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Ascot Resources Announces Drilling Results of Hole MM-10-01 on Mt. Margaret Property

Ascot Resources Ltd. (TSX VENTURE:AOT) has announced the results for the first diamond drill hole (MM-10-01) 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 @ -60 dip to the west across and below historic Duval drill holes #63 and #68.These vertical drill holes returned grades of (#63-0.43% Cu/ 179.8m's) and (#68-0.39% Cu/ 224.3m's). Hole MM-10-01 confirmed continuity of mineralization between these holes and demonstrates mineralization continues and strengthens at depth. Hole MM-10-01 tested to a vertical depth of 440 m's below the surface and was shut down in mineralization more than doubling the depth of drill testing in this section. Results include:

The Mt. Margaret property covers a large portion of the undeveloped resource known as the Mt. Margaret deposit. This is one of the largest of the Cu-Mo-Au-Ag calc-alkaline porphyries of Miocene age in Washington state. The Mt. Margaret porphyry copper-molybdenum-gold-silver deposit is located 22.5 km southwest of Randle Washington in Skamania county. The Mt. Margaret deposit was discovered by Duval Corporation in 1969 and was actively explored annually from 1971-1980. By 1980, a total of 105 diamond drill holes totaling 20,729 metres had been completed. This work defined a geological resource, at a 0.33% CuEq cut-off of 523 million tonnes grading 0.36% Cu, 0.011% Mo, 0.24 g/t Au and 1.6 g/t Ag* containing 4.1 billion pounds of copper, 4.04 million ounces gold and substantial resources of molybdenum and silver. This drilling is based largely on vertical drilling with holes often spaced in excess of 150 meters apart. The 2010 Ascot drilling has completed 5 drill holes to date and assays for remaining holes are pending.

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. Samples containing greater than 10,000 ppm (1%) copper are routinely re-assayed. 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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