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Canadian Corporate News --- Hot Off The Wire
News Release for ASHTON MINING OF CANADA INC.
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ASHTON MINING OF CANADA INC.
TSE, ME SYMBOL: ACA
FEBRUARY 10, 1999
Ashton Reports Microdiamond Results and Outlines Winter
Program
VANCOUVER, BRITISH COLUMBIA--John S. Auston, President and CEO of
Ashton Mining of Canada Inc., reports results of microdiamond
analyses of samples from three kimberlites, and describes the
winter program now underway on the Buffalo Hills Project in
north-central Alberta.
The three kimberlites were discovered by core drilling in
December, 1998, as reported in releases of December 10 and
December 22, 1998. Samples of approximately 50 kilograms each
have been analyzed for microdiamonds in Ashton's North Vancouver
laboratory. Results indicate that one of the three kimberlites,
LL-8, contains one microdiamond, and that neither of the other
two, BM-2 and BM-3, contains microdiamonds.
On December 22, 1998 Ashton and its joint venturers announced that
a reconnaissance program of $7.4 million will be undertaken during
1999 on the Alberta projects. This program began in January with
ground geophysical surveys. Drill testing of selected anomalies
will begin this week employing one coring rig and one reverse
circulation rig. A second coring rig will be added later in the
month. Dependent on progress, as many as 25 targets will be
tested during the winter program in search of new kimberlites in
addition to the 26 discovered to date.
The joint venturers on the Buffalo Hills and Joint Venture Lands
are Ashton Mining of Canada Inc., Alberta Energy Company Ltd.
(AEC.TSE and AOG.NYSE) and Pure Gold Minerals Inc. (PUG.TSE).
Under arrangements between the parties announced on December 22,
1998 the interests of the joint venturers upon completion of
currently-approved programs will be Ashton 45 percent; Alberta
Energy 45 percent; and Pure Gold 10 percent. On the Cayo Lands
the interests will be Ashton 35 percent, Alberta Energy 35
percent, and Pure Gold 30 percent. Ashton is the operator of the
programs.
Ashton is a diamond exploration company with interests in a wide
range of properties in Canada and the United States. It is 61.2
percent-owned by Ashton Mining Limited of Australia, a leading
explorer, producer and marketer of diamonds which holds an
interest of 40.1 percent in the Argyle diamond mine in
northwestern Australia.
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