Ashton Drills Kimberlitic Dykes at Seven New Targets Along Lynx Anomaly in Quebec.

VANCOUVER, British Columbia -- Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton") (TSX:ACA), is pleased to provide an update on the results of the exploration activities undertaken by Ashton and its 50 percent joint venture partner, SOQUEM INC. ("SOQUEM"), on the Foxtrot and Tichegami properties in north-central Quebec during the 2004 program. Recent developments include the drilling of kimberlitic material at seven new targets within the Lynx dyke system.

The joint venture's 2004 exploration program on the Foxtrot property and surrounding area has succeeded in discovering kimberlitic bodies and identifying prospective ground that merits further investigation. The recovery of commercial-size diamonds from the Renard bodies and the consistently encouraging chemical composition of indicator minerals suggest that the full potential of the Foxtrot property, one of the most exciting diamond exploration projects in Canada, has not yet been realized.

Foxtrot Property: Lynx Anomaly Drilling Highlights

Situated approximately two kilometres west of the Renard cluster, the Lynx Anomaly is a 4.5 km wide indicator mineral anomaly with associated kimberlitic cobbles and boulders. Since the initial discovery of kimberlitic boulders associated with the anomaly in 2003, the joint venture has made considerable progress toward defining the source. The indicator mineral and kimberlitic boulder anomaly terminates near a linear topographical feature. Before initiating the 2004 summer program, the joint venture identified three zones of kimberlitic dykes within the Lynx Anomaly. The two most significant dykes have been previously reported as Lynx and Lynx North and are associated with this linear feature.

Kimberlitic dykes were intersected at seven of the eight targets drilled along the Lynx Anomaly in September of this year. The maximum intersection at each target ranged from 0.9 to 2.9 metres. Including the most recent discoveries, the joint venture has now intersected kimberlitic dykes at 10 sites over 3.7 km of the 4.5 km width of the Lynx Anomaly. The average depth of overburden is less than five metres and the dykes are interpreted to dip to the east at 15 to 50 degrees.

The southeastern end of the 4.5 km long Lynx Anomaly is now referred to as Lynx South. At Lynx South, kimberlitic material was intersected at five targets over a one kilometre strike length. At three of these sites, one or more core holes intersected at least two continuous metres of kimberlitic material. The joint venture has extended the current program in order to drill several additional holes to better understand the extent of the Lynx South dyke system.

In conjunction with the drill program, the joint venture collected two samples of kimberlitic boulders weighing approximately five tonnes each from the northwestern extension and Lynx South portions of the Lynx Anomaly. These samples will be analyzed for diamonds in 2005. The resulting data will complement the diamond results reported on February 12, 2004 from the 3.87 tonne boulder sample collected in 2003 from the Lynx Anomaly. The sample was collected near the centre of the anomaly and returned 4.63 carats of diamonds giving this material an estimated content of 1.2 carats of diamonds per tonne.

To date, the 2004 Lynx exploration program has been very successful, and the joint venture believes that significant potential exists for new discoveries within the Lynx anomaly. The goals of the 2005 program will be to further define the dyke system and to investigate other targets within the anomaly.

A map of the Lynx Anomaly that outlines the locations of kimberlitic intersections and kimberlitic float discoveries in relation to the sites where the three large samples of boulders have been collected can be viewed on Ashton's website at www.ashton.ca/Lynx.pdf.

Foxtrot Property: North Anomaly - Five Diamonds Recovered from Till Samples

Target drilling has now been completed at two locations within the North Anomaly. This feature is represented by an indicator mineral train, first identified on the Foxtrot property in 2003, and located six kilometres north of the Renard cluster. The drill targets were two geophysical anomalies located 1.2 km apart. The target sites were associated with kimberlitic pebbles, cobbles and boulders as well as a number of highly anomalous indicator mineral samples. Diamonds greater than 0.4 mm were recovered from five of these samples.

Nine holes were drilled at the two targets sites, five at the northern site and four at the southern. Two of the northern holes intersected less than 10 centimetres of kimberlitic material. The other seven holes did not intersect kimberlitic material.

The joint venture does not believe these results adequately explain the origin or abundance of the kimberlitic boulders, diamonds and indicator minerals discovered to date within the North Anomaly. Additional till samples have been collected to assist in ranking potential targets that warrant further investigation by drilling in 2005.

Tichegami Property

The joint venture also carried out an exploration program on the Tichegami property located 80 km south of the Foxtrot property where previous exploration identified a strong indicator mineral anomaly. The program included ground geophysical surveys followed by the drilling of four targets. At two of these targets, kimberlitic dykes measuring 2.35 and 0.15 metres respectively were intersected. Additional work will be considered for inclusion in the 2005 program.

About 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. Ashton has positioned itself among the leading explorers in the Canadian diamond industry. Its key competitive advantages include significant exploration experience and its in-house processing and laboratory facilities in North Vancouver dedicated exclusively to Ashton's exploration projects.

SOQUEM is a wholly-owned subsidiary of SGF Mineral inc., a subsidiary of Societe generale de financement du Quebec ("SGF"). The SGF, the Quebec industrial and financial holding company, has as its mission 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.