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Gold/Mining/Energy : ASHTON MINING OF CANADA (ACA)
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To: Natedog who wrote (7956)3/23/2005 2:56:47 PM
From: Famularo   of 7966
 
TORONTO, March 23 (Reuters) - Shares of Ashton Mining of Canada Inc. (ACA.TO: Quote, Profile, Research) jumped 32 percent on Wednesday after the company said it recovered two big diamonds from samples collected in north-central Quebec.
Shares of the Vancouver-based diamond explorer surged as high as C$1.79 on the Toronto Stock Exchange, before easing to C$1.65, up 30 Canadian cents, or 22 percent.

Ashton Mining and its joint venture partner Soquem Inc. said on Tuesday they had recovered a 5.66 and a 1.17 carat diamond from a sample of kimberlite from their Foxtrot property. Kimberlite is the host rock of diamonds.

"(The site) has an estimated diamond content of 256 carats per hundred tonnes...this result is the highest value that Ashton has reported for a sample of this magnitude," said Robert Boyd, president and chief executive of Ashton Mining.

An analyst cautioned that although the discovery was positive, Ashton had not pinpointed the source of the diamonds, which would help in locating future finds and assessing the economic viability of the property.

"Even though it is extremely encouraging that you can get such high diamond counts from one boulder, the work has not identified a true source of where that boulder comes from," said Canaccord Capital mining analyst Wendell Zerb.
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