News

Preliminary Assay Results - DDH04-14, 27 m of 2.19 g/t Gold

July 27, 2004

ASC Industries Ltd. has released the results of its preliminary assays from the first two drill holes completed on its Red Mountain ice claims located in the Mayo mining district, Yukon. The following is a summary of the significant intersections.

HOLE DDH04-14 -- PARTIAL ASSAYS
From To Width Au
(m) (m) (m) (g/t)
3.82 10.0 6.18 1.5 Incl. 2 m 3.08
g/t Au
29.0 38.0 9.0 1.14
44.0 53.0 9.0 0.95
71.0 98.0 27.0 2.19 Incl. 1 m 6.78
g/t Au and 1 m
16.9 g/t Au
116.0 120.0 4.0 0.98

DDH04-14 has averaged 0.84 gram per tonne gold over 198 metres. DDH04-14 is stepped out approximately 70 metres to the northwest of the 2003 discovery hole DDH03-12 that yielded 102 metres of 0.88 gram per tonne Au. DDH04-14 was stopped at 221.20 metres. The assays from the lower portion of the hole will be released as they become available.

HOLE DDH04-13
From To Width Au
(m) (m) (m) (g/t)

33.0 48.0 15.0 1.10
109.0 116.0 7.0 0.72
119.0 127.0 8.0 1.07

DDH04-13 has averaged 1.10 grams per tonne gold over 15 metres (from 33 to 48 metres). DDH04-13 is stepped out 25 metres to the southwest of 2003 DH03-12. The hole was stopped at 311 metres. The assays from the lower portion of the hole carry minor gold values.

Assay results were delayed as the result of shipping delays due to the periodic closing of the Alaskan Highway due to forest fires.

Drilling is continuing and results will be released as they become available. The 2004 drilling program is supervised by Al Doherty, PGeo, who is the qualified person under NI 43-101.