Refinancing of Ashton`s current long-term debt facility

Document date:  Wed 20 May 1998
Published:  Wed 20 May 1998 00:00:00
Document No:  137528
Document part:  B
Market Flag:  N
Classification:  

ASHTON MINING LIMITED                         1998-05-20  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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                              APPENDIX 3B
                        NEW ISSUE ANNOUNCEMENT

Name of Entity
Ashton Mining Limited

ACN or ARBN
005 466 964

We (the entity) give ASX the following information.


PART 1 - ALL ISSUES


1. Class of securities to be issued    ordinary
                                                                    
 
2. Number of securities to be issued   27,972,880
                                                                    

3. Issue price of the securities       $1.23

4. If the securities are convertible,  n/a
   a summary of their main terms                                    

5. The amount to be raised by the      $34,406,642
   issue                                                            

6. Is there a right to accept or       no
   retain over-subscriptions                                        
                                                                    
   If so, give details                                              

7. Purpose of the issue                To raise funds to assist
                                       financing of Ashton Mining
                                       Ltd's Merlin, Cempaka, and
                                       Cuango Development Projects.

8. Will the securities participate     The securities will
   in dividends (in the case of a      participate in any dividends
   trust, distributions) or            declared by Ashton Mining Ltd 
   interest                            after their allotment date.
                                                                    
   If so, give the date from which                                  
   they will participate, and the                                   
   extent to which they will                                        
   participate                                                      

9. Dividend policy (in the case of     The Directors determine whether
   a trust, distribution policy) on    dividends are to be paid by
   the increased capital (interests)   assessing a range of factors
                                       including the Company's
                                       earnings, cash flow and
                                       outlook.


PART 2 - ISSUE TO A CLASS OF SECURITY HOLDERS

    Items 10 to 37 are Not Applicable


M Ziemer 
COMPANY SECRETARY
20/05/1998


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