Ashton Concentrates On Quebec

Ashton Mining of Canada said it concentrated most of its efforts in Quebec province during the first quarter as its exploration costs more than doubled from the year earlier period.

Ashton said that more than 85 percent of gross exploration costs of $6.9 million were expended in Quebec during the first three months of the year. Excluding the contribution of its joint venture partners, Ashton’s part of the costs was $3.4 million.

Ashton and its partners started an $18 million exploration program for 2004 in Quebec in January, encompassing a bulk sample of 600 tons in addition to continued exploration of all its other properties.

Ashton said while its efforts were concentrated in Quebec, work in three other regions – Alberta, Nunavut and Northwest Territories – was reduced.

Ashton said its loss in the first quarter was $457,000 slightly above its loss of $439,000 a year earlier.

Meanwhile, cash on hand at the end of March was $17.9 million, down from $21.6 at the end of December and working capital was $17.2 million compared with $21.2 million three months earlier.