Drill indicated tonnage of four Renard bodies is 17.7 million tonnes

Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton" or the "Corporation") is pleased to report the recovery of a total of 457 carats diamonds from the bulk sample collected by Ashton and its 50:50 joint venture partner, SOQUEM INC. ("SOQUEM"), on the Foxtrot property in north-central Quebec in 2004. The bulk sample totalled 664 tonnes and was collected from Renard 2, 3, 4 and 65, four of the nine Renard kimberlitic bodies. The diamonds recovered exceed by more than 50 per cent the original 300 carat goal for the bulk sample program.

The 457 carats of diamonds include those returned from the final 88 tonnes of kimberlitic material to be processed. This material was collected at Renard 4 and 65 and has a diamond content similar to that of earlier samples collected from these bodies. The valuation of the diamond parcel is planned for early April.

The joint venture has now prepared a preliminary three-dimensional model of Renard 2, 3, 4 and 65 indicating that the four bodies contain an estimated cumulative tonnage of 17.7 million tonnes of kimberlitic material. The estimated tonnage is based on the drill data available to the end of 2004. Additional drilling is required to more accurately determine the true magnitude of the four bodies.

Final Bulk Sample Results

The joint venture collected the 664 tonnes of material by drilling a total of 50 core holes and 23 reverse circulation ("RC") holes at Renard 2, 3, 4 and 65, four of the six kimberlitic bodies within the 50 hectare "Core Area" of the Renard cluster. After processing by dense media separation ("DMS"), this material returned a cumulative 457 carats of diamonds. Twenty-five of the diamonds are greater than one carat including eight that exceed two carats. The five largest diamonds weigh 4.3, 2.9, 2.7, 2.3 and 2.3 carats. The 4.3 and one of the 2.3-carat stones are clear, colourless octahedrons.

Note 1: "cpht" refers to carats per hundred tonnes.

The final 63.3 tonne sample of RC material from Renard 4 returned 21.8 carats of diamonds greater than 1.18 mm using a square aperture screen, for an estimated diamond content of 34.4 cpht. The two largest diamonds are a 0.94 carat pale brown octahedron and a 0.88 carat clear, colourless tetrahexahedroidal crystal. The final 24.7 tonne sample of RC material from Renard 65 returned 5.8 carats of diamonds greater than 1.18 mm using a square aperture screen for an estimated diamond content of 23.5 cpht. 

Estimate of Tonnage

Wardrop Engineering Inc., a geological and engineering consulting firm, on behalf of the joint venture, has calculated the estimated tonnage of Renard 2, 3, 4 and 65. The estimated tonnage for the four bodies does not constitute a mineral resource. Instead, this calculation is simply an order-of-magnitude estimate of the potential tonnage of the four bodies. The tonnage was calculated by multiplying the respective interpreted volumes for each body, as determined in a three-dimensional wire frame model, by a specific gravity of 2.6 grams per cubic centimetre. The specific gravity of 2.6 is the average value determined to date for kimberlitic material collected from the four Renard bodies.

The model assumes an area of influence of five to ten metres around the actual drill hole intersection. In some cases, only limited drill data are available. As a result, the potential exists to significantly revise tonnage estimates through additional drilling.

Table 2 summarizes the tonnage estimates and drill data for each of the Renard 2, 3, 4 and 65 kimberlitic bodies as at December 31, 2004.

Table 2: Estimated Tonnage and Drill Data for Renard 2, 3, 4 and 65

More than 90 percent of the drill-indicated tonnage shown in Table 2 is located within 200 metres of the surface. As shown in the table, a total of 42 vertical holes terminated in kimberlitic material, including all five holes drilled to depths exceeding 280 metres. These results indicate that the maximum depth of the bodies has not yet been determined.

The joint venture also believes that there is significant potential to define additional tonnage beyond the current modeled boundaries of the four bodies. Renard 8 and 9 constitute the other two kimberlitic bodies within the Core Area. Additional drilling and sampling is required to estimate the tonnage and diamond content of these bodies.

A number of zones of country rock and country rock breccia peripheral to the Renard bodies contain more than 10 percent diamond bearing kimberlitic material ("Peripheral Breccia"). The largest volume of Peripheral Breccia surrounds Renard 2 and a significant volume of this material is also associated with Renard 4.

The Peripheral Breccia has not been included in the current estimate of tonnage. Further drilling is required to more accurately determine the full tonnage potential of the Core Area including any tonnage that might be attributable to the Peripheral Breccia.

A map showing the location of the six bodies situated in the Core Area, along with tonnage estimates, diamond results and the sample sizes is available at: www.ashton.ca/projects_quebec_renard_core_map.html.

A three-dimensional view of the bodies derived from the drill data to the end of 2004 can be viewed at: www.ashton.ca/projects_quebec_3D_Model.html.

Next Steps

As indicated above, the valuation of the diamond parcel is planned for early April. The results of the valuation will be announced as soon as they are available. In the interim, the joint venture's 2005 winter program includes a drill program focused on identifying additional kimberlitic tonnage at Renard 2, Renard 3 and Renard 4, the three bodies thus far returning the highest estimated diamond content. The drilling program is designed to better establish the contacts between the bodies and the country rock, and to determine the extent of additional kimberlitic material peripheral to and beneath the current drill-indicated margins of the three bodies.

The joint venture continues to advance the Renard cluster towards an evaluation of its economic potential. The diamond results, tonnage estimates, diamond valuation results and results of the 2005 drill program will assist in determining the nature and scope of the future work that is warranted. This work could include additional drilling to better define the geometry, tonnage and diamond content of all six bodies within the Core Area, an estimation of a mineral resource, preliminary engineering studies and the collection of a larger bulk sample.

Ashton Mining of Canada Inc. and SOQUEM INC.

Ashton's prime objective is the discovery or acquisition of diamond prospects capable of rapid advancement to development and production. The Corporation has positioned itself among the leading explorers in the Canadian diamond industry. Ashton's key competitive advantages include significant exploration experience and its in-house laboratory facilities in North Vancouver, dedicated exclusively to the Corporation's exploration projects.

SOQUEM is a wholly owned subsidiary of SGF Minéral inc., a subsidiary of the Société générale de financement du Québec ("SGF"). The mission of the SGF, an industrial and financial holding company, is to undertake economic development projects in the industrial sector in cooperation with partners and in compliance with the economic development policies 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-             Mike Westerlund                 -or-     visit our website:
President and CEO                   Manager, Investor Relations           www.ashton.ca
(604) 983-7750                          (604) 983-7750                                 email: contact@ashton.ca