Ascendant Resources Inc. (TSX: ASND) ("Ascendant"
or the "Company") announces today that it has completed the sale of
its wholly-owned Honduran subsidiary American Pacific Honduras S.A.
de C.V., the 100% owner of the El Mochito zinc mine, to Kirungu
Corporation (the “Transaction”). Full details on the Transaction,
including information concerning certain post-closing matters, may
be found in the Company’s April 17, 2020 press release. The
Transaction agreement, Material Change Report, and associated
documentation are available under Ascendant's profile at
www.sedar.com.
About Ascendant Resources
Inc.
Ascendant Resources Inc. is a Toronto-based
mining company focused on the exploration and development of the
highly prospective Lagoa Salgada VMS project located on the
prolific Iberian Pyrite Belt in Portugal. Through focused
exploration and aggressive development plans, the Company aims to
unlock the inherent potential of the project, maximizing value
creation for shareholders.
Lagoa Salgada contains over 12.8 million tonnes
of M&I Resources and over 10.3 million tonnes in Inferred
Resources and demonstrates typical mineralization characteristics
of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead,
tin, silver and gold, and demonstrates. Extensive exploration
upside potential lies both near deposit and at prospective step-out
targets across the large 10,700ha property concession. The project
also demonstrates compelling economics with scalability for future
resource growth in the results of the Preliminary Economic
Assessment completed in 2020. Located just 80km from Lisbon, Lagoa
Salgada is easily accessible by road and surrounded by exceptional
Infrastructure. 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. 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 InformationThis
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 certain
post-closing matters pertaining to the Transaction and the
Company’s plans with respect to the Lagoa Salgada project.
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, satisfactory completion of certain
post-closing matters with respect to the Transaction and the
ability to realize its intended plans for the Lagoa Salgada project
in the market conditions triggered by the COVID-19 pandemic.
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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