Ashton Mining of Canada Inc.
TSX : ACA

Ashton Mining of Canada Inc.
Stornoway Diamond Corporation
TSX : SWY

Stornoway Diamond Corporation

January 16, 2007 08:31 ET

Ashton and Wholly Owned Subsidiary of Stornoway Complete Amalgamation

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 16, 2007) - Stornoway Diamond Corporation ("Stornoway") (TSX:SWY) and Ashton Mining of Canada Inc. ("Ashton") (TSX:ACA) are pleased to announce that the amalgamation of Ashton with a wholly owned subsidiary of Stornoway has now been completed. The amalgamated entity will continue to carry on business under the name "Ashton Mining of Canada Inc. / Les Mines Ashton du Canada inc."

As announced earlier, shareholders other than Stornoway and dissenting shareholders were entitled to elect, for each common share of Ashton, either one common share of Stornoway plus one cent in cash or $1.25 in cash (the "Cash Alternative"). Each shareholder who elected the Cash Alternative will receive $1.25 in cash per share resulting in an aggregate payment of $8,750,000. The remaining shareholders of Ashton will receive, in the aggregate, 22,576,038 common shares of Stornoway plus one cent per share.

As announced on Monday, January 15, applications will now be filed to de-list the common shares of Ashton from trading on the Toronto Stock Exchange and for Ashton to cease to be a reporting issuer. It is expected that these changes will become effective within the next two or three business days and the next 10 business days, respectively.

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