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

To: Bobby Yellin who wrote (7181)	3/8/1999 9:18:00 AM
From: Chris K.	Respond to of 7966

Here is the entire news release: Ashton Discovers Five New Kimberlites in Alberta VANCOUVER, BRITISH COLUMBIA--John S. Auston, President and CEO of Ashton Mining of Canada Inc., reports on the progress of target drilling on the Buffalo Hills and Joint Venture Lands in north-central Alberta. The program is utilizing a combination of core and reverse circulation drilling techniques and is designed to evaluate a range of geophysical signatures within the Buffalo Hills and Joint Venture Lands claim groups. Drilling commenced on February 12 and to date five new kimberlites have been discovered, bringing the total to thirty-one since 1997. Initial drilling of the new discoveries has intersected variable thicknesses of kimberlite in pipe-like and bed-like formations. Additional drilling will be required to fully understand the geometry of these bodies. Following detailed logging, kimberlite samples will be dispatched to Ashton's laboratory for microdiamond analyses. The designations of the new kimberlites and overburden depths are: /T/ Kimberlite Property Overburden Drilling (metres) Method BH-155 Buffalo Hills 34 Core BH-225 Buffalo Hills 30 Core BH-229 Buffalo Hills 74 Core LL-07 Loon Lake 114 Core BM-16 Birch Mountain 124 Core /T/ At this time approximately two-thirds of the 1999 winter drill program has been completed. The evaluation of geophysical drill targets using two coring rigs will continue as long as weather conditions permit. Ashton is optimistic additional kimberlites will be discovered on some of the targets yet to be tested. The joint venturers on the Buffalo Hills and Joint Venture Lands are Ashton Mining of Canada Inc. (ACA.TSE/ME), 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. 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. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Ashton Mining of Canada Inc. John S. Auston President and CEO (604) 983-7750 or Ashton Mining of Canada Inc. Susan Morrison Investor Relations (604) 983-7750 Website: ashton.ca