Ascendant Resources Continues Normal Operations at El Mochito Post Honduras Elections
TORONTO, Dec. 04, 2017 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX:ASND) (OTCQX:ASDRF) (FRA:2D9) ("Ascendant" or the "Company”) reports that operations at its El Mochito mine in Honduras are continuing normally despite uncertainty following the General Elections held on Sunday, November 26, 2017. Since this date, uncertainty regarding the outcome of the election for President, where vote counting remains ongoing, has resulted in demonstrations in various parts of the country and the imposition of a 10-day general curfew by the national government as of Friday, December 1.
To date, there has been no material impact to the operations and the Company continues to ship concentrate from the mine to the port. Company workers have received permission to travel to and from the mine during curfew hours and are able to do so safely. The mine still receives support from the community as the main employer in the region. Ascendant has, however, taken precautions to ensure that the security of people, plant and property is maintained and continues to diligently monitor the situation.
At this time, we believe there is no material risk to operations, people or property. The Company will continue with operations as usual while taking all essential measures to maintain the ongoing safety of our employees and assets. The Company has sufficient supplies of diesel and other essential items at site to continue operations through this process of political change and there have been no interruptions with the workforce.
Operations at the El Mochito mine have been ongoing for over 70 years and is a vital source of employment and social-economic benefit to the local municipality and benefits from overwhelming community support, which continues during this uncertain time.
The Company shall provide further updates if there is a material change in the situation.
About Ascendant Resources
Ascendant Resources Inc. is a mining company focused on its 100%-owned producing El Mochito zinc, silver and lead mine in west-central Honduras, which has been in production since 1948. Since acquiring the mine in December 2016, Ascendant has been focused on a continuous optimization program aimed at restoring the historic potential of the El Mochito mine and growing the asset thereon. To date, the Company has been successful at increasing production and reducing costs with the expectation of free cash flow in the near-term. Ascendant is also focused on expanding and upgrading known resources through extensive exploration work for near-term growth opportunity. With a significant land package of 11,000 hectares and an abundance of historical data, there are several regional targets providing longer term exploration upside and further resource growth potential. The Company is also engaged in the evaluation of producing and advanced development stage mineral resource opportunities in North, South and Central America, on an ongoing basis. The Company'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 Pryde
Director, Communications & Investor Relations
Tel: 888-723-7413
info@ascendantresources.com
Forward Looking Information
This 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 the potential for the Company to continue with its operations at el Mochito mine during the curfew imposed by the government, that no damage to persons, operations or property will result from the political demonstrations that have resulted from the delay in the vote count after the general presidential elections, that the Company will be able to maintain its special permit to ship concentrate from the port and for its employees to travel to and from El Mochito Mine during the country-wide curfew imposed by the federal government of Honduras . 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, the Company maintaining its operations uninterrupted during the political demonstrations in the country and the curfew imposed by the Government of Honduras as a result thereof, the Company being able to ship its concentrate out of the country, the Company maintaining its special permission for its employees to travel to and from el Mochito Mine during the country wide curfew , and other events that may affect Ascendant's ability to develop its project; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets.
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, the Company’s ability to operate el Mochito Mine during the political demonstrations in Honduras and during the country wide curfew, the Company’s ability to ship its concentrate out of Honduras during the curfew, the Company’s ability to maintain its special permit to have its employees travel to and from El Mochito during the curfew imposed by the government of Honduras, the Company’s ability to maintain its employees, property and operations safe during the political demonstrations, , risks related to political or social unrest or change, 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.