VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 09/04/2006 -- Ashton Mining of Canada Inc. (TSX: ACA) reports that, as a direct result of concerns publicly raised by Ashton's directors and Ashton's application to the B.C. Securities Commission, Stornoway and Rio Tinto have announced an amendment to the terms of their lock-up agreement dated July 21, 2006 relating to Stornoway's unsolicited offer for all of the shares of Ashton.

The effect of the amendment is that if Stornoway's offer is not completed for certain reasons, $2,000,000 will be paid by Stornoway pro rata to all Ashton shareholders - including Ashton's minority shareholders. Prior to the amendment, the lock-up agreement had provided for this payment only to subsidiaries of Rio Tinto, Ashton's majority shareholder. If the $2,000,000 becomes payable, it will be paid to only those Ashton shareholders of record seven days after Stornoway's offer is terminated.

"This is a positive development for Ashton's minority shareholders," said John Cole, Ashton's Chairman of the Board. "Two weeks ago Stornoway's management was claiming that Rio Tinto and every other Ashton shareholder were receiving identical consideration under their offer. Now, Stornoway has effectively conceded that this $2,000,000 guaranteed payment to Rio Tinto should have been shared with Ashton's minority shareholders."

"We are continuing with our efforts to seek out strategic alternatives that deliver more value to Ashton's shareholders than Stornoway's inadequate and unsolicited offer. In the meantime, we reiterate the Board's recommendation that shareholders should reject Stornoway's offer and not tender their shares to the bid," said Mr. Cole.

Ashton today also confirmed that it plans to continue with its application to the B.C. Securities Commission to cease-trade the Stornoway offer and lock-up agreement.

Ashton Mining of Canada Inc., the leader in Canadian diamond exploration.

Ashton is widely recognized as the leading and pre-eminent explorer in the Canadian diamond industry. The Corporation enjoys an outstanding record of discoveries and a diversified portfolio of promising projects that cover the spectrum from early stage reconnaissance to advanced evaluation. At present, Ashton's most ambitious project is in Quebec, where a $29 million program is currently underway to collect a 10,000 tonne bulk sample from three of the highly diamondiferous Renard kimberlitic bodies. The bulk sample is expected to yield at least 6,000 carats of diamonds from the processing of approximately 6,000 tonnes of kimberlitic material. These diamonds will be valued during the first half of 2007 in preparation for a pre-feasibility study.

Ashton's competitive advantages include the extensive diamond exploration experience and the recognized expertise of its key personnel, as well as the Corporation's comprehensive diamond processing and laboratory facilities in North Vancouver, B.C. Integral to Ashton's exploration programs, these facilities include a five tonne per hour dense media separation plant, an X-ray sorter unit, a caustic dissolution circuit and a fully-equipped indicator mineral and diamond observation laboratory.