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Gold/Mining/Energy : Canadian Diamond Play Cafi
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To: VAUGHN who wrote (317)12/2/2002 8:51:57 AM
From: Famularo  Read Replies (1) of 16206
 
Ashton Mining of Canada (ACA : TSX : C$1.30) - SPECULATIVE BUY – 12-month
target price: N/A
Graeme Currie
Comment: Ashton releases mini-bulk sample results from Renard 4: estimated
grade is 64.7 cpht
Ashton and partner SOQUEM have released the mini-bulk sample results from
Renard 4. An average grade of 64.7 cpht (0.64 carats per tonne) was
reported – well above our threshold of 50 cpht. The four largest stones
reported were 0.32, 0.29, 0.28 and 0.26 carats in size, with two of the
stones defined as colourless. This exceeds our previously reported minimum
stone size expectation of 0.25 carats in size. Further results are due in
December from Renard 3 and 2. Exploration in Q1 and Q2/03 could include
mini-bulk sampling of Renard 5 as well as larger samples from Renard 2, 3
and 4. In our view, Ashton remains among the best in terms of exploration
(and results) leverage in the junior diamond exploration theatre. The
company is well funded, with a pro forma estimate of working capital at
$13 million for December 31, equal to about $0.25/share. The current
market cap has discounted, beyond historical comparisons, the leverage
that this junior offers to a potentially new diamond camp in Quebec. For
risk accounts, Ashton is maintained as a SPECULATIVE BUY. We would
emphasize that the risk/return leverage is high, although the time frame
to the upcoming additional key results implies that near-term market
volatility could be substantial.
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