| ||Mon Nov 28, 1994|
Report Nov-Dec 1994: Ascot Resources Ltd - 1995 Bottom-Fish 100
Publisher: Kaiser Research Online
Author: Copyright 1997 John A Kaiser
| ||Ascot Resources Ltd (AOT-V)|
Story: Burkina-Faso exploration
John Toffan and Ron Netolitzky made a fortune in 1988 when Murray Pezim bought out their Delaware to get at the Snip deposit. They made an even bigger fortune in 1990 when Corona bought out their holdings in Stikine Resources for $70/sh to get at the Eskay Creek deposit. During the Eskay Creek play they acquired control of several VSE shells and raised money for various grassroots projects that did not pan out. In early 1993 Netolitzky and Toffan parted company, with Toffan retaining control of Hyder Gold and Ascot. In May/93 he persuaded his Eskay Creek cronies George Oughtred, Ron Brimacombe and others to participate in a private placement of 3 million units at $0.375 intended to fund a marine diamond mining project off the coast of South Africa. That plan fell apart and Ascot instead teamed up with Major General in a 1.4 million acre diamond elephant hunt on Victoria Island in Canada's Arctic. By the time 1994's indicator mineral results are compiled Ascot will have earned 75%. At this stage the fate of the Victoria Island play is up in the air, but given the pall that has settled over the diamond play, it is likely Victoria Island may sit on the backburner for a while. Ascot is now impatiently waiting for confirmation of a concession application it made in Africa's Burkina-Faso earlier this year. When Ross Fitzpatrick's Channel Resources moved into Burkina-Faso Dec/93, he unleashed a flood of Canadian explorationists on an ill-prepared mines ministry. Everybody is expected to get what they want, but until the paperwork is done you cannot be sure. If the concession is granted to Ascot, the company will go on a fund-raising spree. This concession adjoins one of those Channel is presently drilling and Ascot geologist Ken Carter thinks the structure extends onto the Ascot ground. The May/93 placees will likely be the movers and shakers because they have never had a chance to sell their paper and are still sitting on most of the 3 million warrants exercisable at $0.67 until May/95. The biggest question is whether major shareholder John Toffan, ensconced at his estate in southern California, will get bored with breeding and racing horses. For the moment the ball is in the court of geologists Ken Carter and Ron Nichols; unless they dress up Ascot's projects in exciting clothes, the big boys will continue to ignore Ascot.
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