Ascendant Resources Makes US$2.5 Million Final Payment Under Earn-In Agreement for Lagoa Salgada VMS Project, Portugal

Provided By Globe Newswire

Last update: Dec 14, 2022

TORONTO, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND; OTCQB: ASDRF; FRA: 2D9) ("Ascendant" or the "Company”) is pleased to announce that it has satisfied all financial conditions required to increase its effective ownership interest from 50% to 80% in the Lagoa Salgada VMS project (the “Project”) in Portugal. Ascendant has made the final US$2.5 million payment to the optionor, Mineral & Financial Investment AG, as required under the earn in agreement with respect to the Project. Ascendant expects to satisfy the only remaining condition; the completion of the current ongoing Feasibilty Study, to increase its stake in the Project to 80% by the end of Q1 2023.