Ashley Gold Corp. (CSE: “ASHL”) (“Ashley” or the “Company”) is pleased to report positive assay results from its core evaluation program on over 10,500 metres of historic drill core within 29 holes stored in Matachewan, Ontario from its Ashley Mine Project located approximately 18 kilometres northwest of Alamos Gold’s Young-Davidson Mine. Reconnaissance surface sampling was also conducted on several known vein occurrences outcropping throughout the Ashley Mine Project which returned several significant gold assays. The Company intends to follow up these encouraging results with a more comprehensive surface sampling program in conjunction with Project-wide data compilation, including entry of all available historic core assaying and integration to develop a dynamic 3D model aiding future exploration efforts.

“With the results announced today, we believe that the historic gold assay values and extraction results of the past producing Ashley Mine and surrounding area have been verified and there remains good potential to expand known zones laterally and to depth, with good continuity” said Darcy Christian, Ashley’s Vice President, Operations. “In addition, the underexplored nature and promising structural setting of the Project provide significant upside potential for discovery of previously unknown quartz vein and syenite-hosted gold systems, especially under the widespread glacial till cover.”

Ashley Mine Historic Core Re-Sampling

The program consisted of re-labelling and re-tagging all available historic core, high-definition photography of over 9,500 meters within 25 holes, and full detailed re-logging of approximately 9,000 metres within 23 holes including geology, alteration, mineralization, and notation of assay tag locations. Core sampling was undertaken on selected highlight zones and unsampled “in-fill” zones consisting of 102 core samples totaling 98.75 metres within 14 holes (Note: Several historical highlight zones were completely removed by previous operators and could not be re-sampled for evaluation and confirmation purposes). Table 1 below lists all significant assay intervals returned during the re-sampling program of historic core, while the most significant highlight assay intervals include:

A005                           5.68 g/t Au over 2.35 metres, including 39.20 g/t Au over 0.35 metres

A007                           0.50 g/t Au over 9.50 metres, including 0.99 g/t Au over 4.00 metres

A009                           1.01 g/t Au over 4.15 metres, including 10.60 g/t Au over 0.35 metres

A017                           0.57 g/t Au over 5.10 metres, including 1.71 g/t Au over 1.70 metres

A025                           5.48 g/t Au over 2.30 metres, including 41.90 g/t Au over 0.30 metres