4.60 tonne boulder sample returns 256 cpht

Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton" or the "Corporation") is pleased to report that Ashton and its 50:50 joint venture partner, SOQUEM INC. ("SOQUEM"), have recovered a 5.66 and a 1.17 carat diamond from a 4.60 tonne sample of kimberlitic boulders. This material, collected from the southern end of the Lynx Anomaly on the Foxtrot property in north-central Quebec in 2004 (the "Lynx South sample"), has an estimated diamond content of 256 carats per hundred tonnes ("cpht").

The joint venture is encouraged by the recovery of large diamonds from the Lynx South sample and the elevated diamond content of this material. The 4.5 kilometre wide Lynx Anomaly is two kilometres west of the Renard cluster of nine diamond-bearing kimberlitic bodies. This proximity means that any significant blocks of high-grade material identified in the Lynx Anomaly area could positively impact an evaluation of the economic potential of the Renard cluster.

Processing of Sample and Results

After processing by dense media separation at Ashton's North Vancouver laboratory, the Lynx South sample returned 11.8 carats of diamonds, resulting in the estimated diamond content of 256 cpht. This result is the highest value that Ashton has reported for a sample of this magnitude. A 5.66 tonne sample of kimberlitic boulders also collected in 2004 at the northern end of the Lynx Anomaly (the "Lynx North sample") has returned 2.68 carats for an estimated diamond content of 47 cpht.

Cumulative Diamond Results From Lynx Anomaly Boulder Samples

Note 1: The February 12, 2004 result was derived from a sample collected within the area of the dyke system known as "Lynx", located approximately one km south of Lynx North and 1.5 km north of Lynx South.

The 5.66 carat diamond recovered from the Lynx South sample is a pale brown octahedron and the 1.17 carat diamond is a pale brown composite crystal. The 5.66 carat stone is now the largest diamond recovered in Quebec. A photo of this diamond is available at www.ashton.ca/projects_quebec_photo_gallery.html. The largest diamond recovered from the Lynx North sample is a brown tetrahexahedroidal crystal weighing 0.27 carats.

The estimated diamond content of the cumulative 14.2 tonnes of boulders from the Lynx Anomaly is 135 cpht. This result may not be indicative of the ultimate diamond potential of the Lynx Anomaly area due to the small size of the samples and the fact that the samples consisted of glacially transported boulders collected on surface at three different locations. In addition, the 5.66 carat diamond accounts for 48 percent of the 11.8 carats of diamonds recovered from the Lynx South sample. Excluding this stone would reduce the estimated diamond content of the sample to 133 cpht.

Lynx Anomaly

Drilling within the Lynx Anomaly in 2003 and 2004 resulted in the identification of a continuous or semi-continuous approximate north-south striking dyke system. Kimberlitic dykes have now been drilled at 15 separate sites over 3.7 kilometres. To date, the thickest continuous intersection of kimberlitic material is 3.7 metres, and is situated at Lynx South. Kimberlitic cobbles and boulders have been found on surface at more than 100 sites within the anomaly. Maps of the boulder sample sites and drill hole sites are available on Ashton's website at http://www.ashton.ca/projects_quebec_location_maps.html.

Next Steps and Program Update

The evaluation of the Lynx Anomaly will be continued through additional geophysical surveying, prospecting and drilling. Caustic dissolution diamond results from drill core collected in 2003 and 2004 from 15 sites within the dyke system are expected in the second quarter.

The joint venture has now commenced exploration target drilling that will include drill testing of several geophysical targets and additional drilling on the dyke system within the Lynx Anomaly. High priority geophysical targets in other areas of the Foxtrot property will also be drilled. The joint venture expects to complete this drilling in late April.  

The joint venture also expects to complete, by early April, the delineation drilling program at Renard 2, 3, 4 and 9 announced on January 31 and March 3, 2005. These bodies constitute four of the six that are located within the Core Area of the Renard cluster. The tonnage estimates for the Core Area will be updated on the basis of the drilling results. 

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 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.

Annual Meeting of Shareholders - April 29, 2005

The 2005 Annual Meeting of Shareholders of Ashton will be held on Friday, April 29 at 3:00 p.m. in the Vancouver Room on the 2nd floor of the Metropolitan Hotel, 645 Howe Street, Vancouver, British Columbia.

For further information, please contact:

Brooke Clements           -or-            Mike Westerlund             -or-      visit our website:
Vice President, Exploration              Manager, Investor Relations          www.ashton.ca
(604) 983-7750                               (604) 983-7750                           email: contact@ashton.ca