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Gold/Mining/Energy : ASHTON MINING OF CANADA (ACA) -- Ignore unavailable to you. Want to Upgrade?

To: Famularo who wrote (7446)	1/14/2000 9:31:00 AM
From: Chris K.	Read Replies (1) \| Respond to of 7966

News this morning: NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ASHTON MINING OF CANADA INC. TSE SYMBOL: ACA JANUARY 14, 2000 Ashton Announces Winter Programs and Hydra Kimberlite Results VANCOUVER, BRITISH COLUMBIA--John S. Auston, President and CEO of Ashton Mining of Canada Inc. ("Ashton") reports that the winter drilling programs in northern Alberta are underway and that microdiamond analyses from the Hydra kimberlite have been received. Alberta The current winter program commenced in December 1999 with drilling and trenching on three lower-priority aeromagnetic anomalies on the Athabasca property near Fort McMurray. Two of the anomalies were found to originate in concentrations of magnetic minerals in the sedimentary bedrock and the third anomaly remains unexplained. Drilling in northern Alberta has resumed, with the program to focus on a minimum of five high-priority targets on the Buffalo Hills and Rabbit Lake properties, two high-priority targets on the Caribou Mountains property, and further testing of diamondiferous kimberlite BH225 in the K14 Project Area. BH225 was discovered in February 1999 and as reported on April 28, it returned encouraging microdiamond results from a small sample. After two years of extensive exploration, land holdings on the Whitemud Hills, Lesser Slave Lake, and Athabasca properties on the Cayo Lands have been reduced from 6.5 million to 409,000 hectares (16,000,000 to 1,010,000 acres) to retain only those permits with the highest discovery potential. The Caribou Mountains property, which is 2,084,000 hectares (5,150,000 acres), is expected to be reduced to a similar extent after the current drilling program is completed. The joint venturers on the Alberta projects are Ashton (ACA.TSE), Alberta Energy Company Ltd. (AEC.TSE) and Pure Gold Minerals Inc. (PUG.TSE). Ashton's interest in these properties is approximately 44.7 percent (Buffalo Hills and Rabbit Lake), 42.7 percent (K14 Project Area), and 35 percent (Cayo Lands). Northwest Territories and Nunavut Preparations are underway for winter ground geophysical programs on the Star, Roundrock and Cross properties. Unexplained indicator mineral anomalies are present on all three properties and high priority targets will be scheduled for drilling upon completion of the geophysical program. The outcropping Hydra kimberlite was discovered in 1999 on the Ric property in Nunavut, approximately 250 kilometres northwest of the Ekati Mine. A total of 182 kilograms of this hypabyssal kimberlite has been analyzed for microdiamonds, but no diamonds have been recovered. Results from the 1999 heavy mineral sampling program and an airborne magnetic survey indicate that additional kimberlites may be present on the Ric property and exploration will therefore continue. The joint venturers on the Ric Property are Ashton and Pure Gold Minerals. Ashton's interest is approximately 85 percent. All exploration programs are operated by Ashton under the direction of Brooke Clements, Certified Professional Geologist, who is Ashton's Vice President, Exploration. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Ashton Mining of Canada Inc. John S. Auston President & CEO (604) 983-7750 or Ashton Mining of Canada Inc. Ariel Bowers Investor Relations (604) 983-7750 Website: www.ashton.ca Email: investor@ashton.ca