Ashton Mining of Canada Inc.

Ashton Mining of Canada Inc.

March 03, 2005 17:00 ET

Ashton Mining of Canada Inc.: First Renard 9 Mini-Bulk Sample Returns 92 cpht; Largest Diamond Weighs 3.26 Carats


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ASHTON MINING OF CANADA INC.

TSX SYMBOL: ACA

MARCH 3, 2005 - 17:00 ET

Ashton Mining of Canada Inc.: First Renard 9 Mini-Bulk
Sample Returns 92 cpht; Largest Diamond Weighs 3.26
Carats

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Ashton
Mining of Canada Inc. (TSX:ACA)

Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc.
("Ashton" or the "Corporation") is pleased to report that a 6.04 tonne
sample from the Renard 9 kimberlitic body returned an estimated diamond
content of 92 carats per hundred tonnes ("cpht"). Ashton and its 50:50
joint venture partner, SOQUEM INC. ("SOQUEM") collected the sample by
core drilling in 2004.

Situated on the Foxtrot property in north-central Quebec, Renard 9 is
one of six kimberlitic bodies in the 50 hectare "Core Area" of the
Renard cluster. Four of these bodies, Renard 2, 3, 4 and 65, were the
subject of a 664 tonne bulk sample program in 2004 that yielded 457
carats of diamonds. Twenty-five of the diamonds weigh more than one
carat, including eight greater than two carats.

The 6.04 tonne sample was collected by drilling seven angle and two
vertical core holes. The kimberlitic material was processed by dense
media separation at Ashton's North Vancouver laboratory and returned
5.56 carats of diamonds larger than 1.18 mm using a square aperture
screen. The largest two diamonds recovered are a 3.26 carat gray
translucent composite crystal and a 0.68 carat pale brown clear
irregular stone. A photo of these diamonds is available on Ashton's
website in the Quebec photo gallery at:
www.ashton.ca/projects_quebec_photo_gallery.html.

The diamond content of 92 cpht may not be representative of the overall
diamond content of Renard 9 due to a number of factors, including the
location of the drill holes, the small size of the sample and the
recovery of the 3.26 carat diamond. The 3.26 carat diamond accounts for
59 percent of the 5.56 carats of diamonds that were recovered from the
sample. Excluding this stone would reduce the estimated diamond content
of the sample to 38 cpht.

Located approximately 50 metres south of Renard 4, Renard 9 was
discovered by drilling in 2003. The drill data suggest that it varies in
width from 25 to 55 metres and has a strike length of approximately 160
metres. Renard 9 is interpreted to consist of kimberlitic breccia with
variable country rock dilution and associated zones of Peripheral
Breccia. "Peripheral Breccia" is defined as country rock and country
rock breccia with more than 10 percent kimberlitic material. The 6.04
tonne sample included both kimberlitic breccia and Peripheral Breccia.
More drilling is required to understand the spatial relationship between
the kimberlitic breccia and the Peripheral Breccia.

Commentary on Results

These encouraging initial results suggest that Renard 9 could add
significantly to the potential of the Core Area. Additional drilling on
this body will commence before the end of March. The drilling program is
designed to better define the geometry and tonnage potential of Renard 9
and to acquire additional material for diamond testing.

With these results, five of the six kimberlitic bodies in the Core Area
have returned at least one diamond larger than two carats in size. The
largest diamond recovered to date is a 4.3 carat clear colourless
octahedral crystal from Renard 3. The frequency with which diamonds
greater than two carats have been recovered from the Renard bodies to
date is encouraging. These stones, although usually a small percentage
of the diamonds recovered from a deposit, account for a majority of
their total value.

Renard 8 is the sixth diamondiferous kimberlitic body in the Core Area.
Work completed on this body to date is insufficient to assess its size
and diamond potential.

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 Mineral inc., a subsidiary of
the Societe generale de financement du Quebec ("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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Ashton Mining of Canada Inc.
    Brooke Clements
    Vice President, Exploration
    (604) 983-7750
    or
    Ashton Mining of Canada Inc.
    Alessandro Bitelli
    Vice President, Finance
    (604) 983-7750
    contact@ashton.ca
    www.ashton.ca