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

To: Len Hynes who wrote (7141)	2/10/1999 9:38:00 AM
From: Famularo	Read Replies (1) \| Respond to of 7966

=================================================================== Canadian Corporate News --- Hot Off The Wire News Release for ASHTON MINING OF CANADA INC. =================================================================== ------------------------------------------------------------------- E*TRADE Canada Don't make your investment decisions site unseen. Sign-up for a free trial membership: www2.cdn-news.com Someday we'll all invest this way. ------------------------------------------------------------------- NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ASHTON MINING OF CANADA INC. TSE, ME SYMBOL: ACA FEBRUARY 10, 1999 Ashton Reports Microdiamond Results and Outlines Winter Program VANCOUVER, BRITISH COLUMBIA--John S. Auston, President and CEO of Ashton Mining of Canada Inc., reports results of microdiamond analyses of samples from three kimberlites, and describes the winter program now underway on the Buffalo Hills Project in north-central Alberta. The three kimberlites were discovered by core drilling in December, 1998, as reported in releases of December 10 and December 22, 1998. Samples of approximately 50 kilograms each have been analyzed for microdiamonds in Ashton's North Vancouver laboratory. Results indicate that one of the three kimberlites, LL-8, contains one microdiamond, and that neither of the other two, BM-2 and BM-3, contains microdiamonds. On December 22, 1998 Ashton and its joint venturers announced that a reconnaissance program of $7.4 million will be undertaken during 1999 on the Alberta projects. This program began in January with ground geophysical surveys. Drill testing of selected anomalies will begin this week employing one coring rig and one reverse circulation rig. A second coring rig will be added later in the month. Dependent on progress, as many as 25 targets will be tested during the winter program in search of new kimberlites in addition to the 26 discovered to date. The joint venturers on the Buffalo Hills and Joint Venture Lands are Ashton Mining of Canada Inc., Alberta Energy Company Ltd. (AEC.TSE and AOG.NYSE) and Pure Gold Minerals Inc. (PUG.TSE). Under arrangements between the parties announced on December 22, 1998 the interests of the joint venturers upon completion of currently-approved programs will be Ashton 45 percent; Alberta Energy 45 percent; and Pure Gold 10 percent. On the Cayo Lands the interests will be Ashton 35 percent, Alberta Energy 35 percent, and Pure Gold 30 percent. Ashton is the 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.