Asquith Resources Inc. Company Update.TORONTO--(BUSINESS WIRE)--May 13, 1996--ASQUITH RESOURCES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .(CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : ASQH ) Asquith Resources Inc. ("Asquith") said today that within a few hours of the opening of its market this morning the Company's share price moved up to a new high of $4.75 per share on 86,940 shares traded. Management is aware that strong institutional interest is being shown in the Company as a result of its acquisition of the 2,000 sq. km Roandji gold project located in the Central African Republic Central African Republic, republic (2005 est. pop. 3,800,000), 240,534 sq mi (622,983 sq km), central Africa. The landlocked nation is bordered by Chad (N), Sudan (E), Congo (Kinshasa) and Congo (Brazzaville) (S), and Cameroon (W). . With the proceeds of a financing completed in March, the Company has commenced a $2 million exploration program on this property. United Reef Limited (URP-TSE) is Asquith's controlling shareholder holding 2.7 million shares of the Company. United Reef is managing the exploration program on the Roandji property on behalf of the Company. United Reef's geologists A geologist is a contributor to the science of geology. Geologists are also known as earth scientists or geoscientists. The following is a list of famous or notable geologists. have been active on the property for approximately 2 months and have made several encouraging reports on the general geology geology, science of the earth's history, composition, and structure, and the associated processes. It draws upon chemistry, biology, physics, astronomy, and mathematics (notably statistics) for support of its formulations. of the property observed to date in the field. This has included the observation of widespread artisanal mining activity throughout areas of the property visited to date. The artisan miners recover free gold from alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun (placer) areas they work by hand within various water sheds on the property. Although soil sampling has commenced, no assaying results are available as yet. Asquith has commissioned an airborne geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. of the 2,000 sq. km concession which is expected to commence in the next ten days. The results of this survey together with surface sampling and geological mapping of priority areas on the property will be utilized to identify drilling targets. Management anticipates that the first phase of diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral on the property will begin in early September, 1996. United Reef held its annual meeting in Toronto this morning at which a general overview of information previously disclosed regarding Asquith's corporate structure and the Roandji project was heard by those in attendance. United Reef has been active in the Central African Republic since late 1992. Management also said that post the financing completed in March the Company now has issued or to be issued a total of approximately 9.2 million shares and on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis will have 11.3 million shares issued. Management believes that the interest which has developed in the Company's shares stems from the size of the Roandji property, the property's history of alluvial gold production, the number of historically reported gold showings throughout the property and the overall market's general interest in worldwide gold exploration at the present time. Asquith will be holding its annual meeting of shareholders on June 18, 1996 in Toronto and its 1995 annual report is scheduled for release later this week. CONTACT: M.D. Coulter and Associates Inc. Michael D. Coulter, 416/368-0993 or M.D. Coulter and Associates Inc. Kenneth W. Johnson, 416/368-0993 |
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