Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton"), is pleased to report the discovery of the Renard 9 kimberlitic intrusion on the Foxtrot property held by Ashton and its joint venture partner, SOQUEM INC. ("SOQUEM") in north-central Quebec. The winter field program, which was announced in the Ashton news release dated January 13, 2003, will continue until break-up expected later in April. The program includes target drilling as well as the delineation drilling and mini-bulk sampling of the Renard 2, 3, 4, 5 and 6 kimberlitic bodies.

Exploration Drilling

Renard 9

Renard 9 is situated 150 m south of Renard 4 and was discovered by drilling three angle holes from the same setup. The holes were drilled across a geophysical anomaly approximately 160 m in length with a surface width that ranges from 20 to 60 m. The drill data are summarized below.

Renard 9 Drill Data

Note 1: Water depth is approximately 2 metres
Note 2: Includes some hypabyssal material including a 20 m intersection from 73 - 93 m in R9-02
Note 3: Includes zones of brecciated country rock and some hypabyssal dyke intersections

Additional exploration targets

The 2003 winter exploration program is still in progress with drilling planned on additional exploration targets.

Delineation Drilling and Mini-bulk Sampling

Renard 2, 3, 4, 5 and 6 are located within a core area 0.5 square km in size. The current program of delineation drilling and mini-bulk sampling supports the initial size estimate of Renard 2 and has expanded the surface dimensions of Renard 3 and 4. Work on Renard 5 and 6 is in progress and further drilling on Renard 2, 3 and 4 will be considered before break-up as priorities and weather conditions permit.

Renard 2

Renard 2 was discovered in late 2001. Two samples collected in 2002 with a cumulative weight of 4.94 tonnes returned 3.31 carats of diamonds larger than 0.85 mm using a square aperture screen. These results gave the 4.94 tonne sample an estimated diamond content of 67 carats per hundred tonnes ("cpht").

During the current program, two angle holes were drilled from each of two setups located 40 m apart on the southern portion of the body. At each setup, the drill holes were oriented to define the eastern and western contacts of the body. All of the holes encountered kimberlitic breccia with subordinate hypabyssal material and country rock breccia. Approximately 1.5 tonnes of kimberlitic material were collected from the four holes. Further drilling at Renard 2 is planned as priorities and weather permit.

The new drilling data indicate that the southern portion of the body has an average width of 70 m.

Together with the data from the nine holes previously drilled, the current results confirm that Renard 2 is ovoid in shape and has approximate minimum surface dimensions of 120 m x 65 m, or 0.6 hectares.

Renard 3

Renard 3 was discovered in early 2002. A 4.88 tonne sample collected in the same year yielded 6.54 carats of diamonds larger than 0.85 mm using a square aperture screen for an estimated diamond content of 134 cpht.

Seven angle holes were drilled perpendicular to and across the northeast-striking body and each intersected kimberlitic breccia with lesser hypabyssal material. Approximately two tonnes of kimberlitic material were recovered from the seven holes. Further drilling is planned on Renard 3 as priorities and weather permit.

The drill data indicate that the interpreted horizontal width of Renard 3 varies from 11 metres to 54 metres with an average width of 25 metres over a minimum strike length of 145 m, for a minimum size of 0.3 hectares. The body remains open to the northeast and southwest. A number of hypabyssal and kimberlitic breccia zones that have drill widths which vary from less than one metre to 13 metres were encountered peripheral to the main body.

Renard 4

Renard 4 was discovered in early 2002. A 4.81 sample collected from Renard 4 in 2002 yielded 3.11 carats of diamonds larger than 0.85 mm using a square aperture screen, giving the sample an estimated diamond content of 65 cpht.

Six angle holes drilled from three setups within the body intersected kimberlitic breccia with lesser hypabyssal material. Approximately three tonnes of material were recovered from the six holes. Additional drilling is planned on Renard 4 as priorities and weather permit.

Interpretation of the new drill intersections have extended the contacts of the body to the west and north. As a result, the approximate minimum dimensions of Renard 4 are now estimated to be 180 m x 70 m, or one hectare.

Renard 5 and 6

Renard 5 and 6 were discovered in early 2002. A diamond weighing 0.92 carat was recovered from 364 kg of material from Renard 5 and a diamond weighing 0.26 carat was recovered from 457 kg of material from Renard 6. Delineation drilling and mini-bulk sampling is presently in progress on these bodies. Results will be reported when the drilling is complete.

The Ashton and SOQUEM joint venture currently holds more than 380,000 hectares of highly prospective mineral permits in north-central Quebec, including the 153,000 hectare Foxtrot property where the joint venture has now discovered nine kimberlitic bodies.

SOQUEM is a wholly-owned subsidiary of SGF Minerals Inc., a subsidiary of Société Générale de Financement du Quebec ("SGF"). The mission of the SGF is to carry out economic development projects in Quebec in cooperation with partners and in accordance with accepted requirements of profitability.

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.

For further information, please contact:          

Robert T. Boyd        -or-          Ariel Bowers            -or-         visit our website:
President and CEO                     Investor Relations                      www.ashton.ca
(604) 983-7750                         (604) 983-7750                         investor@ashton.ca