Ascot Resources Ltd.
#1300 - 409 Granville Street
Vancouver, British Columbia
CANADA V6C 1T2
Telephone: (604) 684-8950 E-Mail: aot@bmts.bc.ca Facsimile: (604) 684-9877
NEWS RELEASE
January 20, 1998
Trading Symbol: VSE.AOT
Ascot Signs Letter Agreement with Eastfield
Ascot Resources Ltd. is pleased to announce the signing of a letter agreement with Eastfield Resources Ltd. to
jointly explore a newly discovered copper-molybdenum-silver occurrence east of Babine Lake in north-central
British Columbia. The occurrence was exposed in a newly constructed logging road where preliminary sampling
and prospecting indicated a mineralized zone with minimum dimensions of 700 metres by 400 metres. Exposures
of bedrock in road cuts consist of volcanics, intrusives, and a well developed breccia unit containing mineralized
quartz diorite fragments. Chalcopyrite, molybdenite and pyrite mineralization occurs in a variety of lithologies in a
setting which may represent the periphery of a large copper-molybdenum porphyry deposit. Assay results from
eight grab samples taken at various locations along the new road cuts averaged 3,377 ppm copper, 175 ppm
molybdenum and 72.3 ppm silver. A ninth grab sample from the same area ran 15,740 ppm copper, 1,515 ppm
molybdenum, and 270 ppm silver.
Ascot will, subject to regulatory approval, earn a 50% undivided interest in the project by making total cash and
share payments to Eastfield of $705,000, and 200,000 shares of the Company and completing work expenditures
of $1,500,000 over the next four years. Ascot will, in addition, pay a finders fee of 100,000 shares of the
Company in connection with this transaction.
In order to finance its initial expenditures under the Agreement, Ascot is raising, subject to regulatory approval,
$517,500 by the issue of 3,450,000 units. Each unit will consist of one share at a price of $0.15 and one
non-transferable warrant. Each warrant is convertible into a share at $0.15 if exercised in the first year or $0.18 if
exercised in the second year.
For further information please contact Ken Carter or Ron Nichols at (604) 684-8950 or by fax at (604)
684-9877.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ASCOT RESOURCES LTD.
Ken M. Carter, Director
The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein.
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