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Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: Famularo who wrote (307)	11/21/2002 10:39:26 AM
From: Famularo	Respond to of 16205

Ashton Mining of Canada Inc - News Release Ashton continues Otish exploration in Q3 Ashton Mining of Canada Inc ACA Shares issued 49,062,149 Nov 20 2002 close $ 1.18 Wednesday November 20 2002 News Release Mr. Robert Boyd reports During the third quarter, Ashton's 2002 diamond exploration projects have continued to record significant progress. Ashton's summer exploration programs have resulted in the discovery of two new kimberlitic intrusives and the collection of three mini-bulk samples. On the Foxtrot property in the Otish Mountains region of Quebec, the encouraging size of the diamonds recovered from five of the new Renard discoveries demonstrates exciting potential for this area. As reported in June, the mini-bulk sample collected from Renard 2 returned an estimated diamond content of 69.3 carats per hundred tonnes with the largest diamond weighing 0.16 carat. Ashton has also recovered 0.92-, 0.26- and 0.13-carat diamonds from relatively small samples taken from the Renard 5, Renard 6 and Renard 3 discoveries, respectively. Thus, in the span of less than one year, the company has established a new Canadian diamond district in Quebec through the discovery by drilling of a tightly associated cluster of eight diamondiferous kimberlitic intrusives. The company has collected mini-bulk samples from three of these bodies, with plans for a fourth mini-bulk sample in 2003. Exploration potential remains high and plans for the fourth quarter include the completion of microdiamond testing on the newly discovered Renard 7 and Renard 8 and the processing of 4.3 and 4.4 tonnes from Renard 3 and Renard 4, respectively, and the processing of another 1.8-tonne sample from Renard 2. In September, Ashton completed processing the 5.8-tonne Potentilla mini-bulk sample which returned an estimated diamond content of 22 carats per hundred tonnes, including a 0.34-carat diamond. The Potentilla kimberlite, located on the Kikerk Lake property, Nunavut, is less than 0.5 hectare in size and so no further work is planned on this kimberlite at this time. Additional drilling on the Stellaria kimberlite dike, also on the Kikerk Lake property, determined the true width of the body to be approximately 13 metres. The drill program also investigated a geophysical linear associated with Stellaria but failed to intersect additional kimberlite. Ashton will continue aggressive exploration in this emerging Coronation diamond district where it has discovered six kimberlites to date, five of them diamond-bearing kimberlites. At least 10 unexplained indicator mineral anomalies have been identified on the company's Nunavut properties and were followed up this summer with an extensive program of indicator mineral sampling. On the Buffalo Hills property in Alberta, Ashton commenced ground geophysical surveys during the third quarter to assist in prioritizing additional drill targets for 2003. CONSOLIDATED STATEMENT OF OPERATIONS Three months ended Sept. 30 (thousands of dollars) 2002 2001 Revenues Investment income $ 113 $ 51 Gain (loss) on sale of equipment (5) (4) ------- ------- 108 47 ------- ------- Expenses General and administrative 409 359 Exploration costs written off to operations 3,062 562 Depreciation and amortization 5 7 ------- ------- 3,476 928 ------- ------- Loss for the period $ 3,368 $ 881 ======= ======= Loss per share $ 0.06 $ 0.02 CONSOLIDATED STATEMENT OF OPERATIONS Nine months ended Sept. 30 (thousands of dollars) 2002 2001 Revenues Investment income $ 234 $ 206 Gain (loss) on sale of equipment (12) 3 ------- ------- 222 209 ------- ------- Expenses General and administrative 1,265 1,103 Exploration costs written off to operations 4,914 3,436 Depreciation and amortization 16 22 ------- ------- 6,195 4,561 ------- ------- Loss for the period $ 5,973 $ 4,352 ======= ======= Loss per share $ 0.12 $ 0.12 CONSOLIDATED STATEMENT OF DEFICIT Nine months ended Sept. 30 (thousands of dollars) 2002 2001 Deficit, beginning of period $42,675 $34,943 Loss for the period 5,973 4,352 ------- ------- Deficit, end of period $48,648 $39,295 ======= =======