Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton" or the "Corporation"), is pleased to report encouraging diamond results for an 11.1 tonne sample of drill core and surface outcrop material collected from the Renard 4 kimberlitic body on the Foxtrot property in north-central Quebec during the 2004 summer program. After processing by dense media separation ("DMS") at Ashton's North Vancouver laboratory, the sample returned an estimated diamond content of 69 carats per hundred tonnes ("cpht"). 

The 11.1 tonnes of material constitutes part of a bulk sample collected in 2004 by Ashton and its joint venture partner, SOQUEM INC. ("SOQUEM"), from Renard 2, 3, 4 and 65, four of the six kimberlitic bodies in the Core Area of the Renard cluster. Drill core extracted from eight holes drilled across the northern half of Renard 4 makes up 9.32 of the 11.1 tonnes. The remaining 1.77 tonnes was collected by surface excavation of an outcrop at the northeastern corner of the body.

The cumulative 11.1 tonnes of material returned 7.71 carats of diamonds larger than 1.18 mm using a square aperture screen. These results give the combined sample an estimated diamond content of 69 cpht. Diamonds recovered from the surface material made up 3.09 carats of the total. The largest diamonds recovered are a 0.49 carat pale brown fragment and a 0.37 carat grey composite crystal.

As shown in the table below, the cumulative 123.3 tonnes of material from Renard 4 processed to date has returned 55.57 carats of diamonds for an estimated diamond content of 45 cpht.

Cumulative Renard 4 DMS Diamond Results

During the 2004 summer field season, an additional 50 tonne sample was collected from Renard 4 by reverse circulation drilling as part of the bulk sample program. Diamond results from this material will be reported in the first quarter of 2005.

To date, the 269 tonnes of material processed from the bulk sample has returned a total of 97 carats of diamonds. Diamond results from the remaining 370 tonnes of kimberlitic material are expected in the first quarter of 2005. This material is expected to generate the balance of the 300 carats of diamonds anticipated from the bulk sample. The 300 carat parcel will then provide the basis for a preliminary determination of diamond value for the Core Area.

Ashton Mining of Canada Inc. and SOQUEM INC.

Ashton's prime objective is the discovery or acquisition of diamond prospects capable of rapid advancement to development and production. The Corporation has positioned itself among the leading explorers in the Canadian diamond industry. Ashton's key competitive advantages include significant exploration experience and its in-house processing and laboratory facilities in North Vancouver, dedicated exclusively to the Corporation's exploration projects.

SOQUEM is a wholly-owned subsidiary of SGF Minéral inc., a subsidiary of the Société générale de financement du Québec ("SGF"). The mission of the SGF, an industrial and financial holding company, is to undertake economic development projects in the industrial sector in cooperation with partners and in compliance with the economic development policies of the Government of Quebec.

Ashton is the operator of the joint venture's exploration programs. Brooke Clements, Professional Geologist and Ashton's Vice President, Exploration, is responsible for their design and conduct, and for the verification and quality assurance of analytical results.

For further information, please contact:

Robert T. Boyd        -or-          Mike Westerlund                 -or-    visit our website:
President and CEO                   Manager, Investor Relations           www.ashton.ca
(604) 983-7750                      (604) 983-7750                                email: contact@ashton.ca