610; International 1-604-638-5340
Qualified Person
John Kiernan, P.Eng., Chief Operating Officer of
the Company is the Company’s Qualified Person (QP) as defined by
National Instrument 43-101 and has reviewed and approved the
technical contents of this news release.
On behalf of the Board of Directors of
Ascot Resources Ltd.“Derek C. White”President &
CEO
For further information contact:David Stewart,
P.Eng.VP, Corporate Development & Shareholder
Communicationsdstewart@ascotgold.com778-725-1060 ext. 1024
About Ascot Resources Ltd.
Ascot is a Canadian-based junior exploration and
development company focused on re-starting the past-producing
Premier gold mine, located in British Columbia’s prolific Golden
Triangle. Ascot shares trade on the TSX. Concurrent with
progressing the development of Premier, the Company continues to
successfully explore its properties for additional high-grade
underground resources. Ascot is committed to the safe and
responsible development of Premier in collaboration with Nisga’a
Nation as outlined in the Benefits Agreement.
For more information about the Company, please
refer to the Company’s profile on SEDAR at www.sedar.com or visit
the Company’s web site at www.ascotgold.com.
The TSX has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding
Forward-Looking Information
All 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, including statements regarding the Company’s
exploration and development plans, the success of the Projects, the
implementation of the Agreement, the benefits of the Agreement to
Nisga’a Nation, its citizens and businesses as well as the
shareholders and stakeholders of Ascot, and related matters.
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 anticipated benefits of the Agreement, the estimated costs
associated with construction of the Premier Gold Project; the
timing of the anticipated start of production at the Projects; the
ability to maintain throughput and production levels at the Premier
Mill; the tax rate applicable to the Company; future commodity
prices; the grade of Resources and Reserves; the ability of the
Company to convert inferred resources to other categories; the
ability of the Company to reduce mining dilution; the ability to
reduce capital costs. 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
implementation of the Agreement, 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 indigenous
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; risks
associated with COVID-19 including adverse impacts on the world
economy, construction timing and the availability of personnel; 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). The
timing of future economic studies; labour disputes and other risks
of the mining industry; delays in obtaining governmental approvals,
financing or in the completion of the Premier Gold Project as well
as those factors discussed in the Annual Information Form of the
Company dated March 26, 2021 in the section entitled "Risk
Factors", under Ascot’s SEDAR profile 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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