January 30th, 2017, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (ABR-TSX:V) (ARB-FRANKFURT) (“Ashburton” or the "Company”) announces the signing of an agreement to acquire a 100% interest in the Z-1 Zeolite Quarry/Mine located about 3 kms northeast of Cache Creek, BC. from ZMM® Canada Minerals Corp. (“ZZM”), an arm’s length vendor. All mining and environmental permits are in place.
The zeolite industry has experienced continuous growth since its discovery in the western United States in the 1950s. The zeolite industry has sustained growth due to the extraordinary adaptability, flexibility and eco-friendly nature of the mineral, which can be applied in a wide range of industrial, consumer and environmental applications driven by product research and development. Newer market applications include agricultural and horticultural solutions including optimizing growth of organic marijuana, soil remediation, and high-tech clean-tech applications. These burgeoning market opportunities are incremental to the substantial core and growing Zeolite markets.
LuVerne E.W. Hogg will be joining the Company to lead the reactivation of site operations. Mr. Hogg has been a geoscientist since 1965 and President and CEO of ZMM, and has been engaged in mineral exploration, development, production and marketing of industrial minerals. Verne is an industry recognized expert in zeolites worldwide and has specialized in and researched zeolite minerals, products and their applications for over 25 years, in 16 countries.
Ashburton CEO Mike England states "We recognize a rare opportunity to create a dynamic company developing unique zeolite solutions, utilizing advanced technologies. We welcome Mr. Hogg to Ashburton and our proud to have such an illustrious individual in the Zeolite business on our team. Our goal is become the leader in zeolite innovation and applications. The Z-1 deposit has many advantages, including high quality zeolite stockpiled on the surface, an enviable location to market on a main east/west transportation corridor (Trans Canada Highway and CN and CP rail), and an ideal hot, dry climate of desert conditions at Cache Creek. The Z-1 deposit became a non-core asset as a result of three separate corporate takeovers. ZMM was able to purchase the quarry from the previous owner who was disposing themselves of the majority of their Canadian assets in 2014.
Terms of the option agreement call for Ashburton to issue to ZMM 2,000,000 common shares in the capital of ABR upon TSX approval, issue a further 2,000,000 common shares on the 12 month anniversary of the transaction, make cash payments totalling $20,000 and to incur $500,000 in expenditures over a 12 month period.
Ashburton further announces that it has arranged a non-brokered private placement of 10,000,000 units (“Units”) at a price of $0.10 per Unit for aggregate gross proceeds of $1,000,000 (the "Offering"). Each Unit will be comprised of one common share ("Share") and one half Share purchase warrant of the Company ("Warrant"). Each full Warrant will entitle the Subscriber to purchase one Warrant Share for a 24 month period after the Closing Date at an exercise price of $0.15 per share.
The technical contents of this release were approved by LuVerne E.W. Hogg, a Qualified Person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
Ashburton Ventures Inc. is a Canadian-based junior exploration company focused on Canadian mineral projects in Quebec and British Columbia, Canada. If you would like to be added the news release distribution please get in touch with us at [email protected].
ON BEHALF OF THE BOARD
Signed “Michael England”
Michael England, CEO
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Telephone: 1-604-683-3995; Toll Free: 1-888-945-4770; www.ashburtonventures.com
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