NEWS!ASC appoints Gee to board; commences Yukon drilling
ASC Industries Ltd ASD
Shares issued 11,358,413 Jun 23 close $0.26
Mon 23 Jun 2003 News Release
Mr. Rudolf Martin reports
Following ASC Industries' annual general meeting held on June 5, 2003, the
following individuals were elected to the board: Rudolf Martin, Michael C.
Scholz, Wan H. Jung and Thomas N. Bell.
Thomas N. Bell
Mr. Bell brings to the company over 11 years of business experience. He is
the executive director of corporate development for Great Canadian Gaming
Corporation, a TSX Venture Exchange traded company, and is also a director
of Transac Enterprises Inc. and Creation Ventures Inc., both TSX-V listed
companies.
Also, following the annual general meeting, Mr. Martin was re-appointed as
president of the company and the directors resolved to increase the size of
the board by one position, and appoint Donald Gee as a director. Mr. Gee
also replaces Desmond Balakrishnan as chief financial officer of the
company. Mr. Gee is a chartered accountant and has a degree in geology and
practised in the geological field for a number of years. Mr. Gee is
currently an adviser to Avcorp Industries Inc., a Toronto Stock Exchange
listed company, and is the president of Yankee Hat Industries Corp., a
TSX-V listed company.
The company has also retained the services of Steven Spector, of Bedford,
Mass., to the position of consultant, public relations and corporate
communications.
Drilling update
Further to the company's most recent news in Stockwatch dated May 12, 2003,
the company has commenced its summer drill program on its Red Mountain
mineral claims. The current drill program is being financed from the
exercise of warrants issued in July of 2002. To date, approximately 90 per
cent of the company's outstanding warrants have been exercised. During last
year's field season, the company drilled a total of 10 reverse circulation
and two diamond drill holes. A few of the highlights included hole No. 9
yielding 50 feet of up to 3.83 grams per tonne and drill hole No. 5, which
intersected 20 feet of up to 4.35 g/t. The 2002 program was terminated by
winter conditions.
The exploration budget for the 2003 drilling season is estimated to be
between $750,000 and $1-million. The company plans on drilling 13,000 feet
on its Red Mountain property and drilling has commenced.
The 2002 drill results confirm the potential for the property to host an
economic bulk tonnage, open pit gold deposit. In 2003 the company will
focus on additional drilling and geological interpretation, to expand the
gold zones intercepted in 2002.
Grant of stock options
The company also announces the grant to directors, officers, consultants
and employees, of up to 450,000 stock options to purchase shares of the
company, exercisable at a price of 25 cents per share for a period of five
years from the date of grant.