AZQ - Ascot Resources

**System** · 17th-February-2011 10:29 AM

Epic Resources Limited (EPC) is an Australian-based exploration company established primarily to acquire, explore, evaluate and exploit uranium-REE deposits and explore prospective uranium tenements and other minerals.

http://www.epicresources.com.au

**springhill** · 23rd-July-2012 01:33 AM

MC - $2m
SP - 9.1c
Shares - 30m
Options - 3.5m
Cash - $4.3m

THREE ADDITIONAL EXPLORATION LICENCES GRANTED ADJACENT TO QUARTZ HILL PROJECT, NT
Three exploration licences successfully granted to Epic
The new tenure (100% Epic)lie adjacent to the Quartz Hill Project, Northern Territory, and covers a total land area of 78km2
Comprehensive project evaluation of Quartz Hill Regional commenced

MCPHEES GOLD PROJECT
The McPhees gold deposit is located in the East Pilbara Granite-Greenstone Terrane, within the Pilgangoora Greenstone Belt of the Pilbara Craton.
Gold mineralisation at McPhees occurs within north-northeast trending shear zones within altered schistose wall rocks and quartz veins comprising of actinolite and pyrrhotite. Generally gold occurs as fine grains within acicular quartz veins or more rarely as small grains disseminated in composite grains of arsenopyrite.
Gold has been previously mined from McPhees initially by a series of small pits and shafts between 1933 and 1939.
A total of approximately 340 ounces of gold was produced at an average grade of 5g/t Au from 2,131t of ore during this period.
Lynas Find NL subsequently mined McPhees in 1994 to 1998

Other Projects of Interest
The Company has been actively evaluating a number other projects that include, without limitation, coal, iron ore, copper, gold, manganese, tin, nickel, potash and tungsten both within Australia and abroad . The Company is confident that it will be able to suitably identify a project that meets the Company’s short term objectives and growth strategy.

**springhill** · 10th-August-2012 09:44 AM

EPC current have a MC of $3.4m with $3.4m in cash.

Today they have announced.

EPIC TO ACQUIRE COAL LICENCES IN COLOMBIA
 Acquisition of a 90% interest in 3 Colombian mining licences, which have the potential for high quality coal.
 Licences located in an established mining region, with existing infrastructure in place.
 Vendors to receive an initial consideration of 4,500,000 fully paid ordinary shares and $200,000 cash following shareholder approval.
 Mining entrepreneur, Mr. Paul Kopejtka to join the Board as Executive Chairman.
 Epic to change its name to “Ascot Resources Ltd”.
 Epic remains fully funded with approximately A$3.41m as at 1st August 2012.

About Colombia
Colombia was recently awarded an investment grade rating by Standard & Poor’s, Moody’s and Fitches with the ratings agencies noting the improved macroeconomic credibility and security conditions. Similarly, the World Bank ranks Colombia 5th (out of 183 countries) in their protecting investors index.
Colombia is in the enviable position of being the only South American country bordering both the Atlantic and Pacific Oceans

The proposed transaction provides Epic with the opportunity to join BHP, Anglo American, Xstrata, Glencore and Drummond in the growing Colombian coal market which is the world’s fourth largest exporter of coal and has the largest identified coal resource base in South America. In 2011, Colombia’s overall coal production was 85.8 million tonnes (an increase of 15.4 percent over 2010) and coal exports were up 16 percent at a record 79.2 million tonnes. Recent media suggests Colombia expects to increase coal exports to approximately 150Mt by 2020.

Transaction Details
Completion of the transaction contemplated by the Agreement (“Transaction”) is subject to satisfaction (or waiver) of a number of conditions precedent (“Conditions Precedent”) including:
1. the receipt of shareholder approval;
2. the Company completing and being satisfied with due diligence investigations on the Licences, Carbones Spain and Carbones Titiribi, to the absolute discretion of the Company; and
3. all necessary regulatory and tax consents or approvals for the proposed transaction, if necessary, being received.
If the Conditions Precedent set out above are not satisfied (or waived by Epic) on or before 1 November 2012 or such later date as agreed by the parties, then either party may terminate the Agreement.

