Ashton Mining of Canada Inc.

Ashton Mining of Canada Inc.

October 19, 2006 09:00 ET

Ashton Calls Special Meeting of Shareholders in Response to Requisition of Stornoway

Brian C. Irwin Elected Chair of the Board of Directors

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 19, 2006) - Ashton Mining of Canada Inc. ("Ashton" or the "Corporation") (TSX:ACA) announces that the Board of Directors has called a special meeting of shareholders to be held in Vancouver, B.C., at 11:00 a.m. on Tuesday, December 19, 2006.

The meeting has been called in response to a requisition by Stornoway Diamond Corporation ("Stornoway"), the holder of approximately 75.6 percent of Ashton's outstanding common shares. As contemplated by its news release dated October 17, 2006, Stornoway has requisitioned the meeting primarily for the purpose of considering a plan of arrangement or an amalgamation involving the Corporation and Stornoway, and/or an affiliate of Stornoway. At this time, the Corporation does not have any further information on the nature of the proposed transaction.

Shareholders of record as at November 14, 2006 will be entitled to receive written notice of the meeting together with materials describing the proposed transaction and the ways in which shareholders may respond to it.

On Wednesday, October 18, 2006, the Board of Directors elected Mr. Brian C. Irwin as Chair. Mr. Irwin has recently retired as a partner of DuMoulin Black LLP, a Vancouver, B.C., law firm. During his extensive career, he practiced corporate, securities and natural resources law, with a focus on mining and corporate finance. Mr. Irwin is a director of a number of other publicly traded corporations that are active in the natural resources sector.

Contact Information

  • Ashton Mining of Canada Inc.
    Alessandro Bitelli
    Vice President, Finance
    (604) 983-7750
    Ashton Mining of Canada Inc.
    Ariel Bowers
    Investor Relations
    (604) 983-7750