Ashburton Ventures Commences Work Program in the Yukon; Financing


Ashburton Ventures has commenced field work on its holdings in the Yukon, adjacent to Underworld Resources White Gold discovery. A geologic mapping and geochemical soil sampling crew moved into the properties over this past weekend to begin work on the first phase of exploration of the area.

Ashburton claims are immediately adjacent to the claims controlled by Underworld and approximately 10 kilometres north and slightly east of Golden Saddle. Analysis of the published regional geologic mapping suggests that both areas are hosted by similarly aged metamorphic rocks to those at the Golden Saddle discovery.

Work on the Ashburton ground is being directed by David Hedderly-Smith, PhD, PG, who is accompanying the crew in the field. He has done work in similarly aged rocks in east-central Alaska, 100 kilometres to the northwest, off and on since the 1970s.  Dr. Hedderly-Smith, a qualified person as defined by N.I. 43-101, has approved the information in this press release.

The company also announces it has arranged a non-brokered private placement of up to five million units at a price of 10 cents per unit for gross proceeds of up to $500,000. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to purchase one additional share at a price of 12 cents per share for a period of 18 months from the date of issuance. A finder’s fee may be payable on each private placement of up to 10 per cent cash and up to 10 per cent share purchase B warrants. Each B warrant will entitle the holder to purchase one common share for 10 cents per share for a period of one year.

The private placement is subject to the acceptance for filing by the TSX Venture Exchange. The proceeds from the private placement will be used towards work programs and for general working capital.

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