Ascot Resources tumbles after suspending operations

Cambria Gold Mines

06/09/2024 16:39

** Shares of Canada-based mining company Ascot Resources
 AOT.TO  fall 62.50% to 17 Canadian cents
        ** Co will suspend operations to enable sufficient mine
development
    ** Says development of its Big Missouri mine has fallen
behind schedule and mill operations at its Premier Northern
Lights (PNL) project is also delayed
    ** Co says operations to remain suspended till Big Missouri
and PNL mines combination can sustainably deliver enough ore
feed to profitably run the operation
    ** "The company's initial estimate is that approximately
three to six months of development will be required to be
undertaken, primarily at the PNL mine" - AOT says
    ** Adds it has a cash resource of C$15 mln which is expected
to be sufficient for it to undertake the suspension of work
    ** Including session's losses, stock is down 66.33% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com))