Ascendant Resources Inc. (TSX: ASND) ("Ascendant"
or the "Company”) is pleased to provide an update on corporate and
operational activities given recent market volatility in both
commodity prices and equity valuations.
As the Company announced on February 12, 2020,
our El Mochito mine in Honduras delivered its best quarter of
production since its acquisition in December 2016, producing
29.4 million pounds of ZnEq contained metal, comprised of 16.5
million pounds of zinc, 7.7 million pounds of lead and 394 thousand
ounces of silver. Management has been successful at reducing
operating costs and increasing head grades for the past twelve
quarters, and we believe there are still opportunities to balance
these in a reduced metals price environment. Our financial partners
remain flexible and supportive of our operations, giving us
confidence in the financial liquidity of the Company. Activities to
secure project financing for the expansion and optimization project
at El Mochito have increased this quarter, and based on this
progress, management is hopeful to have definitive direction early
in the second quarter.
The Company continues
to field significant interest in the Lagoa Salgada
project from the investment community, given the robust economics
of the project’s Preliminary Economic Assessment, announced on
January 14, 2020. This is being largely discounted by the market
but will be a material source of growth for the Company in the
coming quarters. There are multiple pathways forward for the
project, and management is advancing discussions with several
financial parties to that end.
Ascendant plans to release fourth quarter and
full year 2019 financial results after market close on March 25,
2020. Please join us on our conference call on March 26, 2020, at
10:00am EDT to discuss fourth quarter and full year 2019
operational and financial results.
Conference Call Details:Date of
Call: Thursday, March 26, 2020Time of Call: 10:00am EDTConference
ID: 3529486Dial-In Numbers:North American Toll-Free:
1-833-696-8362International: 1-612-979-9908
About Ascendant Resources
Inc.
Ascendant is a Toronto-based mining company
focused on its 100%-owned producing El Mochito zinc, lead and
silver mine in Honduras and its high-grade Lagoa Salgada VMS
project located in the prolific Iberian Pyrite Belt in
Portugal.
After acquiring the El Mochito mine in December
2016, Ascendant spent two years implementing a rigorous and
successful optimization program restoring the historic potential of
El Mochito, a mine in production since 1948, to deliver record
levels of production with profitability restored. With steady state
production achieved, the Company was able to drive further metal
production growth in 2019 as it focused on grade improvements and
now remains focused on further cost reduction and operational
improvements to drive profitability in 2020. Given the significant
land package of approximately 11,000 hectares in Honduras and an
abundance of historical data, there are several near-mine and
regional targets providing longer term exploration upside which
could lead to further Mineral Resource growth.
The Company is engaged in exploration and the
advancement of the Lagoa Salgada project with the goal of building
upon the defined Mineral Resources and robust results of the maiden
Preliminary Economic Assessment completed in January 2020 and
advancing the project towards construction. Ascendant holds a
21.25% interest in the Lagoa Salgada project through its 25%
position in Redcorp - Empreendimentos Mineiros, Lda, (“Redcorp”)
and has an earn-in opportunity to increase its interest in the
project to 80%. Mineral & Financial Investments Limited owns
the additional 75% of Redcorp. The remaining 15% of the project is
held by Empresa de Desenvolvimento Mineiro, S.A. (EDM), a
Portuguese Government owned company supporting the strategic
development of the country’s mining sector. The Company’s interest
in the Lagoa Salgada project offers a low-cost entry to a
potentially significant exploration and development opportunity,
already demonstrating its mineable scale.
Ascendant Resources is also engaged in the
ongoing evaluation of producing and development stage mineral
resource opportunities, on an ongoing basis. The Corporation's
common shares are principally listed on the Toronto Stock Exchange
under the symbol "ASND". For more information on Ascendant
Resources, please visit our website at
www.ascendantresources.com.
Neither the Toronto Stock Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX) accepts responsibility for the adequacy or
accuracy of this release.
For further information please contact:Katherine
PrydeDirector, Communications & Investor RelationsTel:
888-723-7413info@ascendantresources.com
Forward-Looking Information
This news release contains "forward-looking
statements" and "forward-looking information" (collectively,
"forward-looking information") within the meaning of applicable
Canadian securities legislation. All information contained in this
news release, other than statements of current and historical fact,
is forward-looking information. Often, but not always,
forward-looking information can be identified by the use of words
such as "plans", "expects", "budget", "guidance", "scheduled",
"estimates", "forecasts", "strategy", "target", "intends",
"objective", "goal", "understands", "anticipates" and "believes"
(and variations of these or similar words) and statements that
certain actions, events or results "may", "could", "would",
"should", "might" "occur" or "be achieved" or "will be taken" (and
variations of these or similar expressions). Forward-looking
information is also identifiable in statements of currently
occurring matters which may continue in the future, such as
"providing the Company with", "is currently", "allows/allowing
for", "will advance" or "continues to" or other statements that may
be stated in the present tense with future implications. All of the
forward-looking information in this news release is qualified by
this cautionary note.
Forward-looking information in this news release
includes, but is not limited to, statements regarding the higher
silver recoveries at El Mochito mine and the Company’s ability to
maintain such high recoveries, operational improvements, and the
achievement of the 2019 production, cost and capital expenditures
guidance. Forward-looking information is not, and cannot be, a
guarantee of future results or events. Forward-looking information
is based on, among other things, opinions, assumptions, estimates
and analyses that, while considered reasonable by Ascendant at the
date the forward-looking information is provided, inherently are
subject to significant risks, uncertainties, contingencies and
other factors that may cause actual results and events to be
materially different from those expressed or implied by the
forward-looking information. The material factors or assumptions
that Ascendant identified and were applied by Ascendant in drawing
conclusions or making forecasts or projections set out in the
forward-looking information include, but are not limited to, the
ability of the Company to maintain higher silver recoveries at El
Mochito mine and the Company’s ability to maintain such high
recoveries, the ability of the Company to drive further operational
improvements in 2019 and the ability to achieve the 2019
production, cost and capital expenditures guidance, and other
events that may affect Ascendant's ability to develop its project;
and no significant and continuing adverse changes in general
economic conditions or conditions in the financial markets.
The risks, uncertainties, contingencies and
other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information
may include, but are not limited to, risks generally associated
with the mining industry, such as economic factors (including
future commodity prices, currency fluctuations, energy prices and
general cost escalation), uncertainties related to the development
and operation of Ascendant's projects, dependence on key personnel
and employee and union relations, risks related to political or
social unrest or change, rights and title claims, operational risks
and hazards, including unanticipated environmental, industrial and
geological events and developments and the inability to insure
against all risks, failure of plant, equipment, processes,
transportation and other infrastructure to operate as anticipated,
compliance with government and environmental regulations, including
permitting requirements and anti-bribery legislation, volatile
financial markets that may affect Ascendant's ability to obtain
additional financing on acceptable terms, the failure to obtain
required approvals or clearances from government authorities on a
timely basis, uncertainties related to the geology, continuity,
grade and estimates of mineral reserves and resources, and the
potential for variations in grade and recovery rates, uncertain
costs of reclamation activities, tax refunds, hedging transactions,
as well as the risks discussed in Ascendant's most recent Annual
Information Form on file with the Canadian provincial securities
regulatory authorities and available at www.sedar.com.
Should one or more risk, uncertainty,
contingency, or other factor materialize, or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, the reader should not place undue reliance on
forward-looking information. Ascendant does not assume any
obligation to update or revise any forward-looking information
after the date of this news release or to explain any material
difference between subsequent actual events and any forward-looking
information, except as required by applicable law.
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