Ascot Receives Approval for Prospecting Permits at Mt. Margaret

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/21/12 -- Ascot Resources Ltd. (TSX VENTURE: AOT) is pleased to announce it received final approval from the Bureau of Land Management (BLM) for two prospecting permits on the Mt. Margaret property in the St. Helens Mining District of Washington State. The decision comes after months of intensive environmental review, the results of which confirm the prospecting activities will have no significant impact on the environment. Earlier this month, the U.S. Forest Service issued a Finding of No Significant Impact and Decision Notice consenting to the proposed drilling.

The exploration program is expected to commence in the spring and involves drilling 63 drill holes from 23 drill pads. Ascot Resources' proposal has the support of residents and elected officials throughout the region. Much anticipated, results of the exploration will help determine if there is a significant mineral deposit at hand with the potential to create jobs and long-term economic benefits to surrounding communities.

On Behalf of the Board of Directors

ASCOT RESOURCES LTD.

John A. Toffan, President and Director

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation; the completion of the Offering on the terms set forth herein, the anticipated closing date of the Offering and the use of proceeds from the Offering are forward looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contacts:

Ascot Resources Ltd.

Bob Evans

CFO and Director

(604) 684-8950

(604) 684-9877 (FAX)
www.ascotresources.ca