RE: Looks like a buy as long as CDU holdsAt this moment that is correct. It may change as described below:
During the quarter the Company made no acquisitions or dispositions of exploration properties and there was no significant exploration on the Company’s Washburn and Mariner diamond projects on Victoria Island. The main focus for the Company during the period was the evaluation of gold projects in Canada and Latin America. A total of seven projects were examined, three in Chile, two in Mexico one in Nevada and one in Quebec. Only two of the projects in Chile remain of potential interest to the company.
As at March 31, 2003, it’s only property was its interest in a large tract of land on Victoria Island, NWT. This is a diamond prospect.
This property was recorded at a nominal value at March 31, 2003.
At September 30, 2003, Ascot had a working capital of $1,003,039. The Company’s ongoing general and administrative costs net of its small interest income are approximately $17,000 per month. The Company has no internal source of funding other than any funds it might raise through the sale of its investment in Cardero The future of the Company depends on its ability to find attractive projects either directly, or indirectly through Cardero, and then to finance them.
Another item of interest:
The Company also holds 388,000 Cardero warrants exercisable at $0.35. Another $875,000 at today's price.
Mike