Ashton first quarter up by 88% in 2006

Ashton Mining Inc., a Canadian miner witnessed an 88% increase in profit to $944,000 in the first quarter of the 2006 fiscal year as compared to $500,000 in the first quarter of 2005. The net income for the period includes a $1.65 million future tax recovery.

Quarterly administrative expenses stayed relatively flat at $650,000. Excluding exploration costs written off to operations, corporate costs for the first quarter of 2006 were comparable to those incurred during the same period in 2005. Including the contribution of the corporations joint venture partners, gross exploration costs in the first quarter of 2006 were $7.4 million.

Most of these expenditures relate to drilling activities and mobilisation of equipment and supplies in preparation for the collection of the bulk sample in Quebec scheduled to begin in the summer of 2006. Ashtons share of these expenditures was $3.6 million of which more than 90% was expended in Quebec.