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22 March 2006

The Manager Company Announcements Office Australian Stock Exchange Limited E-lodgement via ASX Online ASHBURTON MINERALS LTD (“Ashburton” or “the Company”)

AGREEMENT SIGNED WITH GEOMIN

The Company is pleased to advise that its wholly owned Brazilian subsidiary Trans Pacific Gold Mineracao Limitada (“TPGM”) has signed an agreement with Geomin Geologia e Mineracao Limitada (“GeoMin”) to explore a portfolio of gold tenements near the town of Pontes e Lacerda in western Mato Grosso state in Brazil. The project comprises six tenements held by GeoMin and a further 10 applications lodged by TPGM and GeoMin, being 77 sq km in total area. The GeoMin tenements include the Lavrinha prospect, located 10 km south of Pontes e Lacerda which reportedly contains drill intercepts of gold mineralisation including 4 m @ 16.36 g/t, 6 m @ 5.14 g/t, and 4 m @ 19.22 g/t (yet to be independently verified by TPGM).

The Pontes e Lacerda region is dominated by Yamana Gold Inc and its associated companies. Yamana is a Canadian public listed company (TSX: YRI) which operates the Sao Francisco heap leach gold mine, 45 km north of Pontes e Lacerda, with total reserves of 1.3 M oz (TSX: YRI, 20 March 2006), and has a further two deposits at scoping or feasibility study stage, namely Sao Vicente and Ernesto. Ernesto, cited by Yamana as having 142,000 oz of Measured and Indicated resources, lies immediately east of the Lavrinha prospect.

Gold was discovered in the Lavrinha area in the 1980s by alluvial miners. Primary mineralization at Lavrinha is associated with a series of sub-parallel quartz veins developed along shear zones and areas of dilation within folded Proterozoic metaconglomerates and quartz sericite schists. The Lavrinha prospect was previously explored by Brazilian companies Madison, TVX and Santa Elina in the mid to late 1990s. The main mineralized zone was drilled over a 200 m strike. This drilling shows that the zone remains open at depth and to the north east in the direction of the Ernesto deposit 1.2 km away. Some 800 m of this untested strike lies within the Lavrinha tenement. From an analysis of information provided by GeoMin, the Company believes that the Lavrinha prospect has the potential to host a 300,000 oz deposit.
Under the terms of the agreement, TPGM has paid US$20,000 to secure a 6 week due diligence period, after which time TPGM is to pay GeoMin a further US$60,000 to secure a 3 year Spend Period in which TPGM is to sole fund US$2 million on exploration, development and feasibility studies over the project tenements. At any time within the three years that TPGM meets this expenditure, or if TPGM identifies global resources within the project tenements of in excess of 250,000 oz, a formal joint venture will be incorporated with TPGM holding a 77.5% interest and GeoMin holding a 22.5% interest. GeoMin is a private company owned by four highly qualified geologists, two of which are professors at the university in Cuiaba. Between them they represent an invaluable source of experience and knowledge of Brazilian geology and opportunities. The Company is pleased to be associated with GeoMin and looks forward to a successful collaborative future. Further information on this venture will be released in the near future. In the meantime, enquiries can be made by contacting Ashburton directors, Mr Rodney Dunn or Mr Tom Dukovcic. Tom Dukovcic Managing Director The information contained in this report insofar as it relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Tom Dukovcic who is a Member of the Australian Institute of Geoscientists and who has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. This report accurately reflects the information compiled by Mr Dukovcic.

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Yamana Gold

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Im Gegensatz zu Yamana lief Ashbruton nicht so gut. Vielleicht wird es jetzt besser...