Ashton Mining of Canada Inc.

Ashton Mining of Canada Inc.

October 17, 2006 09:00 ET

Stornoway Increases Ownership of Ashton to 75.6 Percent and Closes Takeover Bid

Transition of Board of Directors Completed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 17, 2006) - Ashton Mining of Canada Inc. ("Ashton" or the "Corporation") (TSX:ACA) today confirmed the announcement by Stornoway Diamond Corporation ("Stornoway") that approximately 2.7 million additional common shares of Ashton have been tendered to, and taken up in accordance with, the takeover bid that Stornoway initiated on August 10, 2006 and extended until October 16, 2006. As a result, Stornoway now owns approximately 72 million common shares representing 75.6 percent of the Corporation's issued and outstanding shares.

With the expiry of the takeover bid, the transition of the Board of Directors of Ashton announced on October 11, 2006, has been completed. Accordingly, the six members of Ashton's Board of Directors are G. Bernard Coulombe, David DeWitt, Marcel de Groot, Brian C. Irwin, Eira M. Thomas and David H. Watkins.

Contact Information

  • Ashton Mining of Canada Inc.
    Robert T. Boyd
    President and CEO
    (604) 983-7750
    Ashton Mining of Canada Inc.
    Ariel Bowers
    Investor Relations
    (604) 983-7750