Ashton Options Thonokied Lake Property in Lac de Gras Area.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--June 5, 2001

Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton") (TSE:ACA.) is pleased to report that Ashton, through its wholly owned subsidiary Ashton Mining (Northwest Territories) Ltd., has entered into an option agreement with Northern Geophysics Ltd. ("Northern") to earn a 75 percent interest in 41 mineral claims (approximately 41,000 hectares) in the vicinity of Thonokied Lake in the Northwest Territories.

The property is located in the Lac de Gras area approximately 30 and 60 kilometers southeast of the Diavik diamond project and the Ekati mine, respectively. Interpretation of publicly available information suggests the presence of geophysical anomalies and indicator minerals. Ashton is planning a program of heavy mineral sampling on the property this summer to confirm these anomalies.

Ashton has made a $50,000 cash payment to Northern upon signing of the agreement and is required to make three additional cash payments of $50,000 each on April 30 of 2002, 2003 and 2004 to maintain the option in good standing. Ashton is committed to incur a minimum of $350,000 in exploration expenditures on the property by April 30, 2002 and is required to incur a cumulative total of $1.25 million in expenditures by April 30, 2004 to earn a 75 percent interest.

Northern will also be entitled to a one percent gross operating royalty upon Ashton earning its 75 percent interest. In addition, Ashton will make a $500,000 cash payment upon collection of the first 100 tonne bulk sample from a kimberlite on the property or April 30, 2005, whichever comes later. Subject to regulatory approval, Ashton may issue shares having an equivalent value in full or partial satisfaction of the $500,000 cash payment.