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 Tue Dec 5, 1995
Report Nov-Dec 1995: Ascot Resources Ltd - 1996 Bottom-Fish 100
    Publisher: Kaiser Research Online
    Author: Copyright 1997 John A Kaiser

 Ascot Resources Ltd (AOT-V)

Iss: 11,425,897
Dil: 13,836,897
WC: $350,000
Story Type: Grassroots Exploration
Tel: (604) 684-8950

Buy Range: $0.30-0.49

John Toffan prides himself on the fact that he does not promote his stocks, an attitude bolstered by the fortunes Murray Pezim made for him when Pezim bought out Delaware in 1988 to get at the Snip deposit and in 1990 when his discovery of the Eskay Creek deposit turned Toffan's $0.25 Stikine paper into a $70 buyout by Corona. During the Eskay Creek play Toffan and Ron Netolitzky 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, Leicester 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 to fund a marine diamond mining project. That plan fell apart and Ascot instead teamed up with Major General in a 1.4 million acre diamond elephant hunt on Victoria Island. Ascot spent $1.5 million to earn 75%; the hunt has been narrowed down to 2-3 targets that need a $500,000 drill program. During 1995 Burkina-Faso finally granted Ascot concessions it had applied for in 1994; a sampling/mapping program was started in late 1995. Ascot picked up 2 parcels in Labrador on the eastern flanks of the Harp Lake complex. This summer's work revealed a gold quartz vein system on the Adlatok River block that will be followed up with drilling in 1996. Ascot has never been through a distribution cycle and has a shareholder base of powerful players. Bottom-fishers should accumulate this stock and hope that one day John Toffan tires of being a couch potato who dreams of getting lucky a third time.
 
 

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