July 2, 2002

News Release: Larger Diamonds Confirmed In Renard 3 Results

VANCOUVER, British Columbia--(BUSINESS WIRE)--July 2, 2002--Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc. ("Ashton") (TSX:ACA.TO), is very pleased to report the most recent microdiamond results from the Renard 3 kimberlitic body and to announce the commencement of the 2002 summer exploration program in Quebec. Renard 3 Diamond Results

Renard 3 was discovered by Ashton and its joint venture partner, SOQUEM INC. ("SOQUEM"), on the Foxtrot property in the Otish Mountains region of north-central Quebec in March 2002. The initial microdiamond results for Renard 3 were reported on June 13 together with the corresponding results for Renard 4, 5, and 6, the other three kimberlitic bodies discovered on the property in March and April 2002.
The initial Renard 3 sample returned more than 2500 diamond fragments that were attributed to the breakage, during sample processing, of at least two stones greater than 3 mm. An additional 54.6 kg sample from Renard 3 was therefore processed in a manner designed to enhance the likelihood of recovering larger stones. The table below reports the number of diamonds recovered from this sample, including a colourless whole crystal weighing 0.13 carat, after caustic dissolution at Ashton's North Vancouver laboratory. The table also includes the initial results for Renard 3.

Summary of Microdiamond Results - Renard 3 
---------------------------------------------------------------------- 
Date Reported             Sample                   Numbers of 
                          Weight                    Diamonds 
                           (kg)               Micro          Macro 
                                            0.1-0.5 mm    equal to or 
                                             (in two      greater than 
                                            dimensions)      0.5 mm 
                                                            (in one 
                                                           dimension) 
---------------------------------------------------------------------- 
July 2, 2002              54.6                  11         8 (Note 1) 
--------------------------------------------------------------------- 
June 13, 2002 (Note 2)   101.5 (Note 3)         10         9 (Note 4) 
--------------------------------------------------------------------- 
Totals                   156.1                  21        17 
--------------------------------------------------------------------- 

Notes
1. Five of the macrodiamonds are equal to or greater than 0.5 mm in
two dimensions, including the 0.13 carat colourless whole crystal
described above. The dimensions of this diamond are 4.0 x 2.7 x 1.9
mm.

2. In addition to the diamonds shown in the table, more than 2500
diamond fragments were recovered from this sample.

3. Sample weight has been corrected from 101.2 kg as reported in the
June 13, 2002 release.

4. Seven of the macrodiamonds are equal to or greater than 0.5 mm in
two dimensions, the largest measuring 2.8 x 1.5 x 0.7 mm.



Together with the encouraging result for the Renard 2 mini-bulk sample reported on June 11 and the microdiamond results for Renard 4, 5, and 6 reported on June 13, the current results emphasize the need for more detailed evaluation of the diamondiferous Renard cluster. Ashton and SOQUEM are therefore developing a program for implementation in late summer that will include the collection of larger samples from some of these kimberlitic bodies.
Summer 2002 Exploration Program P. The joint venture has recently commenced its 2002 summer exploration program. On the Foxtrot property, the program will include prospecting and detailed heavy mineral sampling in the vicinity of the Renard cluster and ground geophysical surveys over kimberlite-type geophysical anomalies identified by airborne surveys carried out in late 2000 and early 2002. The highest priority targets will then be drilled. Detailed heavy mineral sampling will also be conducted to resolve unexplained indicator mineral anomalies on the property. P. In addition to detailed evaluation of the Foxtrot property, the joint venture has two other objectives for the current program. The first is to identify and prioritize additional drill targets on other joint venture permits. This will be done by the collection of follow-up heavy mineral samples and completion of ground geophysical surveys over a number of previously identified airborne geophysical anomalies. The second objective is to continue broadly-based reconnaissance work through regional scale and follow-up heavy mineral sampling.
Ashton and SOQUEM hold more than 380,000 hectares of highly prospective mineral permits in north-central Quebec. The joint venture holdings in the Otish Mountains region are comprised of the 153,000 hectare Foxtrot property and the 104,000 hectare Tichegami property. A location map for these properties is available at www.ashton.ca/projects/projectmaps.html.
Ashton is the operator of the 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. 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.

CONTACT: Ashton Mining of Canada Inc.
Robert T. Boyd, 604/ 983-7750
or
Ashton Mining of Canada Inc.
Ariel Bowers, 604/ 983-7750
Website: www.ashton.ca
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