ASHBURTON ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

ASHBURTON ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT 150 150 Progressive Planet Inc.





ASHBURTON ANNOUNCES CLOSING OF FIRST
TRANCHE OF PRIVATE PLACEMENT


February 17, 2010, VANCOUVER, B.C.


– ASHBURTON VENTURES INC.
(“Ashburton” or the “Company”)


(ABR-TSX:V) is pleased
to announce the closing of the first tranche of its
private placement (the “Private Placement”) announced in a news
release dated January 25, 2010. Pursuant to the Private Placement, the Company issued

2,040,000 units (the

“Units”)
at a price of $0.09 per Unit for gross proceeds of $183,600.  Each Unit is comprised of one common share (a
“Share”) of the Company and one common share purchase warrant (a
“Warrant”). Each Warrant will entitle the holder to purchase one
Share of the Company for a period of 18 months from the date of issuance at a
price of $0.12 per Share.

 

Finders fees
consisting of 150,000 broker warrants (the “Broker Warrants”) and $13,500
in cash were paid in accordance with the policies of the TSX Venture Exchange.
Each Broker Warrant will

entitle the holder to purchase one Share of the Company for a period of 18
months from the date of issuance at a price of $0.12 per Share.


All securities issued pursuant to
the private placement are subject to a hold period expiring on June 9,
2010.

Ashburton
Ventures Inc. is a recently listed junior exploration company whose mission is
to acquire highly prospective base and precious metal properties for the
benefit of its stakeholders. The Company’s website can be viewed at www.ashburtonventures.com.


 

ON BEHALF OF THE BOARD

 




                                                           


Michael England, President

 

FOR FURTHER
INFORMATION PLEASE CONTACT:

Telephone: 1-604-683-3995

Toll Free: 1-888-945-4770


 



Neither 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.













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