Mr. Darcy Christian reports

ASHLEY INTERSECTS HIGH-GRADE 41 G/T AU WITH VISIBLE GOLD AT THE TABOR PROPERTY MAIDEN DRILL PROGRAM

Ashley Gold Corp. has released the assay results for the maiden drill program at the Tabor property. Mineralization was intersected in all holes drilled and all objectives have been reached to advance the project to the next phase.

Highlights:

• TL-23-001 intersects 41 grams per tonne gold over one metre, including visible gold from 60.5 metres;
• Deeper mineralization confirmed in addition to main workings;
• Metallic screening of TL-23-001 shows coarse fraction of 535 g/t Au;
• Mineralization in quartz flooding into wallrock shows elevated gold values;
• Maiden program successfully confirms high-grade nature of Tabor.

Darcy Christian, president of Ashley, commented: "This is a great result for Ashley and its shareholders. We have confirmed high-grade mineralization of the area as well as deeper mineralized potential identified by historical drilling. We see mineralization into the wallrock at the vein interfaces, which will become important for stoping widths in a production scenario. Grade variability is to be expected in these high-grade systems; the fact we have hit mineralization in all holes is a significant finding, especially when considering we have only drilled 550 metres to date. I am looking forward to continued exploration drilling at Tabor and our new Sakoose acquisition."

Discussion

TL-23-001 was drilled to test the main vein system and deeper potential. Unfortunately, the collar location was west of ideal placement due to access constraints and the hole is interpreted to have drilled into the eastern side of the QFP (quartz-feldspar porphyritic)/mafic contact before target depth. To test the deeper historical 838 g/t Au*, Ashley will need to target this from the lake in a winter drill program as done in historical programs. TL-23-002 was modified from predrill plans based on this to test north along the historical workings. It intersected grades of 0.40 g/t Au averaged over two metres from a depth of 110 metres, highlighting the potential of the deeper mineralization interpreted from historical drilling and quartz veining described within the shaft. TL-23-003 and TL-23-004 were drilled to test the shallow potential of the main vein. TL-23-003 correlates to the better historical underground assay results and ran 11.60 g/t Au over one metre while TL-23-004 was drilled near a leaner zone in the underground assays and ran 2.94 g/t Au over one metre. TL-23-005 was testing the western extension of the vein and intersected elevated gold values at both the main vein and deeper target returning 1.11 g/t Au over one metre.

Metallic screening of the 60.50-metre-to-61.50-metre sample in TL-23-001 confirms the presence of coarse gold seen in the core with plus-100-mesh size running 535 g/t Au (see attached table). Mesh fines of minus 100 ran 33.1 and 33.6 g/t Au with a weighted average of 41 g/t Au.

Mr. Christian commented: "Although we were unable to get an appropriate angle to test the deep potential of the historical 838 g/t Au* reported, we now have modern data to help with targeting upcoming programs. We do see evidence of mineralization below the main workings and metallic screens show the high-grade potential of the vein sets. I believe that, with these results, we have the justification to spend some more effort on a deeper program from the lake and complete some multielemental and structural analysis to help understand Tabor and the larger overall project area. We are seeing elevated values of gold in the wallrock around veins suggesting wider zones of mineralization can be targeted."

* Please note that assay values denoted with an asterisk within this release are from previous operators, considered to be historical in nature, and therefore are non-compliant with respect to National Instrument 43-101 standards and have not been independently verified by Ashley Gold. The values have been extracted from publicly available government resources, including assessment reports and Minfile inventory details, and it is unknown what type of quality control programs were performed at the time.

The qualified person responsible for the technical content of this press release is Shannon Baird, PGeo, exploration manager of Ashley Gold.

About Ashley Gold Corp.

Ashley Gold is focused on creating substantive, long-term value for its shareholders through the discovery and development of world-class gold deposits. Ashley has acquired 100 per cent of the Tabor Lake lease (subject to a 1.5-per-cent royalty), 100 per cent of the Santa Maria project (subject to a 1.75-per-cent royalty), a 100-per-cent interest in the Howie Lake project (subject to a 0.5-per-cent royalty), a 100-per-cent interest in the Alto-Gardnar project (subject to a 0.5-per-cent royalty) and an option to earn 100 per cent of the Sakoose claims (subject to a 1.5-per-cent net smelter return royalty).

Ashley Gold is an early-stage natural resource company engaged primarily in the acquisition, exploration and, if warranted, development of mineral projects. The corporation's objective is to conduct efficient and economical exploration on its growing portfolio of high-quality gold projects, currently focused in Northwestern Ontario within the Eagle, Wabigoon and Manitou Lakes greenstone belts.

We seek Safe Harbor.