Kimberlitic float discovered in three separate areas outside of Renard and Lynx

Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton"), is pleased to provide a final update on the summer exploration activities undertaken by Ashton and its 50 percent joint venture partner, SOQUEM INC. ("SOQUEM"), on the Foxtrot property in north-central Quebec. Recent developments include the drilling of kimberlitic dykes at five new sites along the Lynx South portion of the Lynx Anomaly, and the discovery of kimberlitic float in three new areas located several kilometres away from the Renard cluster of kimberlitic bodies.

Lynx Anomaly Drilling Highlights

The Lynx Anomaly is a 4.5 km wide indicator mineral and kimberlitic boulder anomaly situated approximately two kilometres west of the Renard cluster. The strongest portion of the anomaly terminates along a linear topographical feature that is associated with a significant system of kimberlitic dykes referred to as Lynx, Lynx North and Lynx South.

On October 12, 2004, Ashton reported the intersection of kimberlitic dykes at seven of eight targets drilled along the Lynx Anomaly. The maximum intersection at each of these sites ranged from 0.9 to 2.9 metres. At Lynx South, three sites had core holes that intersected at least two continuous metres of kimberlitic material. Given these results, the joint venture extended the drilling program at Lynx South to further define the continuity of the dyke system.

During the extended program, a total of seven holes was drilled at five new sites at Lynx South. All of the holes intersected kimberlitic material, with maximum intersections ranging from 0.5 to 3.7 metres.

The joint venture has now intersected kimberlitic dykes at 15 sites along the Lynx Anomaly over a strike length of 3.7 km. Ten of these sites are situated within the Lynx South portion of the dyke system. Significant strike distances along the favourable Lynx trend remain untested by drilling. The most significant untested section of this trend is 950 metres in length between Lynx and Lynx South.

The 2004 Lynx exploration program has been very successful in providing an initial understanding of the extent of the Lynx dyke system. Diamond results are expected in early 2005 from the 10 tonnes of kimberlitic boulders collected in the summer field season. Further interpretation of geophysical data, the results from the recent drilling program, and the upcoming diamond results, will assist the joint venture to evaluate the potential of the Lynx dyke system and the Lynx Anomaly to host additional kimberlitic sources and to define the nature of future work in this area.

A map of the Lynx Anomaly showing the boulder sampling sites and kimberlitic intersections to date can be viewed on Ashton's website at www.ashton.ca/Lynx.pdf.

Exploration Update: Kimberlitic Float Found in New Sites

The 2004 Foxtrot property summer exploration program included the collection of 2,000 indicator mineral samples. Approximately half of these samples were collected to further define previously identified indicator mineral anomalies. The remainder formed part of a property-scale sampling program that encompassed more than 450 square km. The samples will be processed in Ashton's laboratory in North Vancouver, B.C., and the resulting information will assist the joint venture in identifying new targets that warrant further investigation in the 2005 drilling program. 

During the collection of the indicator mineral samples, kimberlitic float consisting of pebbles and cobbles was identified at three different sites located from 3 km to more than 15 km away from the Renard cluster. The discovery of this new kimberlitic float, combined with the previously discovered North and Southeastern Anomalies, further confirms that the Foxtrot property likely hosts kimberlitic sources outside of the Renard cluster and the Lynx Anomaly.

About 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. Ashton has positioned itself among the leading explorers in the Canadian diamond industry. Its key competitive advantages include significant exploration experience and its in-house processing and laboratory facilities in North Vancouver dedicated exclusively to Ashton's exploration projects.

SOQUEM is a wholly-owned subsidiary of SGF Minéral inc., a subsidiary of Société générale de financement du Québec ("SGF"). The SGF, the Quebec industrial and financial holding company, has as its mission 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-    Brooke Clements           -or-       visit our website:
President and CEO             Vice President, Exploration          www.ashton.ca
(604) 983-7750                      (604) 983-7750                     email: contact@ashton.ca