Ashton Mining: Summer Exploration Programs Underway In Nunavut And The Northwest Territories.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Aug. 3, 2000

AshtonMining (TSE:ACA.)

Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton"), is pleased to report that the 2000 summer exploration programs in Nunavut and the Northwest Territories have commenced.

Nunavut

In Nunavut, heavy mineral sampling programs will be carried out on the Ric, Bel, Con and Roc properties where unexplained indicator mineral anomalies have been identified. The Hydra kimberlite was discovered in 1999 on the Ric property, and results from the 1999 heavy mineral sampling program and an airborne magnetic survey indicate that additional kimberlites may be present nearby.

The Nunavut exploration programs are carried out under the Slave Regional Joint Venture between Pure Gold Minerals Inc. ("Pure Gold") and Ashton. Pure Gold has advised Ashton that it will not contribute to the current program. As a result, Ashton's interest in the joint venture is expected to increase to approximately 87.5 percent upon completion of this program.

Northwest Territories

In the Northwest Territories heavy mineral sampling programs on the Roundrock, Star and Cross properties will be continued in order to locate the sources of unexplained indicator mineral anomalies. The diamondiferous Aquila and Cygnus kimberlites were discovered on the Roundrock property in 1996 and 2000 respectively. On the Cross property Ashton discovered the diamondiferous Cross, Ursa and Orion kimberlites between 1994 and 1996.

Ashton holds joint venture interests of approximately 56 percent and 53.7 percent in the Star and Roundrock properties respectively. Joint venturers Pure Gold and Tenajon Resources Corp. ("Tenajon") are funding their pro-rata portion of the current program on the Star property. Ashton and Paramount Ventures and Finance Inc. are funding the program on the Roundrock property (91.9 percent and 8.1 percent respectively) with Pure Gold, Tahera Corporation and Silverarrow Explorations Inc. diluting their respective interests.

Ashton has an option to earn a 50 percent interest in any given kimberlite discovery on the Cross property from Pure Gold and Tenajon by sole-funding all programs on the property until it collects at least 20 tonnes of material from each such discovery.