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 Mon Dec 1, 1997
Report Sept-Dec 1997: Ascot Resources Ltd - 1997 Annual Review
    Publisher: Kaiser Research Online
    Author: Copyright 1997 John A Kaiser

 Ascot Resources Ltd (AOT-V)

Outlook: Sell - low quality bottom-fish

Tel: (604) 684-8950

Iss: 14,312,324
Dil: 15,305,324
WC: $500,000

Initial Buy Range: $0.30-$0.49
Hi-Lo-Close: $0.81-$0.16-$0.21

It seems that everybody has thrown in the towel on Ascot, a situation that should alert the contrarian instincts of bottom-fishers. But I have become fed up with Ascot, and intend to give the company a rest for at least a year. John Toffan is still the largest shareholder at 2.6 million, but it is not clear that earlier backers like George Oughtred and Ron Brimacombe are still around. Ascot certainly hasn't given them a reason. During the past few years Ascot has pursued a number of grassroots initiatives, including the diamond hunt on Victoria Island, a gold prospect in Labrador, and Burkina-Faso. None have produced the discovery hole a grassroots junior needs to kick-start a market play, so in April, rather belatedly for the last market cycle, Ascot farmed into an advanced project in Bolivia called Laurani that cash-rich Corriente preferred to explore with somebody else's money. Ascot spent US $500,000 on a 15 hole RC drill program that produced silver results which enthused Corriente, but prompted Ascot to focus on a gold zone. Ascot must spend US $3 million by Oct/98 to vest for 50%, and then pay 50% of the US $2.9 million cash payment due Feb 11/99. Given Ascot's price and treasury, Laurani looks like a lost cause, and so does Ascot.
 
 

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