29 November 2010 Ascot Mining Plc (“Ascot” or the “Company”) (PLUS Markets: ASMP, Xetra®: AM3.DE) Completion of Chassoul Gold Mine Acquisition
Ascot Mining, the PLUS-quoted Costa Rican Gold miner, announces that it has completed the acquisition of 100% of the Chassoul Gold Mine.

Ascot has developed and brought the Chassoul mine into production within 31 months of listing on PLUS.

Following the successful completion of expanded capacity, targeted near term Gold production is 1,200 ounces per month. Ascot is pleased to announce that it has made the payment of the final monies, due in January 2011, ahead of schedule. This follows the Company’s recent £3.7m (US$5.92m) fundraise through loan notes and warrants exercised by Red Rock Resources, the SF t1ps Smaller Companies Gold Fund and Hameldon Resources.

These funds were, as stated, earmarked to complete the acquisition of the Chassoul Mine. David Jackson, CEO of Ascot stated “These are exciting times for Ascot and they reflect the effort made by our dedicated team.

We are delighted to have completed the acquisition of 100% of the Chassoul Gold Mine ahead of schedule.” “With the successful completion of expanded capacity at Chassoul we are on the cusp of accelerating gold production.

The Company is moving forward at pace and we are working hard with regard to our planned move from PLUS to AIM.

Given the backing we have recently received we look forward to further updating the market in the coming weeks as our operations grow.” The Directors of the issuer accept responsibility for this announcement. Enquiries: Damien Daly +44 (0) 7880 55 46 47 Ascot Mining Plc eMail: Website: www.ascotmining.com Heena Karani +44 (0) 207 562 3393 Rivington Street Corporate Finance
Michael Kinirons: +44 (0)207 562 3395 Bishopsgate Communications
The Directors of the issuer accept responsibility for this announcement.
Notes to Editors – Ascot Mining is a PLUS quoted gold mining company with a focus on gold production in Costa Rica.

The Company currently has a portfolio of four assets.

The Company’s flagship asset is the Chassoul Gold Mine located in Coasta Rica.

The mine is a gold mine located approximately 76 km from the capital San Jose along the Pan American Highway, and then approximately 22 km via a secondary road.

This mine received final permits on December 14, 2007.

Construction of infrastructure, the mill and plant facilities and rehabilitation of the mine is now complete and the Pouring of gold dore is targeted for late November and at regular intervals thereafter.

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 within sixty to ninety days. Further increases are planned through delivery of supplementary ore from the Company’s other nearby mines.

Mine development is proceeding well and on schedule.

It is believed that the Chassoul Mine concession holds considerable potential as there is one explored vein and eight yet unexplored veins. Ascot has acquired a 100% operational interest in the Tres Hermanos and El Recio Gold Concessions ("Tres Hermanos El Recio") in Costa Rica.

The mine is located 110 km North West of the capital, San Jose, Costa Rica and is readily accessible via a good 7.5 km gravel road off 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. The Company has a ten year renewable agreement for the exploration and exploitation in the nearby Boston Concession.

The Boston deposit lies to the northeast of Tres Hermanos and El Recio.

The Boston Concession is owned by a syndicate of local miners who wish to continue to work the property.

Veritas Mining has a 10 year renewable agreement with the Concession owners to accept delivery of ore produced based upon a formula of tonnage and ore grade, less certain deductions for equipment, explosives and safety supplies provided by the Company.
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