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Press Release

Rio Tinto agrees to private placement with Ashton Mining of Canada Inc.

01 December 2005

Rio Tinto has agreed to acquire 3,460,000 flow-through common shares of Ashton Mining of Canada Inc. (“Ashton”) at a price of C$1.30 per common share. This private placement represents approximately 4.4 per cent of Ashton’s issued and outstanding common shares for gross proceeds to Ashton of C$4.5 million.

Following the completion of the private placement, Rio Tinto (through both Ashton Canada Pty. Limited, an indirect, wholly-owned subsidiary of Rio Tinto Limited, and QIT-Fer et Titane Inc., an indirect, wholly-owned subsidiary of Rio Tinto plc) will hold 43,498,696 common shares of Ashton (representing approximately 53.4 per cent of Ashton’s issued and outstanding common shares).

Rio Tinto has no present intention of acquiring other securities of Ashton or of disposing of any of the securities of Ashton which it holds. Depending upon its evaluation of Ashton’s business, prospects and financial condition, the market for Ashton’s securities, general economic conditions and other factors, Rio Tinto may acquire additional securities of Ashton or sell some or all of the securities it holds.



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