May 7th,
2012, VANCOUVER, B.C.
– ASHBURTON VENTURES
INC. (TSX-V:ABR) (FRANKFURT:ARB)
(“Ashburton†or the “Companyâ€)
announces
the board has approved a stage-one work program for its Hays Lake gold project
in Ontario, located approximately four kilometers east-northeast of the positive
gold drilling results announced recently by GTA Resources and Mining Inc. (TSX-V:GTA).
The Company anticipates an early summer program of sampling of historical gold
occurrences on the property, and sampling of rocks with similar lithologies to
those presently being drill-tested on the GTA property. Bids for work on the
project are presently being received from geologists with expertise for this
particular region of Ontario.
The
Hays Lake property is made up of two contiguous unpatented block mining claims
located in the Thunder Bay Mining Division, three kilometers east of the town
of Schreiber. According to government reports, the eastern area covered by the
claims hosts a series of quartz veins and vein stockworks within granitic
intrusives. Copper and molybdenum occurs as disseminations in the intrusives
and in the veins. Several northwest-trending linear features also appear to
have associated copper and molybdenum mineralization (from Carter, M.W., 1988,
Ontario Geol. Survey, Mines and Minerals Survey, Open File Report 5692; Ontario
Geol. Survey, Precambrian Geol. Comp. Series Map 2665, 2001). The eastern
portion of the claims includes intermediate and mafic metavolcanic rocks
similar to those currently being explored by GTA Resources and Mining Inc., who
recently announced drilling results of 1.41 g/t gold over 240 meters, including
bonanza grades of 132 g/t gold over 0.5 meters and 120 g/t gold over 0.5 meters
(see GTA Resources news release, April
18, 2012).
“We feel the recurring success with drill results by
GTA Resources is only the beginning for this exciting area in Thunder Bay!†states
President Mike England.
Additionally,
the Company has arranged a non-brokered private placement
of 15,000,000 flow-through units (“Units“)
at a price of $0.05 per Unit for aggregate gross proceeds of $750,000 (the
“Offering“). Each Unit
will be comprised of one flow-through common share (“Share“) and one non-flow-through share purchase warrant of the
Company (“Warrant“). Each Warrant will entitle the holder to
purchase one common share of the Company (a “Warrant Share“) for a period of 18 months from the closing
date at an exercise price of $0.10 per Warrant Share.
The
Company may, in its sole discretion, pay a cash commission to the finders of
the Company in an amount of 10% of the proceeds raised by such finder as part
of this Offering.
The
Offering is subject to TSX Venture Exchange approval.
The
technical contents of this release were approved by Dr. Tom McCandless, P.Geo.,
Vice President, Exploration for Ashburton and a qualified person as defined by
National Instrument 43-101. The properties have 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 Inc. is a Canadian-based junior exploration with active mineral programs
in the Yukon and Ontario,
Canada and in Nevada, USA.
ON BEHALF OF THE BOARD
Michael England, President
For further
information contact:
Telephone:
(604) 683-3995
Forward-Looking Statement:
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.
