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$600,000 Financing - Exploration Update

July 7, 2004
ASC Industries Ltd. has provided the following 2004 exploration updates on its two gold exploration properties.

Red Mountain, Yukon

Further to news in Stockwatch on June 24, 2004, DDH04-013 has been completed to a depth of 1,025 feet. The lithology of this hole confirmed the mineralized structures encountered on DDH03-012. In addition, overall sulphide mineralization is more pervasive. Highly altered quartz monzonite was encountered over significant intersections. The core was split and sent for assay. Assay results will be disclosed as soon as they become available.

DDH04-0014 is collared 25 metres to the southwest of DDH04-013. The hole is down to 179 feet, all within quartz monzonite. More information will be available when the core is logged. The 2004 exploration program at Red Mountain, including the supervision and collection of core samples, is being conducted and managed by Aurum Geological under the direction of Al Doherty, PGeo, a qualified person under National Instrument 43-101.

Pinaya, Peru

Field crews were mobilized during the first week of June, 2004, to begin a comprehensive exploration program of the Pinaya gold project. To date a grid has been established over the main open pit and surrounding areas in preparation for a soil geochemical survey. Existing trenches have been cleaned out, and are currently being mapped and sampled. Also, in preparation for a drill program anticipated for August, 2004, arrangements are being made for an induced polarization geophysical survey to be completed over a portion of the main mineralized zone. Assays will be released as they become available. Approximately $400,000 is budgeted for the 2004 season. The 2004 exploration program at Pinaya, including the collection of all rock and soil samples, is being conducted and managed by Dahrouge Geological Consulting Ltd. under the direction of Jeff Reeder, PGeo, a qualified person under National Instrument 43-101.

Private placement

The company is negotiating a private placement of up to one million units, at a price of 60 cents, comprising one common share and one non-transferable share purchase warrant. The warrant will entitle the holder to purchase one additional share at 75 cents for one year. Seventy-five per cent of each unit and share purchase warrant proceeds will be eligible for flow-through renunciation for Canadian income tax purposes by the company. The private placement is subject to regulatory approval.

The company wishes to advise that Thomas Bell has resigned as a director due to other business commitments. The company thanks Mr. Bell for his past contributions.
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