ASHBURTON SIGNS LETTER OF INTENT FOR THE GOLDEN EDGE PROPERTY AND BEGINS DISCUSSION FOR STRATEGIC ALLIANCE WITH PREMIER GOLD MINES
November 2nd, 2011, VANCOUVER, B.C.
â€“ ASHBURTON VENTURES INC.
(ABR-TSX:V) (ARB-FRANKFURT) (â€œAshburtonâ€
or the “Companyâ€)
that it has signed a letter of intent (LOI) with Premier Gold Mines Limited (PG-TSX;
â€˜Premierâ€™) to option the Golden Edge property, located 50 kilometers (31 miles)
east of Winnemucca, Nevada. Premier and Ashburton have also entered into
discussions regarding additional opportunities to work together in advancing
certain prospective Premier projects and assessing additional opportunities
that could be beneficial to both companies.
Golden Edge property is positioned in the Battle Mountain-Eureka trend, roughly
26 kilometers south of the Turquoise Hill Mine (operated by Barrick Gold
Corporation) and eight kilometers north of the Lone Tree Mine (operated by
Newmont Mining Corporation). The Battle Mountain Eureka trend is a linear
feature defined by the presence of gold and silver deposits that includes a
number of operating mines. Many of the deposits are associated with the main
structure and with areas of intersecting structures. The Lone Tree Mine is
associated with a north-south fracture zone called the Valmy Fault Zone, which
is about 90 metres wide and can be identified in regional aeromagnetic surveys.
The Valmy Fault Zone extends northward and intersects the western parts of the
Golden Edge property. Previous work on or near to the property includes CSAMT,
reflection seismic, and soil geochemical surveys, and roughly 1,700 meters of
drilling distributed over six RC drill holes. As part of the year one work
commitment, this data will be reviewed with the intent of identifying areas for
drilling with a focus on the Valmy Fault Zone.
to approval, Ashburton will have the right to purchase a 50% interest in the
project and to establish a 50%-50% joint venture agreement between the Company
and Premier through payment of $20,000 upon signing of the agreement, with
additional payments and exploration totalling $3.13 million by the end of year
three of the agreement. Ashburton shall have up to 60 days from the date of
signing the LOI to perform due diligence on the property.
Company has also entered into discussions with Premier, whereby Ashburton would
assist Premier in assessing new gold exploration opportunities in North America as identified by Premier, or independently
identified by Ashburton. Funding for the arrangement would be raised either
partially through additional Ashburton share purchases by Premier, or through
independent financing by Ashburton. Identified projects would become subject to
earn-in style Option and/or Joint Venture Agreements between the Companies.
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.
Gold Mines Limited is one of North America’s leading exploration companies with
a high-quality pipeline of projects focused in proven, safe and accessible
mining jurisdictions in Canada and the United States. The Company’s portfolio includes
significant assets in world class gold mining districts such as Red Lake, Musselwhite
and Geraldton in Ontario and the Carlin Trend
Ventures is a junior exploration company actively seeking mineral opportunities
for the benefit of all its stakeholders.
ON BEHALF OF THE BOARD
Michael England, President
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