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

To: DIAMOND JIM who wrote (4756)	4/9/1998 12:08:00 PM
From: Famularo	Read Replies (1) \| Respond to of 7966

Lets wait and see, IMO, it should be a positive contribution to the ignition we are looking for in the ADP.

To: DIAMOND JIM who wrote (4756)	4/9/1998 12:23:00 PM
From: Famularo	Respond to of 7966

Buffalo Hills JV with Monopros Troymin Resources Ltd TYR Shares issued 21,789,177 Apr 8 close $0.53 Thu 9 Apr 98 News Release Mr Jack McCleary reports Troymin is proposing to enter into a joint venture agreement with Monopros of Toronto, a wholly owned Canadian subsidiary of De Beers, the world's leading diamond producer. Pursuant to the terms of the proposed agreement, Monopros will have the right to earn up to a 60% interest in Troymin's Buffalo Hills diamond prospect in Northern Alberta. Troymin will also enter into a subscription agreement whereby Monopros will purchase by private placement 428,000 units, each unit consisting of one share and one warrant. Troymin's Buffalo Hills diamond prospect comprises five blocks of permits totalling 1.1 million acres on the Buffalo Head Craton which hosts Alberta's only diamondiferous kimberlite pipes. Since the initial discovery in early 1997, 23 kimberlite pipes have been reported by the Ashton group in an exploration program in this area. Pursuant to the terms of the proposed joint venture agreement, Monopros must incur a minimum expenditure of $5.5 million on a multi-staged exploration and development program by February 28 2002 to earn a 51% interest. Monopros will have the right to earn a further 4% interest by financing 100% of the initial $15 million of expenditures incurred which may include a full feasibility study. If Monopros arranges financing for Troymin's share of the costs of developing the first mine, the company can earn an additional 5% interest, resulting in ownership by Monopros of 60% and Troymin of 40% in the joint venture. The proposed subscription agreement will provide that Monopros will subscribe for 428,000 units of Troymin at $0.70, each unit consisting of one share and one warrant to purchase one additional share at $1.05 for two years. Monopros, as operator of the proposed joint venture, has advised Troymin that, based upon its initial due diligence review, it believes there are a number of geophysical targets which show kimberlite pipe-like characteristics on the properties. Field operations, including geophysical surveying, sampling and drilling are expected to be under way by early summer.