Subscribe to receive Ashburton's latest news & updates:
September 7, 2010, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (ABR-TSX:V) (“Ashburton” or the "Company”) is pleased to announce it has completed an agreement with Newmont Mining Corporation (NEM-TSX), whereby Newmont will provide historical data pertaining to Ashburton’s Deep Creek Property in northern Nevada. In exchange for this provision, Newmont has a Right of First Refusal whereby, should an offer be made by a third party to joint venture or otherwise purchase the Deep Creek project, or the Company itself, Newmont may match that offer. Additionally, Newmont will retain a one-half percent (0.5%) NSR at Deep Creek in the event that a mine is put into production on the property.
Formerly called Millionaria, the Deep Creek property was explored initially by Franco-Nevada in the mid-1980’s, when two large geochemical anomalies were found to contain visible gold in grab samples. Drilling that followed produced an estimated reserve of 477,000 ounces of gold in 7.5 million tons, and resource of 70,000 ounces of gold in 1.1 million tons (see News Release March 11, 2010). Both the reserve and resource estimates are historical, and a qualified person has not done sufficient work to classify either the historical reserve or the historical resource estimate as current mineral resources, therefore these historical reserves should not be relied on and do not have currently demonstrated economic viability.
In its present program, Ashburton implemented the drilling of six to ten core holes positioned as close as possible to historic drill results already in the possession of the Company (see News Release March 11, 2010). The more comprehensive historical data provided by Newmont will be reviewed along with new drilling results acquired by Ashburton in its present program, with the objective of developing a resource model that meets National Instrument 43-101 requirements. The Company has completed four core holes to date, with assay results anticipated in the coming weeks.
Deep Creek consists of contiguous claims covering roughly 648 hectares (1,600 acres) located approximately 112 kilometers north of Elko, Nevada and 56 kilometers northeast of the Newmont-owned Midas mine in the prolific Carlin gold trend.
The technical contents of this release were approved by Ashburton director and qualified person as defined by National Instrument 43-101, Dr. Tom McCandless, P.Geo. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.
Ashburton Ventures is a junior exploration company actively seeking mineral opportunities for the benefit of all its stakeholders. For more information visit the Company’s website located at www.ashburtonventures.com.
ON BEHALF OF THE BOARD
Michael England, President
For further information contact:
Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Ashburton Ventures Inc. Actual results may differ materially from those currently anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.