Ashton Mining of Canada Inc.

Ashton Mining of Canada Inc.

November 24, 2006 20:33 ET

Ashton Confirms Appointment of Independent Financial Advisor in Relation to Stornoway Amalgamation Proposal

Special Meeting of Shareholders Now Scheduled for January 15, 2007

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2006) - Ashton Mining of Canada Inc. ("Ashton" or the "Corporation") (TSX:ACA) announces that Sprott Securities Inc. ("Sprott") has been retained as the independent financial advisor to the Corporation and the Independent Review Committee of the Board of Directors (the "Committee") established to review the amalgamation proposal of Stornoway Diamond Corporation ("Stornoway"), the holder of approximately 75.6 percent of Ashton's outstanding common shares.

Sprott will assist the Committee and the Board of Directors in assessing the merits of Stornoway's proposal, in negotiating the terms of the proposed transaction, and in formulating the recommendation of the Board to shareholders in respect of the amalgamation proposal.

As reported on October 18, 2006 and November 21, 2006, Stornoway has requisitioned a special meeting of Ashton's shareholders for the purpose of considering an amalgamation involving the Corporation and an affiliate of Stornoway. The meeting, which was originally scheduled for Tuesday, December 19, 2006, has now been rescheduled for Monday, January 15, 2007, to enable the Committee and the Board of Directors, with the assistance of their advisors, to complete their assessment of the amalgamation proposal. The location of the meeting, which will be held in Vancouver, B.C., at 11:00 a.m. local time, will be announced in due course.

Shareholders of record on Friday, December 8, 2006 will be entitled to receive notice of the meeting together with materials describing the terms of the proposed amalgamation and the alternatives available to shareholders in connection with the proposed transaction.

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
    (604) 983-3591 (FAX)