Ashton Mining of Canada Inc.

Ashton Mining of Canada Inc.

March 22, 2005 18:30 ET

Ashton Mining of Canada Inc.: 5.66 and 1.17 Carat Diamonds Recovered from Lynx South


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ASHTON MINING OF CANADA INC.

TSX SYMBOL: ACA

MARCH 22, 2005 - 18:30 ET

Ashton Mining of Canada Inc.: 5.66 and 1.17 Carat
Diamonds Recovered from Lynx South

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2005) - Ashton
Mining of Canada Inc. (TSX:ACA)

4.60 tonne boulder sample returns 256 cpht

Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc.
("Ashton" or the "Corporation") is pleased to report that Ashton and its
50:50 joint venture partner, SOQUEM INC. ("SOQUEM"), have recovered a
5.66 and a 1.17 carat diamond from a 4.60 tonne sample of kimberlitic
boulders. This material, collected from the southern end of the Lynx
Anomaly on the Foxtrot property in north-central Quebec in 2004 (the
"Lynx South sample"), has an estimated diamond content of 256 carats per
hundred tonnes ("cpht").

The joint venture is encouraged by the recovery of large diamonds from
the Lynx South sample and the elevated diamond content of this material.
The 4.5 kilometre wide Lynx Anomaly is two kilometres west of the Renard
cluster of nine diamond-bearing kimberlitic bodies. This proximity means
that any significant blocks of high-grade material identified in the
Lynx Anomaly area could positively impact an evaluation of the economic
potential of the Renard cluster.

Processing of Sample and Results

After processing by dense media separation at Ashton's North Vancouver
laboratory, the Lynx South sample returned 11.8 carats of diamonds,
resulting in the estimated diamond content of 256 cpht. This result is
the highest value that Ashton has reported for a sample of this
magnitude. A 5.66 tonne sample of kimberlitic boulders also collected in
2004 at the northern end of the Lynx Anomaly (the "Lynx North sample")
has returned 2.68 carats for an estimated diamond content of 47 cpht.



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Cumulative Diamond Results From Lynx Anomaly Boulder Samples
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Square Weight of Largest Estimated
Sample Mesh Diamonds Diamonds Diamond
Date Weight Screen Recovered Recovered Content
Reported (tonnes) Size (mm) (carats) (carats) (cpht)
--------------------------------------------------------------------
March 22, 2005
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Lynx South 4.60 1.18 11.8 5.66 and 256
1.17
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Lynx North 5.66 1.18 2.68 0.27 47
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Total: 10.3 1.18 14.5 141
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February 12,
2004 (Note 1) 3.87 0.85 4.63 0.96 and 120
0.28
--------------------------------------------------------------------
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Total: 14.2 19.1 135
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Note 1: The February 12, 2004 result was derived from a sample
collected within the area of the dyke system known as "Lynx", located
approximately one km south of Lynx North and 1.5 km north of Lynx
South.


The 5.66 carat diamond recovered from the Lynx South sample is a pale
brown octahedron and the 1.17 carat diamond is a pale brown composite
crystal. The 5.66 carat stone is now the largest diamond recovered in
Quebec. A photo of this diamond is available at
www.ashton.ca/projects_quebec_photo_gallery.html. The largest diamond
recovered from the Lynx North sample is a brown tetrahexahedroidal
crystal weighing 0.27 carats.

The estimated diamond content of the cumulative 14.2 tonnes of boulders
from the Lynx Anomaly is 135 cpht. This result may not be indicative of
the ultimate diamond potential of the Lynx Anomaly area due to the small
size of the samples and the fact that the samples consisted of glacially
transported boulders collected on surface at three different locations.
In addition, the 5.66 carat diamond accounts for 48 percent of the 11.8
carats of diamonds recovered from the Lynx South sample. Excluding this
stone would reduce the estimated diamond content of the sample to 133
cpht.

Lynx Anomaly

Drilling within the Lynx Anomaly in 2003 and 2004 resulted in the
identification of a continuous or semi-continuous approximate
north-south striking dyke system. Kimberlitic dykes have now been
drilled at 15 separate sites over 3.7 kilometres. To date, the thickest
continuous intersection of kimberlitic material is 3.7 metres, and is
situated at Lynx South. Kimberlitic cobbles and boulders have been found
on surface at more than 100 sites within the anomaly. Maps of the
boulder sample sites and drill hole sites are available on Ashton's
website at www.ashton.ca/projects_quebec_location_maps.html.

Next Steps and Program Update

The evaluation of the Lynx Anomaly will be continued through additional
geophysical surveying, prospecting and drilling. Caustic dissolution
diamond results from drill core collected in 2003 and 2004 from 15 sites
within the dyke system are expected in the second quarter.

The joint venture has now commenced exploration target drilling that
will include drill testing of several geophysical targets and additional
drilling on the dyke system within the Lynx Anomaly. High priority
geophysical targets in other areas of the Foxtrot property will also be
drilled. The joint venture expects to complete this drilling in late
April.

The joint venture also expects to complete, by early April, the
delineation drilling program at Renard 2, 3, 4 and 9 announced on
January 31 and March 3, 2005. These bodies constitute four of the six
that are located within the Core Area of the Renard cluster. The tonnage
estimates for the Core Area will be updated on the basis of the drilling
results.

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.

Annual Meeting of Shareholders - April 29, 2005

The 2005 Annual Meeting of Shareholders of Ashton will be held on
Friday, April 29 at 3:00 p.m. in the Vancouver Room on the 2nd floor of
the Metropolitan Hotel, 645 Howe Street, Vancouver, British Columbia.


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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.
    Mike Westerlund
    Manager, Investor Relations
    (604) 983-7750
    investor@ashton.ca
    www.ashton.ca