ASHTON MINING OF CANADA (ACA) Message Board

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

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To: violetta martinez who wrote (7324)	4/29/1999 8:40:00 PM
From: Larry Meneely	Read Replies (1) of 7966

AGM highlights: Financing: Ashton will require new financing for yr. 2000 and anticipates the need to go to markets within the next 6 mo. You can get clarification on the following from the Notice: Private placements will exceed the TSE 25% rule - TSE will accept advance approval by shareholders of private placements that exceed provided they are completed within 12 mo. - will not exceed 13,168,658 shares. Exercise on options have been extended to 10 years from 5 but only on options granted after the approval of the amendment. Exploration: I spent 15 minutes with Wayne Hillier, VP Exploration. BH225 is within 500 meters of K14. BH229 is very near K4. BH155 is near K5 / K6. BM16 is east of the cluster that lies south and east of K11. BH229 / BM16 will report in maybe 6 weeks. The problem with these is small sample size. They may have to crush the entire core to get a reasonable result. Less than 50KG for the entire BH229 core. They are aware of what the street is saying about “bed” or “layer” effect but cannot confirm an association between K14 and any of the above. They believe they have penetrated many vents but admit that these will have collapsed and filled with crater facie materials. They still concentrate effort in this area because this is where the best results have been coming from - and low overburden. Fault lines run through all the major finds and this continues to provide inspiration. The Cayo lands will get a good visit this summer and many of the 97 anomalies are in Cayo lands. Why only one hole per target and small samples? As you can see, the money is running out - so this is how they can afford to step out in a hurry. On a final note: 12 - 15 carats per tonne is the best they have found to date (K14, etc..) They need twice that and of course good quality. Mentioned Roundrock as prospective for new targets and will spend some more time in the NWT. Ashton intends to diversify more if they can and is looking for innovative ways to expand their holdings / joint ventures. Larry M.

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