Ashton Mining of Canada Inc.: Alberta Kimberlite K281 Diamondiferous.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--May 3, 2001

Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. (TSE:ACA.)("Ashton") is pleased to report microdiamond results for the K281 kimberlite.

Discovered in March 2001, K281 is situated on the Buffalo Hills property in north-central Alberta.

K281 is defined by a magnetic anomaly approximately 200 m in diameter. Three-dimensional modeling of the seismic data suggests that the body could be as large as 500 m x 300 m. Two core holes were drilled within the boundaries of the magnetic anomaly and both intersected kimberlite.

Seven microdiamonds were recovered by caustic dissolution of five core samples totaling 223.3 kg. A microdiamond is defined as greater than 0.1 mm and less than 0.5 mm in all dimensions. The analysis was carried out at Ashton's laboratory in North Vancouver.

Ashton is encouraged by the discovery of another diamondiferous kimberlite in the Buffalo Head Hills kimberlite province. K281 brings to 24 the total number of diamondiferous kimberlites among the 36 discovered in Alberta to date. The present results from K281 do not, however, warrant further work at this time.

The processing of a 20 tonne mini-bulk sample collected from the K252 kimberlite on the Buffalo Hills property in March 2001 is progressing, and results are expected in approximately two weeks. Unlike the other kimberlites discovered in Alberta by Ashton and its joint venture partners, K252 has a weak magnetic signature and was originally identified as a drill target by an airborne electromagnetic (EM) survey. A 1.28 tonne sample collected from K252 in October 2000 returned 0.85 carats of diamonds for an estimated diamond content of 66.2 carats per hundred tonnes.

The joint venturers on the Buffalo Hills property and their approximate interests are Ashton 45 per cent, Alberta Energy Company Ltd. (AEC.TSE) 45 per cent, and Pure Gold Minerals Inc. (PUG.TSE) 10 per cent.

Ashton is the operator of the programs described herein. Brooke Clements, Professional Geologist and Ashton's Vice President, Exploration, is responsible for the design and conduct of these programs.