Mr. Darcy Christian reports

ASHLEY GOLD SIGNS LOI TO ACQUIRE ADVANCED UTAH URANIUM - VANADIUM ASSET

Ashley Gold Corp. has signed a non-binding letter of intent (LOI) to enter into an option agreement for the 100-per-cent acquisition of the Sahara uranium-vanadium property, located in Emery county, Utah. The property is located 12 miles away from the town of Green River, Utah, where Western Uranium and Vanadium (WUC) is in the process of permitting a processing facility for its San Rafael and Sunday mine complex resources as well as third party processing. First ore processing for the facility is expected in 2026. The company is looking to rapidly advance the asset to provide future feed to the new proposed processing facility.

Highlights:

• LOI to earn 100 per cent of property over five years;
• Over 900 historical drill holes most with data;
• 12 miles from WUC's Green River mill slated for production in 2026;
• Drill ready for resource confirmation and expansion;
• Includes historic mine decline and 700 feet of haulage drifts;
• Historical resource with recent 3-D modelling, suggesting significant room for expansion with addition of modern drilling;
• Over 40 square kilometres of contiguous prospective ground.

Darcy Christian, chief executive officer of Ashley, commented: "This is an excellent opportunity for both existing and new shareholders of Ashley. We all know how gold exploration projects are not being valued in the current market. This acquisition should allow us to continue to advance our gold assets in a less dilutive way while providing the opportunity for cash flow in the next few years. Historically, a 500,000-pound non-compliant uranium reserve was defined on the Sahara property by Energy Fuels, with recent modelling of historic drilling suggests this number is significantly larger. It will be our goal in the first stage of the option agreement to confirm historic drilling and bring in a compliant resource we can work towards permitting for production."

About the Sahara property

The Sahara property is located 12 miles southwest of Green River, Utah, and consists of over 400 claims totalling over 10,000 acres. The region has produced four million pounds of uranium and five million pounds of vanadium with some historical production occurring on the property until 1980. The project is located one mile off of the I-80 and is accessed by all-weather gravel roads. Water wells are located on the property and power is located less than a mile away to the northeast. In addition, a nearby telecommunication tower and fibre optics at the property provide Internet and phone access.

The property has over 900 historical drill holes over the Sahara, Jessies Twist and Acheson discoveries. Mineralization occurs in the Salt Wash member of the Morrison formation within fluvial sandstones. Additional targets have been identified with surficial gamma-ray spectrometry readings across the property. In addition, bulk-tonnage targets have been identified for drilling as well as the hydrodynamic conditions for roll-front blue-sky potential.

Terms

Upon execution of the LOI, Ashley has 30 days to pursue due diligence, conduct a site visit and develop the definitive agreement. Ashley will issue 500,000 shares as consideration of the LOI.

Upon signing the definitive agreement and successful financing, Ashley will issue 4.5 million shares. Ashley will drill an initial 1,000-metre program and produce a National Instrument 43-101 report for the property.

With election to pursue 100-per-cent ownership, Ashley will pay a consideration of approximately $5-million payable in cash and shares over five years. The terms will be also subject to certain work commitments, a 2-per-cent net smelter return royalty, and bonuses linked to successful delineation of 10 million and 30 million pounds of uranium tied into a preliminary economic assessment.

Full details of the terms will be released in a future press release when finalized. Closing of the definitive agreement will be subject to due diligence results, financing, as well as Canadian Securities Exchange and shareholder approvals.

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, a 100-per-cent interest in the Burnthut property, subject to a 1.5-per-cent net smelter return 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/Manitou Lakes greenstone belts.

We seek Safe Harbor.