Ashton Closes $5.25 Million Private Placement

Ashton Mining has closed the private placement it announced on November 1, issuing 5 million units at a price of $1.05 each for gross proceeds of $5.25 million.

A finders' fee of $52,500 is payable in connection with this transaction.

Each unit consists of one common share and one half-warrant. Each warrant will entitle the holder to acquire one Ashton common share for $1.30 not later than May 19, 2007.

The company will use the proceeds of the offering for its 2005 exploration programs and for working capital and general corporate purposes.