October 9, 2002

News Release: Additional Diamond Results From Renard Cluster

Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton") (ACA TSX), is pleased to report additional diamond results from material collected at the time of discovery of Renard 1, 3, 4, 5, and 6. The five kimberlitic intrusions are located on the 153,000 hectare Foxtrot property in north-central Quebec which is held by Ashton and its joint venture partner, SOQUEM INC. ("SOQUEM"). The discoveries were announced on September 21, 2001 (Renard 1), March 28, 2002 (Renard 3) and April 9, 2002 (Renard 4, 5 and 6). DMS Results - Renard 5, 6 and 1

Samples from Renard 5 (364 kg), Renard 6 (457 kg) and Renard 1 (296 kg) were processed through the dense media separation plant at Ashton's North Vancouver laboratory to recover diamonds greater than 0.85 mm in two dimensions.

The Renard 5 sample returned four diamonds having an aggregate weight of 0.95 carat. The largest diamond is a grey composite crystal weighing 0.92 carat. The Renard 6 sample returned a single translucent colourless diamond crystal weighing 0.26 carat. No diamonds were recovered from the Renard 1 sample.

The potential diamond content of the three bodies should not be inferred from the results of small samples such as these.

Caustic Dissolution Results - Renard 3, 4, 5, and 6

Material from Renard 3, 4, 5 and 6 was treated by caustic dissolution at Ashton's North Vancouver laboratory to recover diamonds greater than or equal to 0.1 mm in two dimensions.

The current results together with the diamond results previously reported for these bodies are summarized in the following table.

Diamond Results - Renard 3, 4, 5 and 6
----------------------------------------------------------------------
Kimberlitic  Date   Sample            Numbers of Diamonds
    Body   Reported Weight  Total    greater    greater     greater
                     (kg)  Diamonds  than or    than or     than or
                           greater   equal to   equal to    equal to
                           than or    0.5 mm     0.5 mm      1.0 mm
                           equal to  (in one    (in two     (in two
                            0.1 mm  dimension) dimensions) dimensions)
                           (in two
                          dimensions)
----------------------------------------------------------------------
Renard 3    Oct. 9,
              2002   50.5    43        16           5           0
            Jul. 2,
              2002  156.1    38        17          12           6
----------------------------------------------------------------------
             Total  206.6    81        33          17           6
----------------------------------------------------------------------
Renard 4    Oct. 9,
              2002   50.6    19        11           8           1
                          (Note 1)                          (Note 2)
           Jun. 13,
              2002  102.1    35        14          11           2
----------------------------------------------------------------------
             Total  152.7    54        25          19           3
----------------------------------------------------------------------
Renard 5    Oct. 9,
              2002   43.6    18        10           8           1
                                                            (Note 3)
           Jun. 13,
              2002  100.3    35        22          13           1
                                    (Note 4)
----------------------------------------------------------------------
             Total  143.9    53        32          21           2
----------------------------------------------------------------------
Renard 6    Oct. 9,
              2002   51.2     6         2           1           0
           Jun. 13,
              2002  100.9    31         6           2           1
                  (Note 4)
----------------------------------------------------------------------
Total               152.1    37         8           3           1
----------------------------------------------------------------------
Notes:
1. In addition to the diamonds shown in the table, 80 diamond
   fragments were recovered. These fragments are attributed to
   breakage, during sample processing, of one or more stones.
2. This diamond measures 2.9 mm x 1.5 mm x 0.6 mm.
3. This diamond measures 1.9 mm x 1.3 mm x 0.6 mm.
4. These data incorporate minor corrections from the values reported
   on June 13, 2002.

The joint venture is encouraged by the diamond results derived to date from these bodies. As announced on October 4, 2002, additional diamond results are expected later in the fourth quarter. The joint venture will utilize these results and the extensive geological data generated on the Foxtrot property in planning further evaluation of the Renard cluster and surrounding area in 2003.

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

Ashton is the operator of the joint venture's exploration programs and Brooke Clements, Professional Geologist and Ashton's Vice President, Exploration, is responsible for their design and conduct and the verification and quality assurance of analytical results.

Ashton Mining of Canada Inc.
Brooke Clements
Vice President, Exploration
(604) 983-7750
or
Ashton Mining of Canada Inc.
Alessandro Bitelli
Vice President, Finance
(604) 983-7750
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.ashton.ca

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