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

To: Jimsy who wrote (6951)	11/25/1998 10:22:00 AM
From: junnie	Read Replies (1) \| Respond to of 7966

On a positive note, for Violetta, the following is an excerpt from today's Edmonton Journal. Please keep in mind the yin and yang of resource stocks and REREAD MICAP'S Post #6935. At this stage, "investors" must be wary of expecting too much. Only time and more exploration will tell... "Investors punished diamond explorers on Tuesday as partners in the Buffalo Hills play reported unexpectedly disappointing results from a bulk sample. "The market was pinning all its hopes on this one pipe, said Ashton president John Auston." This is the diamond exploration business. The market can turn on you." But Auston said Ashton's Australian parent company, which owns 62 percent of the Canadian subsidiary, continues to support Alberta exploration. Half a dozen new kimberlite targets will be investigated this year, and several dozen next year, Auston said. Both Ashton and Pure Gold will also have to raise new funds in 1999. For Pure Gold, that may be a problem, said vice-president Eugene Beukman. "This result will make it more difficult." Auston said disappointments id diamond mining are the rule rather than the exception. Explorers spent millions before finding the valuable Argyle diamond mine in Australia. In Botswana there are over 400 known kimberlites but only three operating mines. Ten of the 200 pipes in the Lac de Gras area of Northwest Territories are to be mined. "Somewhere in Alberta, someone will find the one in 100 that is mineable," Beukman predicted. But Auston added: "You never know whether it's going to be number five or number 50."