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Significant Gold Intersections on the Red Mountain Project

August 23, 2004
ASC Industries Ltd. has provided the following 2004 drilling update on its Red Mountain property, Yukon.

While the assay reports are incomplete, significant assays have been obtained as follows:

DDH04-18: at total depth of 217 metres (712 feet) from 4-105 (width of 99 metres, or 325 feet) the hole averaged 1.15 grams per tonne gold (0.04 ounce per ton).

From To Width Au
(m) (m) (m) (g/t)
17.00 30.0 13.00 0.65
45.00 58.0 13.00 1.18
74.00 80.0 6.00 7.71 Incl. 4 m
10.97 g/t Au
and 1 m
38.1 g/t Au
87.0 99.0 12.00 1.23

Results from 105 to end of hole will be released as soon as they are available.

DDH04-017: total depth 122 metres
(400 feet)

From To Width Au
(m) (m) (m) (g/t)
11.00 12.0 1.00 2.00
19.00 21.0 2.00 1.10
34.00 35.0 1.00 9.24
52.00 53.0 1.00 10.20

DDH04-16: total depth 112 metres
(367 feet)

From To Width Au
(m) (m) (m) (g/t)
12.60 16.2 3.60 5.57
60.25 65.0 4.75 0.095
93.00 94.0 1.00 1.300

From two to 112.80 metres (width of 110.8 metres, or 364 feet) the hole averaged 0.485 gram per tonne gold (0.017 ounce per ton).

As previously reported in Stockwatch on Aug. 4, 2004, DDH04-14 produced from surface to 94 metres (308 feet) averaging 1.17 grams per tonne (0.0412 ounce per ton) gold, or surface to a greater depth of 116 metres (381 feet) averaging 1.07 grams per tonne (0.0377 ounce per ton) gold.

As previously reported in Stockwatch on July 27, 2004, DDH04-13 produced from 33 to 48 metres (width 15 metres, or 49.2 feet) averaging 1.10 grams per ton gold.

As previously released, the last hole for the 2003 season, DDH03-12, has intersections of 0.88 gram per tonne gold over 102 metres (335 feet). The hole contained highlights of 15.35 grams per tonne gold over 2.29 metres (7.51 feet) and 8.71 grams per tonne gold over one metre (3.3 feet).

The 2004 drilling program confirms the gold bearing formations (quartz monzonite and alterations) encountered during the 2003 drill season.

The company is awaiting further assay results and continues its 2004 drilling and exploration program on the property.

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 NI 43-101.
 
     
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