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Gold/Mining/Energy : A CANADIAN DIAMOND HUNT -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (400)	10/19/1998 2:25:00 PM
From: Famularo	Read Replies (1) \| Respond to of 930

Ascot terminates option on Eastfield's Fort property; exploration to continue Ascot Resources Ltd AOT Shares issued 14,312,324 Oct 16 close $0.23 Mon 19 Oct 98 News Release See Eastfield Resources Ltd (ETF) News Release Mr. G.L. Garratt reports Ascot Resources has advised Eastfield Resources that it is terminating its option agreement on the Fort property west of Fort St. James, B.C. During the summer of 1998 Ascot financed a geological, geochemical and geophysical program on the 39,000 acre property. A major component of this program was a 27 kilometre IP survey which detailed two geophysical anomalies defined by chargeability responses ranging from 12.5 to greater than 40 mV/v. The northwestern anomaly is 250 to 400 metres wide and 900 metres long and is coincident with a soil copper anomaly. The southeastern anomaly is 250 to 350 metres wide and open ended beyond its current 600 metre length. Both anomalies are broadly enveloped by the greater than 10 mv/v response and appear to be centered on a resistive high. Much of the area is till covered although outcrops of potassic-altered granodiorite, diorite, monzonite and breccia occur on the western extremity of a large mafic to ultra mafic unit. The most extensive exposure remains on the discover road cut constructed in 1997. The company has applied for permission to construct a 2km drill road to access the heart of the target area. A licence to cut, necessary to authorize this work in this densely forested environment has been prepared by the Forest Service and was presented to the company for signature last week. A company representative will be meeting with logging equipment contractors this week.