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

To: Alfonso Agostino who wrote (6865)	11/24/1998 8:48:00 AM
From: CancerMan	Respond to of 7966

EWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ASHTON MINING OF CANADA INC. TSE, ME SYMBOL: ACA NOVEMBER 24, 1998 Ashton Reports K-14 Bulk Sample Results VANCOUVER, BRITISH COLUMBIA--John S. Auston, President and CEO of Ashton Mining of Canada Inc., reports the results of bulk testing of the K-14 kimberlite on the Buffalo Hills Project in north-central Alberta. The sample of 479 tonnes was collected by reverse circulation drilling in March 1998, and was processed by dense media separation (DMS) at a contract facility in Arkansas. This plant is designed to recover diamonds 1.2 mm or greater in size. Staff from Ashton Mining Limited and Ashton Mining of Canada Inc. were responsible for its operation during the course of the test. The kimberlite concentrates produced by DMS processing were initially sorted for diamonds at the contract facility. Final processing and observation took place at Ashton's North Vancouver laboratory. A total of 56.45 carats of diamonds was recovered from the sample of 479 tonnes, providing an effective grade of 11.78 carats per 100 tonnes. The two largest diamonds weigh 0.90 and 0.88 carat respectively. Most of the diamonds are clear or greyish in colour. Some are pale brown, and a few yellow stones also were recovered. The diamonds have not been valued. The effective grade of 11.78 carats per 100 tonnes is considered disappointing, and indicates that kimberlite K-14 would be unlikely to support an economically viable mining operation. Despite these results Ashton remains encouraged by the overall prospectivity of northern Alberta for diamonds. A total of 16 of the 23 kimberlites discovered to date by the Buffalo Hills program is diamond-bearing, which is considered a high proportion by world averages. Drilling is currently underway at the Birch Mountain and Loon Lake properties, which form part of the Buffalo Hills Project, and Ashton is optimistic that additional kimberlites will be discovered by these programs. Additionally, a bulk sample of approximately 17 tonnes from kimberlite K-11 is being processed at the North Vancouver laboratory. The joint venturers on the Buffalo Hills Project are Ashton Mining of Canada Inc. (ACA.TSE/ME, 42.5 percent), Alberta Energy Company Ltd. (AEC.TSE and AOG.NYSE, 42.5 percent) and Pure Gold Minerals Inc. (PUG.TSE, 15 percent). Ashton is operator of the programs. Ashton is a diamond exploration company with interests in a wide range of properties in Canada and the United States. It is 61.2 percent-owned by Ashton Mining Limited of Australia, a leading explorer, producer and marketer of diamonds which holds an interest of 40.1 percent in the Argyle diamond mine in northwestern Australia.