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Ascot Resources Reports MM-10-03 Drill Hole Results at Mt. Margaret Property in Washington

Ascot Resources Ltd. (TSX VENTURE:AOT) has announced the results for the third diamond drill hole (MM-10-03) on the Mt. Margaret property in the St. Helens Mining District of Skamania County in Washington State.

This hole was drilled in the central portion of the property at -60 degree dip to the west, across and below historic Duval drill holes #61 and #63. Hole MM-10-3 is located 240 meters east of hole MM-10-02 (see News release November3, 2010) as part of a fence of holes. This fence of holes was the southernmost fence of holes on the program and it confirms continuity of mineralization between and below the historic holes over a lateral distance greater than 450 meters and a vertical depth of 400 meters which has substantially expanded the mineralization from historic drilling and leaves mineralization open on the perimeter and at depth. This hole was again shut down in mineralization and continues to suggest the mineralization dips moderately to the west rather than a more vertical zonation as previously modeled by Duval.

It was noted with internal standards that previously reported MM-10-01 had consistently low ICP copper values and it was decided to perform Cu assays on all samples to determine accurate copper values. This has increased the copper grades on hole MM-10-01 from the previously reported 0.327%Cu/499.9 meters to 0.365%Cu/499.9 meters. All results since MM-10-01 are based on Cu assays for all samples.

Ascot has completed eleven diamond drill holes (4876.4m's) to date and the program has ended for the season due to inclement weather.

Quality Assurance/Quality Control

Analytical work is being carried out by Assayers Canada in Vancouver, BC. Quality assurance and quality control programs include the use of analytical blanks and standards and duplicates in addition to the labs own internal quality assurance program. All samples are run for ICP AR, Au FA as well as Cu Assays. Sampling and storage are at the company's secure facility in Randle with weekly sample shipments made to Assayers Canada

The Qualified Person responsible for review of the technical data in this news release is Graeme Evans, P.Geo. Mr. Graeme Evans is the qualified person for the purposes of NI 43-101.

Source: Ascot Resources Ltd.

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