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

To: Letmebe Frank who wrote (6949)	11/25/1998 8:42:00 AM
From: Mr Metals	Read Replies (1) \| Respond to of 7966

Ashton Mining of Canada Inc - Globe says stock plunges on "really bad" test results Ashton Mining of Canada Inc ACA Shares issued 29,169,790 1998-11-24 close $1.13 Wednesday Nov 25 1998 The Globe and Mail reports in its Wednesday, Nov. 25, 1998 edition that investors knocked 54 per cent off the value of Aston Mining of Canada stock in heavy trading yesterday after the company reported disappointing bulk testing results from its Buffalo Hills diamond prospect in Alberta. The Globe's Angela Barnes writes that Ashton shares fell $1.29 to $1.11 on the Toronto Stock Exchange following the release of results from the K-14 kimberlite. More than 530,000 shares changed hands. A First Marathon Securities analyst said it was obvious that there was some anticipation of good news. John Kaiser, publisher of the Kaiser Bottom-Fishing Report, said the results were "really bad." Ashton acknowledged that the finding was "disappointing and indicates that kimberlite K-14 would be unlikely to support an economically viable mining operation." Despite the finding, Ashton says it remains encouraged by the overall prospectivity of northern Alberta for diamonds. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

To: Letmebe Frank who wrote (6949)	11/25/1998 11:11:00 AM
From: Jesse	Read Replies (3) \| Respond to of 7966

Excerpts from, and a link to, an article in the Financial Post today: [posted for information and discussion purposes only] canoe.ca Wednesday, November 25, 1998 Diamond play loses lustre in Alberta Ashton Mining's poor sample results prompt stock selloff By KEITH DAMSELL The Financial Post Hopes of a diamond boom in northern Alberta suffered a major setback yesterday with the release of disappointing test results from Ashton Mining of Canada Inc. Bulk sample results from Vancouver-based Ashton's K-14 kimblerlite pipe found only 56.45 carats of diamonds in 479 tonnes of mined soil and rock. None of the diamonds found was larger than one carat in size... "This [pipe] has fallen short ... and won't make it economically," said John Auston, Ashton president and chief executive. ...Mining executives urged investors to stay the course and await further drilling and test results. "The word that will go out now is the Alberta diamond play is dead. And that's wrong," said Mr. Auston. Ashton has about $11-million in cash and will continue studying its 23 kimberlite pipes and exploration efforts. "People have to be patient. Diamond exploration is a patience game," said Patrick Power, president of Vancouver's Montello Resources. Montello and partner Kennecott Canada Exploration Inc. have found five kimberlite pipes in northern Alberta. Only one in 100 kimberlite pipes proves to be economically mineable but that fact was lost on investors who helped bid up the price of Ashton shares. The stock climbed rapidly from $1.30 in mid-October to a high of $2.53 on Nov. 20. Investors chatting via the Internet led the charge. On the Silicon Investors Web site, for example, shareholders guessed the size and quality of gems in the K-14 pipe in an informal contest. "I predicted a stone of five carats ... I will stick with it ... these contests make my spider sense tingle," said one using the pseudonym Diamond Jim on Nov.18. The subsequent stock collapse "is an excellent example for all those that play the Internet game," said David James, analyst at the Winnipeg office of Canaccord Capital Corp. Last year, Internet chat helped drive the Ashton stock to a record high of $8.05 before similarly falling on news of disappointing drill results from four kimberlite pipes. ============================= ---------------------- If I interpret his comments correctly, James is way overstating this medium's affect, IMO. Perhaps he feels challenged by it?? I think this is a very valuable resource for information exchange. -j :>