VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 10/11/2006 -- Ashton Mining of Canada Inc. ("Ashton" or the "Corporation") (TSX: ACA) announces that Ashton and Stornoway Diamond Corporation ("Stornoway") have executed an agreement that provides for the transition of Ashton's Board of Directors following Stornoway's recent acquisition of approximately 72.7% of the outstanding common shares of Ashton under the takeover bid initiated by Stornoway on August 10, 2006.

Pursuant to this agreement, Brian C. Irwin and David DeWitt have been appointed directors of Ashton effective immediately. Concurrently, Stephen J. Jopling, the nominee of the Rio Tinto group to the Ashton Board, has resigned as a director.

The agreement further provides that John B. Cole, Alfonso E. Grau and Pierre B. Lebel will resign as directors upon the expiry of Stornoway's bid. Concurrent with these resignations, Marcel de Groot and Eira M. Thomas will be appointed as directors. Ms. Thomas is currently President, CEO and a director of Stornoway.

Robert T. Boyd will also resign as a director of Ashton upon the expiry of Stornoway's bid. However, Mr. Boyd will continue to serve as President and Chief Executive Officer of Ashton on an interim basis.

The Corporation's Board of Directors will therefore consist of six individuals upon the expiry of Stornoway's offer, including G. Bernard Coulombe and David H. Watkins, who have served as directors of Ashton since July 2004 and February 2005, respectively.

Both Ashton and Stornoway have acknowledged the service and dedication of the departing directors to Ashton, and have expressed appreciation for their many contributions to the Corporation's development and success.