Ascot Resources and Nisga’a Nation Sign Updated Benefits Agreement for the Premier Gold and Red Mountain Gold Projects
19 Juli 2021 - 1:00PM
Ascot Resources Ltd. (TSX.V:AOT, OTCQX:AOTVF)
(“
Ascot or the
Company”) and
Nisga’a Nation
are pleased to announce that they have entered into an updated
Benefits Agreement (the “
Agreement”) which now
encompasses both the Premier Gold Project (“
PGP”)
and the Red Mountain Project (“
RMP”) (together,
the “
Projects”). The updated Agreement replaces
the former which only pertained to RMP (see News Release dated
April 10, 2019). The comprehensive Agreement sets the basis for the
long-term success of the Projects and how they will benefit Nisga’a
Nation, its citizens, and businesses as well as the shareholders
and stakeholders of Ascot. Nisga’a Nation have rights and interests
as defined by the Nisga’a Final Agreement with Canada and British
Columbia, encompassing the entirety of the Projects.
Under the terms of the Agreement, Nisga’a Nation
will provide ongoing support and continued consultation for the
development and future operations of underground gold mines at the
Projects, emphasizing respect for the land, protection of the
environment, and understanding of cultural use and knowledge as
well as health and safety, on and off the worksite. Nisga’a Nation
will participate in the economic benefits of the Projects,
particularly through training, employment, business opportunities
and cash payments during development and operations.
Eva Clayton, President of Nisga’a Lisims
Government, commented: “I am very delighted to represent the
Nisga’a Nation in our partnership with Ascot. Since the beginning,
our relationship has been one based on the principle of mutual
respect and a commitment to improving the quality of life of
Nisg̱a’a citizens. The Nisga’a Nation is confident that this
updated Benefits Agreement will better equip Nisga’a citizens and
Nisg̱a’a businesses seeking a career, contracts and sub-contracts
in mining through training, employment and business development
initiatives with Ascot.”
Derek White, President & CEO of Ascot,
commented: “As I look back at how far we have come in just a few
short years, our partnership and relationship with Nisga’a Nation
has been instrumental in the advancement of the Projects. I am
thrilled to have the updated Agreement signed as it sets the
framework for the responsible development and operation of the
Projects and ensures prosperity for all stakeholders. Ascot is
eager to work through the implementation of the Agreement,
especially this year as we advance towards construction. I would
like to acknowledge the efforts of the members and representatives
of the Nisga’a Lisims Governments and Ascot, for their
collaborative efforts in forming the amendments to this updated
Agreement.”
Highlights of the Agreement
include:
- Cash payments tied to permitting, project development, and
production milestones, as well as annual payments during
production
- Training, employment and business development implementation
activities and related committee oversight
- Business Opportunities Committee to identify and plan for
requirements, build capacity, facilitate subcontracting, and manage
direct-award contracts
- Working collaboratively to implement environmental management
plans and requirements under the Projects’ Mines Act and
Environmental Management Act Permits, with special emphasis on
tailings, waste rock and water discharge
- Establish a management-level Committee to monitor
implementation and ongoing developments
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. 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 partnership with
Nisga’a Nation as outlined in the Agreement.
About
Nisga’a Nation
The Nisga’a Nation is represented by Nisga’a Lisims Government
(NLG) – a modern, forward thinking administration based on
traditional culture and values. The Nisga’a Final Agreement is the
first modern treaty in British Columbia to provide constitutional
certainty in respect of an Aboriginal people’s section 35 right to
self-government. The Treaty recognizes Nisga’a Lands (2000 square
kilometers) and opens the door for joint economic initiatives in
the development of the Nisg̱a’a Nation’s natural resources.
Nisga’a Government is comprised of NLG, the four Nisga’a Village
Governments of Gitlax̱t’aamiks, Gitwinksihlkw, Lax̱g̱alts’ap and
Ging̱olx, and the three Nisg̱a’a Urban Local areas of Terrace,
Prince Rupert/Port Edward and Vancouver. For more information
visit: www.nisgaanation.ca
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, or for a virtual tour
visit www.vrify.com under Ascot Resources.
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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