Initial Consideration
Subject to satisfaction of the Conditions Precedent, the Company will issue 4,500,000 Shares (“Initial Consideration Shares”) plus pay $200,000 to the Vendor and will also reimburse the Vendor an additional $300,000 for cash costs incurred in securing the Licences.
Stage 1 Interest
Where, within 12 months of the satisfaction of the Conditions Precedent, the Company successfully defines:
 a 10Mt Inferred Resource in accordance with JORC Guidelines (as that term is defined for the purposes of JORC Guidelines for coal) of coal that meets certain minimum specifications within the area covered by the Licences or any new licences acquired by Carbones Titiribi (Licence Area),
the Company will issue to the Vendor a further 11,000,000 Shares (“Tranche 1 Deferred Consideration Shares”).
Stage 2 Interest
Where, within 18 months of the satisfaction of the Conditions Precedent, the Company successfully defines:
 a 20Mt Inferred Resource in accordance with JORC Guidelines (as that term is defined for the purposes of JORC Guidelines for coal) of coal that meets certain minimum specifications within the Licence Area,
the Company will issue to the Vendor a further 11,500,000 Shares (“Tranche 2 Deferred Consideration Shares”).
Stage 3 Interest
Where, within 18 months of the satisfaction of the Conditions Precedent:
 the volume weighted average price of the Company’s shares as traded on ASX over 20 trading days equal or exceeds $0.35,
the Company will issue to the Vendor a further 12,000,000 Shares (“Tranche 3 Deferred Consideration Shares”).
Stage 4 Interest
Where, within 24 months of the satisfaction of the Conditions Precedent, the Company successfully defines:
 a 20Mt Indicated Resource in accordance with JORC Guidelines (as that term is defined for the purposes of JORC Guidelines for coal) of coal that meets certain minimum specifications within the Licence Area,
the Company will issue to the Vendor a further 38,760,000 Shares (“Tranche 4 Deferred Consideration Shares”).

Minimum Coal Specifications
The minimum coal specifications for the Deferred Consideration Shares is coal that has the following minimum characteristics (on an as received basis):
(a) >5500kcal/kg;
(b) <15% Ash; and
(b) <1% Sulphur,
except as otherwise agreed to by Epic.

Payments due to minority holder in Carbones Titiribi
In addition to the above, cash payments will be due and payable to the holder of the 10% interest in Carbones Titiribi (“Minority Holder”):
(a) a cash milestone payment - USD$1 million upon first quarterly production annualised at 300,000 tonnes per annum from the Licences; and
(b) bonus payments - JORC reserve linked:
(i) if less than a 20 million tonne JORC reserve of coal is delineated on the Licence Area - no cash payments will be due to the Minority Holder;
(ii) if a 20 to 30 million tonne JORC reserve of coal is delineated on the Licence Area – the Minority Holder will be entitled to a cash payment equal to USD$0.80 per tonne of coal defined, payable USD$0.10 in cash (within 60 days of receiving the JORC certification) and USD$0.70 as production royalty;
(iii) if a 30 to 45 million tonne JORC reserve of coal is delineated on the Licence Area – the Minority Holder will be entitled to a cash payment equal to USD$1.00 per tonne of coal defined, payable USD$0.25 in cash (within 60 days of receiving the JORC certification) and USD$0.75 as production royalty;
(iv) if a 45 to 60 million tonne JORC reserve of coal is delineated on the Licence Area – the Minority Holder will be entitled to a cash payment equal to USD$1.00 per tonne of coal defined, payable USD$0.35 in cash (within 60 days of receiving the JORC certification) and USD$0.65 as production royalty;
(v) if a 60 to 75 million tonne JORC reserve of coal is delineated on the Licence Area – the Minority Holder will be entitled to a cash payment equal to USD$1.00 per tonne of coal defined, payable USD$0.50 in cash (within 60 days of receiving the JORC certification) and USD$0.50 as production royalty; and
(vi) if in excess of a 75 million tonne JORC reserve of coal is delineated on the Licence Area – the Minority Holder will be entitled to a cash payment equal to USD$1.00 per tonne of coal defined, payable USD$0.75 in cash (within 60 days of receiving the JORC certification) and USD$0.25 as production royalty.
Further details will be provided in a Notice of Meeting to be issued to the Company’s Shareholders shortly. The Company will continue to provide regular updates to the market with the progress of the transaction and the outcomes of the legal and technical due diligence.