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Gold/Mining/Energy : ASHTON MINING OF CANADA (ACA)

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To: JKNF who wrote (3231)	12/18/1997 9:17:00 AM
From: Famularo	Read Replies (3) of 7966

One further microdiamond analysis of K-91 Ashton Mining of Canada Inc ACA Shares issued 20,836,399 Dec 17 close $5.20 Thu 18 Dec 97 News Release Also Alberta Energy Company Ltd (AEC) Also Pure Gold Minerals Inc (PUG) Mr John Auston reports The following is an update of the company's activities on the Buffalo Hills program in northern Alberta. Aeromagnetic surveys are under way over large blocks of mineral permits held by the joint venturers to the north and east of the original option block. Interpretation of detailed aeromagnetic surveys flown earlier this year over the option block has defined a number of priority targets which may reflect kimberlite pipes. One further microdiamond analysis of K-91 located 2.3km north-northwest of K14 has confirmed the earlier encouraging results: No. of Stones Micro Macro Sample less greater Labor- Interval Weight than than atory (m) (kg) 0.5mm 0.5mm ------ -------- ------ ----- ------- Hole K-91-1 AML 58.2- 69.0* 48.0 56 6 AMC 87.0- 92.25 20.0 41 5 AMC 97.7-108.2* 49.0 83 1 ----- --- -- Total 117.0 180 12 * previously reported Microdiamonds are stones with a maximum dimension of less than 0.5mm and greater than 0.1mm. AMC - Ashton Mining of Canada - North Vancouver AML - Ashton Mining Limited - Perth, Australia This continues to show the K-91 microdiamond results to be among the best returned to date from the Buffalo Hills program, and points to the need for further sampling of this kimberlite. Analysis of mini-bulk samples by Dense Media Separation is continuing at the company's laboratory in North Vancouver. Delays have been encountered because of the unusually high content of relatively unaltered olivine in the kimberlites, which results in production of large olivine-rich concentrates. The size and olivine content of these concentrates must be reduced before visual examination for diamonds, and the process of reduction is time-consuming. These required extra steps mean that the first diamond results from these analyses cannot now be expected before mid-January. Ashton Mining of Canada and Pure Gold Minerals have an option agreement with Alberta Energy Company of Calgary whereby Pure Gold and Ashton have the right to earn interests of 15% and 42.5% respectively in the Buffalo Hills property. Total landholdings, including option and joint venture lands, comprise 28.3 million acres in north central Alberta. Ashton is operator of the related exploration programs. Ashton is a diamond exploration company with interests in a wide range of properties in Canada and the US. It is 62% owned by Ashton Mining Limited of Australia, a leading explorer, producer and marketer of diamonds which holds an interest of 40.1% in the Argyle diamond mine in northwestern Australia.

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