Ashburton Ventures Inc.
TSX VENTURE : ABR

Ashburton Ventures Inc.

July 22, 2009 12:14 ET

Ashburton Commences Work Program in Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 22, 2009) - ASHBURTON VENTURES INC. (TSX VENTURE:ABR) ("Ashburton" or the "Company") is pleased to announce the commencement of field work on their 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 kilometers 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, Ph.D., P.G. who is accompanying the crew in the field. He has done work in similarly aged rocks in east central Alaska, 100 kilometers 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 5 million units at a price of $0.10 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 $0.12 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% cash and up to 10% share purchase "B" warrants. Each "B" warrant will entitle the holder to purchase one common share for $0.10 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.

Ashburton Ventures is a recently listed junior exploration company. The Company's goal is to acquire highly prospective base and precious metal properties for the benefit of its stakeholders.

ON BEHALF OF THE BOARD

Michael England, President

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.

Contact Information

  • Ashburton Ventures Inc.
    Michael England
    Director
    (604) 683-3995
    (604) 683-3988 (FAX)