March 7, 2012, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (TSX-V:ABR) (FRANKFURT:ARB) (“Ashburton” or the "Company”) is pleased to announce that Eurasian Minerals Inc. (NYSE Amex:EMXX, TSX-V:EMX) has agreed to grant, through its wholly-owned subsidiary Bronco Creek Exploration, Inc., an option to Ashburton for the Richmond Mountain gold property, located in the Eureka Mining District of north-central Nevada. The property has Carlin-type gold as well as base metal (± gold) replacement targets, and is located only two kilometers east of the Archimedes Mine (operated by Barrick Gold Corp.). The southern claims abut the South Eureka Project (owned by Timberline Resources, Inc.; NYSE Amex: TLR; TSX-V: TBR), considered by Timberline as their flagship exploration project for sediment-hosted gold mineralization.
The Richmond Mountain property includes the eastward projection of an early Cretaceous igneous-related hydrothermal system that includes iron-rich skarn and spatially associated polymetallic base metal deposits along its western and southern contacts, as well as gold mineralization at the Archimedes Mine. The property also lies along the northern projection of several structures hosting Carlin-type mineralization. Much of the prospective ground lies under cover, with the southern claims having exposed Paleozoic sedimentary rocks with jasperoids, carbonate-destructive alteration, pathfinder elements, and locally anomalous gold. There has been limited exploration on the property and previous drilling (two drill holes ~378m and 457m total) on the northern claims did not reach target depths under cover.
Ashburton President Michael England states, “Richmond Mountain is the second gold property in Nevada that Ashburton has agreed to option from Eurasian Minerals, with Cathedral Well announced just weeks ago. Eurasian’s geologically-driven approach that emphasizes mapping, coupled with new conceptual models at the deposit scale, place both Cathedral Well and Richmond Mountain high on the list for significant new discoveries.”
Subject to execution of the formal agreement, Ashburton may earn an initial 70% of Richmond Mountain by paying $35,000 on signing, incurring five million dollars in exploration expenditures, issuing 3.4 million Ashburton shares over seven years and delivering a feasibility study together with additional cash and share payments (all dollar amounts in USD). Year-one activity will focus on a review of recent geophysical surveys and trenching of subcrops on the west side of Richmond Mountain where anomalous gold results were obtained from recent soil and rock sampling to delineate additional drill targets.
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.
Ashburton Ventures Inc. is a Canadian-based junior exploration with active mineral programs in the Yukon, Canada and Nevada, USA.
Eurasian Minerals Inc. (NYSE Amex:EMXX, TSX-V:EMX) is a global gold and copper exploration company utilizing a partnership business model to explore the world's most promising and under-explored mineral belts. Eurasian currently has project interests in ten countries on four continents, and generates wealth via grassroots prospect generation, strategic acquisition, royalty growth and merchant banking.
ON BEHALF OF THE BOARD
Michael England, President
For further information contact:
Telephone: (604) 683-3995
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.