London, 30 March 2011: Ascot Mining, PLUS Markets - ASMP and Xetra® - AM3 reports it has taken measures to address a number of mechanical and technical issues at its recently commissioned Chassoul mill.

Under the direction of its engineering consultants several changes and equipment upgrades, including a secondary ball mill with improved grinding media have been made and work continues to bring the plant up to optimal efficiency.

While this has been a setback to the original schedule, it by no means undermines the production opportunities and objectives for the Company.

On the contrary, while this work has been in process, the Company has continued its mining operations and has amassed a sizeable stockpile of ore which is available for immediate processing into gold dore.

At the time of writing, the Company is pleased to announce that the mill has restarted with the majority of the modifications implemented and steady-state operation and production is expected to be on track to achieve the Company’s stated goals.

At the time of writing the plant is processing 68 tons per day (“tpd”) of ore with a head grade of 7 grams per ton which is expected to yield approximately 13 ounces of gold per day.

As the plant is stabilized the head grade and the throughput is expected to be increased to reach its targeted optimal capacity and efficiency.

See http://www.ascotmining.com/projects_costarica_veritasgold.html Additionally, the Company continues to advance development of the current underground mining operations at the Cajeta vein.

Active exploration will continue with exploratory drifts already commenced at the nearby Negra, Pochota and Amarilla veins.

Having developed considerable infrastructure over the past year, Veritas Gold, the 100% owned local operating company, is now positioned to commence contributing continuous and rising revenues to its parent company, Ascot Mining Plc.

Meanwhile, Veritas Mining’s projects at Tres Hermanos, El Recio and Boston have been advancing well.

Over the coming months the Company will commence an aggressive programme of exploration to develop additional quantifiable ore resources at all of these locations.

A geological investigation has been conducted and several new gold bearing hydrothermal veins have been identified.

The equipment required to install gravity concentrators at Tres Hermanos and El Recio is being sourced.

The extraction of ore at the Tres Hermanos Mine, from Level 07 and Level 06 has already started.

Ore has been mined from El Recio at the Santa Ana mine area and at the Nachos vein, a newly discovered narrow high grade hydrothermal deposit.

The Company is particularly enthused with the opportunities presented at El Recio where it is clear that there is considerable potential to expand ore resources and to develop a robust second standalone gold mining operation.

To this end, the Company is developing an exploration plan and budget with the intention of quickly mobilising this programme. At Boston, as recently announced, the Company has refurbished a small mill facility where Veritas Mining will oversee management of a gravity mill.

This will result in a cost effective production process that will produce dore on site.

Initially, daily throughput will be in the order of five tons increasing to a projected 30 tons per day.

The tailings, after assaying, will be shipped to Chassoul for additional processing to obtain a further yield of gold.

The Company is successfully contracting the free miners and integrating them into its operations at Boston while allowing them to work as they have been historically, with the free miners’ production being acquired by the Company.

This action is motivating many other free miners to offer their services to the Company.

Ascot remains committed to its corporate social responsibility policy in the community.

By contracting the free miners Ascot is addressing governmental concerns for safety and the environment. David Jackson, Ascot’s CEO states: "We are pleased with the results being achieved by the measures we’ve taken in order to further develop mining opportunities.

The outlook for gold production from Chassoul remains very encouraging at a time when the gold price continues to perform well and in our favour.” The Company remains hopeful it can progress its application for admission to AIM during Q2 and will also seek a Canadian listing where the market for mining company stocks is very strong.
The Directors of the issuer accept responsibility for this announcement. --ENDS—
Enquiries: Damien Daly +44 (0) 7880 55 46 47 Ascot Mining Plc
Heena Karani: +44 (0) 207 562 3393 Rivington Street Corporate Finance
Michael Kinirons: +44 (0)207 562 3395 Bishopsgate Communications
Notes to Editors – Ascot Mining is a PLUS quoted and Xetra® listed Gold mining company with a focus on Gold production in Costa Rica.

The Company’s flagship asset is the Chassoul Gold Mine in Costa Rica, located approximately 76 km from the capital, San Jose, along the Pan American Highway, and then 22 km via a paved road.

The Chassoul mine received final permits on December 14, 2007, and rehabilitation is complete.

Construction of infrastructure, mill & plant facilities and the expansion of capacity to 150 tpd have all been successful and commissioning is now complete and pouring of Gold dore is targeted for regular intervals.

Throughput at the mill is increasing toward its expanded design capacity of 150 tpd with Gold production targeted to reach 1,200 ounces of Gold per month.

It is believed that the Chassoul Mine concession holds considerable potential as there is one explored vein and eight as yet unexplored veins. Delivery of supplementary ore from the Company’s other nearby mines, where development is proceeding well and on schedule, means that further increases in production are planned. Additionally, Ascot has acquired a 100% operational interest in the Tres Hermanos and El Recio Gold Concessions ("Tres Hermanos / El Recio").

These are located 110 km North West of the capital, San Jose, Costa Rica and are readily accessible via a good 7.5 km gravel road from the Pan American Highway.

The Tres Hermanos vein system, which can be traced on surface for a considerable distance, has been mined to a depth of 210 m.

Reserve calculations indicate diluted resources of 825,000 tons at 0.319 oz/ton.

The deposit is open at depth and on strike.
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