Ashton Mining of Canada Inc.
TSX : ACA

Ashton Mining of Canada Inc.

January 15, 2007 17:34 ET

Ashton Shareholders Approve Amalgamation With Wholly Owned Subsidiary of Stornoway

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 15, 2007) - Ashton Mining of Canada Inc. (the "Corporation" or "Ashton") (TSX:ACA) announces that 96.5 percent of the Corporation's shareholders voted in favour of the special resolution to amalgamate Ashton with a wholly owned subsidiary of Stornoway Diamond Corporation ("Stornoway") at the special meeting of shareholders held earlier today. The votes exercised in favour of the transaction included those attached to the 72 million shares of Ashton held by Stornoway that represent approximately 75.6 percent of the issued and outstanding common shares of the Corporation.

The amalgamation agreement provides that shareholders other than Stornoway and dissenting shareholders may elect to receive, for each common share of Ashton, either one common share of Stornoway plus $0.01 in cash (the "Share Alternative"), or $1.25 in cash (the "Cash Alternative").

The Cash Alternative is subject to pro ration of the approximately $13.6 million available to shareholders who have made this election. To the extent that pro ration applies, shareholders who have elected the Cash Alternative will receive a combination of cash and shares. Shareholders who did not make either election will receive one common share of Stornoway plus $0.01 for each share of Ashton.

The amalgamation is expected to become effective as soon as possible, but not later than Tuesday, January 16. Once this occurs, applications will be filed to de-list the common shares of Ashton from trading on the Toronto Stock Exchange and for the Corporation to cease to be a reporting issuer.

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