Ashton Announces Start-up of 1996 Drilling Program.VANCOUVER, Bc--(BUSINESS WIRE)--Feb. 9, 1996--ASHTON MINING OF CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: ACA ACA - Application Control Architecture ) Ashton Mining of Canada Inc. ("Ashton" or "ACA") announced today that field activities will commence shortly on its Northwest Territories ("NWT NWT or N.W.T. abbr. Northwest Territories NWT Northwest Territories (of Canada) ") diamond exploration properties. Detailed airborne and ground geophysical surveys will start within the next two weeks. This work is designed to assist in the forthcoming drilling program, scheduled to commence in late February. The first targets to be drilled are on the Cross property, which is a joint venture between Ashton, Pure Gold Resources Inc. ("PUG") and Tenajon Resources Corp. The drilling program will then continue on the Round Rock property (ACA, PUG, Lytton Minerals Ltd.) and the Noront #1 area (ACA, PUG, Noront Resources Ltd.) Gold and base metal prospects in the NWT generated as a by-product by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. of our diamond exploration will be followed up as soon as seasonal conditions allow. In both the Lake Superior and James Bay Joint Ventures, Ashton, together with its partners, Pathfinder Resources Ltd. and KWG KWG Kreditwesengesetz (German: banking act) KWG Kids With Guns (band) KWG Kaiser Wilhelm Gymnasium KWG Kernkraftwerk Graben Resources Inc. respectively, are continuing to evaluate the results of the 1995 field programs. Plans for 1996 are contingent on these deliberations. Ashton's results for the year ended December 31, 1995 show a net loss of $2,837,000 (1994 - $1,195,000) or $0.14 per share (1994 - $0.06). Corporate costs were $1,378,000 (1994 - $1,829,000) offset by investment income of $1,099,952 (1994 - $1,123,720). Deferred exploration expenditures amounted to $4,339,149 (1994 - $6,023,794). During the year, the abandonment of properties which were demonstrated to be unprospective resulted in a write-off of exploration costs of $2,559,000 (1994 - $490,000). Working capital at December 31, 1995 is $13,174,000 (1994 - $17,706,000). This balance includes $13,528,000 (1994 - $17,528,564) in cash and short-term deposits. Ashton Mining of Canada Inc. is a diamond exploration company with interests in a wide range of exploration properties in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . The Company is 62 percent owned by Ashton Mining Limited of Australia, a leading international diamond exploration, mining and marketing company. CONTACT: Ashton Mining of Canada Inc. David M. Hurburgh, 604/983-7750 President & C.E.O. |
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