Expects to reach commercial production by Q3.

Ascot Resources Ltd. April 22 announced that it has poured the first bars of gold at its Premier gold mine project in British Columbia's Golden Triangle.

"The first gold pour is a hallmark commissioning milestone for Ascot, representing the culmination of years of hard work," said Ascot Resources President and CEO Derek White.

Lying about 15 kilometers (nine miles) north of Stewart, B.C., Ascot's Premier gold project is home to a past-producing gold mine that last operated in the 1990s.

Over the past few years, Ascot has steadily been building high-grade gold resources and updating and expanding upon the mill and other infrastructure toward the goal of establishing a modern mine at the Northern B.C. project.

Earlier this month, Ascot announced that it had begun feeding ore into the Premier mill, and now the company has poured the first bars of gold from the ore being processed during commissioning.

A feasibility study completed in 2020 detailed plans to develop four underground mines – Big Missouri, Premier, Silver Coin, and Red Mountain – expected to produce roughly 1.1 million ounces of gold and 3 million oz of silver over the first eight years of mining.

At US$1,400/oz gold – the base case metals prices scenario – the operation outlined in the feasibility study would generate an after-tax net present value (5% discount) of C$341 million, a 51% internal rate of return and a capital payback period of just 1.8 years.

Considering that the price for an ounce of gold is above US$2,300, the economics for Premier is expected to be much more robust – even factoring in higher costs due to inflationary pressures.

Ascot reports that commissioning is ongoing, and it expects to reach commercial production in the third quarter.

"We express our gratitude to our dedicated workforce, our diligent contractors, our supportive shareholders and financiers, Nisga'a Nation, government officials, and the local communities of Stewart, B.C. and Hyder, Alaska – all of whom played important roles in seeing this first gold pour come to fruition," said White.

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