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Pinaya Gold Project Update and Appointment of New Director

October 7, 2004
ASC Industries Ltd. advises that preparations to drill the Pinaya gold project, located in southern Peru, are on schedule. The company will contract Geodrill S.A. to provide a diamond drill rig in the third week of October to complete an initial 1,500-metre eight-hole drill program. Drill pad construction will commence next week. The initial drill program will target the depth extent of the known gold mineralization at the main open pit, where the local miners were active. The initial holes will be drilled under the open pit, where 144 samples returned an average gold grade of 1.34 grams per tonne Au. The company has reached an agreement with all of the local miners and they have left the property. This accomplishment will allow the company to explore the area with the full support of the Pinaya community.

The company is pleased to report that Kent Pearson, P.Geo., has been appointed to the board of directors, subject to regulatory approval. Mr. Pearson is a registered professional geologist in both Alberta and British Columbia with 17 years of experience in the mining industry. He has worked in exploration, development and production as a geologist. He obtained his MBA from Queen's University and has worked in the capital markets as a mining analyst in both the equity and debt markets as well as acting as vice-president in mining corporate finance for a number of Toronto-based investment brokerage firms.

The 2004 exploration program at Pinaya 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.

WARNING: The company relies upon litigation protection for "forward-looking" statements.
 
     
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