Kimberlitic Boulders From Lynx Area Return 1.2 Carats Per Tonne


Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton"), is pleased to report diamond results from the analysis of 3.87 tonnes of kimberlitic boulders collected in 2003 within a 2.5 km wide indicator mineral dispersion on the Foxtrot property in north-central Quebec (the "Lynx Anomaly"). The Foxtrot property hosts the Renard cluster of kimberlitic bodies where Ashton and its joint venture partner, SOQUEM INC. ("SOQUEM"), are currently conducting a bulk sampling program.

The 3.87 tonne sample consisted of hypabyssal kimberlitic cobbles and boulders measuring up to two metres in diameter. After processing by dense media separation at Ashton's laboratory in North Vancouver, the material returned 4.63 carats of diamonds larger than 0.85 mm using a square aperture screen. These results give the sample an estimated diamond content of 1.2 carats per tonne. The two largest diamonds are a colourless composite crystal and a pale brown octahedron weighing 0.96 and 0.28 carat respectively.

The Lynx Anomaly is situated approximately two kilometres west of the Renard cluster. As reported on October 20, 2003, the joint venture discovered kimberlitic material on surface at three separate sites within the Lynx Anomaly. The 3.87 tonne sample was collected approximately 100 metres southwest of the Lynx kimberlitic occurrence. This occurrence was discovered in late 2003 by drilling two angle holes across a broad and weak geophysical anomaly. Lynx is interpreted to be a zone of hypabyssal kimberlitic dykes four to five metre wide in which the largest dyke has an estimated true width of approximately one metre.

The width of the Lynx Anomaly and the discovery of surface kimberlitic material at several locations suggest the presence of multiple kimberlitic sources. During the 2004 program, the joint venture will undertake further prospecting, indicator mineral sampling, detailed geophysical surveys and drilling within the Lynx Anomaly. This work is intended to identify additional kimberlitic sources and define the size and shape of the Lynx body.

SOQUEM is a wholly-owned subsidiary of SGF Minéral inc., a subsidiary of Société générale de financement du Québec ("SGF"). The mission of the SGF, as an industrial and financial holding company, is to carry out economic development projects, especially in the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability that comply with the economic development policy of the Government of Quebec. 

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-         Salimah Lalli          -or-        visit our website:
President and CEO                   Investor Relations                   
(604) 983-7750                        (604) 983-7750                      email: