Ashton Mining of Canada Inc.: Rio Tinto Participation Increases Financing Proceeds to $9 Million.

VANCOUVER, British Columbia -- Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. (the "Corporation" or "Ashton") (TSX:ACA) is pleased to announce that the Corporation will issue 3,460,000 flow-through common shares to QIT-Fer et Titane Inc. ("QIT") at a price of $1.30 per share. The total gross proceeds from this private placement and the $4.5 million private placement announced on November 24, 2005 are now expected to amount to $9 million.

QIT is an indirect wholly owned Quebec-based subsidiary of Rio Tinto plc that currently holds 6,190,475 of the 40,038,696 common shares of the Corporation beneficially owned by Rio Tinto companies. This figure represents 52 percent of the 76,999,100 common shares of Ashton that are currently issued and outstanding.

The two transactions are expected to close not later than December 20, 2005. The Corporation will use the proceeds of the two placements to fund its diamond exploration projects in Quebec and elsewhere in Canada.

The flow-through common shares to be issued as a result of these transactions will be sold on a private placement basis and will not be qualified by a prospectus. As a result, they will be subject to the applicable statutory hold periods. The transactions are subject to a number of conditions including the execution of formal documentation and receipt of the applicable regulatory approvals.

Ashton's prime objective is the discovery or acquisition of diamond prospects capable of rapid advancement to development and production. The Corporation is recognized as one of the leading explorers in the Canadian diamond industry. Ashton's competitive advantages include the significant exploration experience of its key personnel as well as its extensive in-house processing and laboratory facilities in North Vancouver, dedicated to Ashton's exploration projects.

Ashton Mining of Canada Inc. (TSX:ACA)