Augusta Forms Alliance with Ashton.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--March 13, 2002 Augusta Resource Corporation ( "Augusta") (CDNX CDNX See Canadian Venture Exchange (CDNX). :YAU) is pleased to announce that it has entered into an option and joint venture agreement with Ashton Mining (Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. ) Ltd., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Ashton Mining of Canada Inc. ("Ashton"), on the 138,000 acre BH property in Nunavut. (To view property map, go to: http://www.augustaresource.com/0312map.pdf ) As announced on March 7, 2002, Augusta holds an option to earn a 100% interest in this property. Under terms of the agreement, Augusta will fund a Phase 1 exploration program that Ashton will conduct during the 2002 exploration season. Upon completion of Phase I, Ashton will have the option to earn a 60% working interest in the property by spending up to $1,112,000 not later than April 30, 2006. Upon earning this interest Ashton will carry Augusta for a further $268,000 of exploration expenditures under the terms of a joint venture agreement. The option and joint venture agreement is subject to the approval of the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) . The BH property is located in the Coronation coronation, ceremony of crowning and anointing a sovereign on his or her accession to the throne. Although a public ceremony inaugurating a new king or chief had long existed, a new religious service was added when Europe became Christianized. Diamond District. As shown on the attached map, the property is situated approximately 15 km west of Rockinghorse property of Kennecott Canada Exploration Inc. and Tahera Corporation which hosts the Anuri and Qamutiik kimberlites, and approximately 60 km south west of the Kim property of Ashton and Pure Gold Minerals Inc. which hosts the Artemesia kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. . In light of Ashton's expertise, experience and resources in the Coronation Diamond District, Augusta is pleased to have formed this association and looks forward to an active exploration season. Augusta has acquired one of the largest land positions in the Coronation Diamond District, aggregating approximately 1.6 million acres. Augusta and Ashton are currently negotiating the extension of their alliance to other properties in which Augusta holds the right to earn a 100% interest. ON BEHALF OF THE BOARD OF DIRECTORS /s/ Richard W. Warke Richard W. Warke President No Stock Exchange has approved or disapproved the information contained in this News Release. |
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