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

To: Letmebe Frank who wrote (1828)	2/11/2004 9:18:55 AM
From: kidl	Read Replies (2) \| Respond to of 16207

Ashton Mining of Canada Inc.: Renard 2 and 4 Mini-Bulk Samples Return 0.9 and 0.6 Carat Diamonds ccnm VANCOUVER, BRITISH COLUMBIA-- Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton"), is pleased to report that diamond results for mini-bulk samples collected in 2003 from the Renard 2 and 4 kimberlitic bodies are consistent with the encouraging results previously reported. Renard 2 and Renard 4 are two of the nine kimberlitic bodies that comprise the Renard cluster situated on the Foxtrot property in north-central Quebec. As reported on January 19, 2004, the Renard cluster is the subject of a bulk sampling program that Ashton and its joint venture partner, SOQUEM INC. ("SOQUEM"), are currently conducting. Renard 2 During the winter and summer of 2003, a sample weighing 8.59 tonnes was collected by drilling eight core holes into Renard 2. This material consisted primarily of kimberlitic breccia with several intersections of hypabyssal material, country rock breccia and country rock. After processing by dense media separation ("DMS") at Ashton's North Vancouver laboratory, the sample returned 5.41 carats of diamonds larger than 0.85 mm using a square aperture screen. These results give the sample an estimated diamond content of 63 carats per hundred tonnes ("cpht"). A 4.94 tonne sample collected from Renard 2 in 2002 returned an estimated diamond content of 67 cpht. As indicated in the table below, the cumulative 13.53 tonnes of material collected to date has returned 8.72 carats of diamonds for an estimated diamond content of 64 cpht. Renard 2 DMS Diamond Results --------------------------------------------------------------------- Date Reported Sample Weight of Diamonds Estimated Weight greater than 0.85 mm Diamond (tonnes) Recovered (carats) Content (cpht) --------------------------------------------------------------------- February 11, 2004 8.59 5.41 63 --------------------------------------------------------------------- January 24, 2003 4.94 3.31 (Note 1) 67 --------------------------------------------------------------------- Total 13.53 8.72 64 --------------------------------------------------------------------- Note 1: The largest stone is a colourless composite crystal that weighs 0.38 carats. The 8.59 tonne sample returned five diamonds greater than 0.20 carats. The two largest diamonds are a colourless clear octahedron and a colourless composite crystal weighing 0.91 and 0.39 carats respectively. Renard 4 During the summer of 2003, a sample weighing 6.85 tonnes was collected from Renard 4 by drilling three core holes. This material consisted primarily of kimberlitic breccia with several intersections of hypabyssal material, country rock breccia and country rock. After processing by DMS at Ashton's North Vancouver laboratory, the 6.85 tonne sample returned 3.97 carats of diamonds larger than 0.85 mm using a square aperture screen. These results give the sample an estimated diamond content of 58 carats per hundred tonnes. A cumulative 8.22 tonne sample collected in 2002 and early 2003 yielded an estimated diamond content of 50 cpht. The mini-bulk samples thus far collected from Renard 4 have returned a total of 8.04 carats of diamonds giving the cumulative 15.07 tonnes of material, as shown in the table below, an estimated diamond content of 53 cpht. Renard 4 DMS Diamond Results --------------------------------------------------------------------- Date Reported Sample Weight of Diamonds Estimated Weight greater than 0.85 mm Diamond (tonnes) Recovered (carats) Content (cpht) --------------------------------------------------------------------- February 11, 2004 6.85 3.97 58 --------------------------------------------------------------------- June 12, 2003 8.22 4.07 (Note 1) 50 --------------------------------------------------------------------- Total 15.07 8.04 53 --------------------------------------------------------------------- Note 1: The largest stone is a pale brown crystal that weighs 0.28 carats. The two largest diamonds recovered from the 6.85 tonne sample are a pale brown octahedron and a colourless composite crystal weighing 0.66 and 0.31 carats respectively. To date, the joint venture has collected a cumulative total of approximately 57 tonnes of mini-bulk sample material from Renard 2, 3, 4 and 65, the four bodies that are the subject of the bulk sampling program now underway. The 52 tonnes of material processed by DMS to date has returned 24 diamonds larger than 0.20 carats including the diamond having an estimated weight of at least four carats that remains embedded in core from Renard 65. Results from the five tonnes of material collected in 2003 from Renard 3 are expected in April 2004. SOQUEM is a wholly-owned subsidiary of SGF Mineral inc., a subsidiary of Societe generale de financement du Quebec ("SGF"). The mission of the SGF, as an industrial and financial holding company, is to carry out economic development projects, especially in the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability that comply with the economic development policy of the Government of Quebec. Ashton is the operator of the joint venture's exploration programs. Brooke Clements, Professional Geologist and Ashton's Vice President, Exploration, is responsible for their design and conduct, and for the verification and quality assurance of analytical results. FOR FURTHER INFORMATION PLEASE CONTACT: Ashton Mining of Canada Inc. Robert T. Boyd President & CEO (604) 983-7750 or Ashton Mining of Canada Inc. Salimah Lalli Investor Relations (604) 983-7750 email: contact@ashton.ca www.ashton.ca Copyright 2002 The Globe and Mail