But by comparing circulation models with two new sources of
data -- satellite-based observations and location-specific data collected
within waters located off the coast of New England -- scientists have a chance
to generate new and useful simulations. Similar work was conducted
during the corresponding period in 2004. In particular statements relating to the ore
production, the construction and commissioning and the exploration
programs and objectives are forward-looking statements.

floodplains ionosphere

At MIT's Department of Earth, Atmospheric and Planetary Sciences,
researcher Chris Hill is working with fellow scientists at MIT and elsewhere
to deploy advanced computing technology for studying phenomena including ocean
circulation, weather systems, climate dynamics and seismic and mantle
processes .

News Editors

VANCOUVER, British Columbia----Robert
T. As a
result, the Corporation incurs higher exploration costs during
periods of the year when field operations are at their peak ,
generally during the winter and summer months. However, during the early part of the third quarter , the mill
experienced a period wherein the losses to the tailings went up into the 0.
The ore grade projected to be mined in the fourth quarter is slightly
over 1. Douchane, President and CEO said: "We were
very pleased to present URSA with a $1. The drilling continues to provide
encouraging results (see press release dated September 26, 2005).

geoscience agu

, As Earth Day
2005 approaches, more scientists than ever are working to understand our
environment and mankind's impact on it. "Powerful
systems such as SGI Altix allow us to accelerate our ability to apply basic
science to these practical problems .

SILICON GRAPHICS | The Source of Innovation and Discovery(TM)
SGI, also known as Silicon Graphics, Inc. This work included:

- analysis of the final 396 of the 664 tonnes of kimberlitic
material collected from Renard 2, 3, 4 and 65.5 grams per tonne.9
----------------------- --------------------------------------------------
Head Grade
(grams per tonne) 2.91 1.

agu iah

This unique global shared-memory architecture
enables researchers to hold entire data sets in memory, allowing for faster
and more interactive data analysis, and resulting in more incisive
conclusions., is a leader in high-performance
computing, visualization and storage. Whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate , providing technologies for homeland
security and defense or enabling the transition from analog to digital
broadcasting, SGI is dedicated to addressing the next class of challenges for
scientific , engineering and creative users. By- product metals production during the third quarter of 2005 included
4,567 ounces of platinum, 3,428 ounces of gold, 399,852 pounds of nickel and
1,401,856 pounds of copper. The Company also earns
substantial revenue from by-product nickel, platinum, gold and copper.

stomp onset

" In particular, Hill said, Altix servers are
"powerful tools for formally combining simulations and observations to produce
giant brain-scans of the whole plant in unprecedented detail. Until recently, biological
data collected intermittently on ships lacked the duration and geographic
breadth to provide a meaningful context for broad-based studies in this area. Boyd, President and CEO of Ashton Mining of Canada Inc.

During the first quarter of 2005, diamond recovery from samples
collected in 2004 was also completed.3 carat stone,
giving this sample an estimated diamond content of 92 carats per
hundred tonnes ("cpht").75 grams of palladium per tonne, which in combination with the
improvement in ore metallurgy is expected to result in a higher overall
recovery rate than experienced during the third quarter.4 91.

magnetosphere sedimentary

The scope of these activities was not as extensive as that of the
field program conducted during the winter of 2004. The two samples returned diamond contents of 256 and 47 cpht
respectively.
Development and construction continue to be on target for commercial
production during the first quarter of 2006.53 2.9 86. Andre J. Palladium
use in the auto industry continues to be an important component in
controlling exhaust emissions as mandated by more stringent hydrocarbon
emissions standards for cars, particularly in the United States, Europe
and Japan.

substorm floodplain

Most recently, the Massachusetts Institute of Technology (MIT ), the
University of Massachusetts-Dartmouth (UMass Dartmouth), and the China
Meteorology Administration 's Institute of Desert Meteorology Urumqi recently
acquired powerful SGI computing solutions to drive new discoveries in a range
of environmental and atmospheric sciences.1
million in the first quarter of 2005, which resulted in the
recognition of net income for the period, variations in the quarterly
loss and the corresponding loss per share are due principally to the
write-off of exploration costs. The largest diamond was a 4. Further work will be required to determine whether
this system hosts large blocks of high-grade kimberlitic material
that could positively impact an evaluation of the economic potential
of the Renard cluster and of the Foxtrot project. In accordance with Canadian generally accepted
accounting principles, Ashton has recorded the $1. The Company is anticipating the
start of the underground's production in order to blend its high grade ore
with that of the open pit, which will bring the combined head grade average
for 2006 to over 2.78 1.

stomp sedimentary

This makes SGI's high-performance
computing, visualization and storage technologies a vital part of the
institute 's work. With offices worldwide, the
company is headquartered in Mountain View, Calif. ("Ashton"
or the "Corporation") (TSX:ACA), is pleased to announce that Ashton
has had a very successful start to 2005.

Exploration Activities

Including the contributions of the Corporation's joint venture
partners, gross exploration costs in the first quarter of 2005
amounted to $5. Ashton 's 2005 winter field activities, completed
in April, included the following:

- a drilling program on the Renard cluster;

- target drilling on the Foxtrot and Monts Otish properties; and

- airborne and ground geophysical surveys.3 carat
octahedron recovered from Renard 3.

Ashton Mining of Canada Inc. This compares to the third quarter of 2004 when
the mill processed 1,301,378 tonnes of ore, or 14,145 tonnes per day with a
palladium grade of 2.
Mineralization to the south of the historic inferred resource of 1. The Company disclaims any
obligation to update or revise any forward-looking statements whether as
a result of new information, events or otherwise.

geospace egs

MIT , UMass Dartmouth, and China Meteorology Administration Are Latest to Join
Global Research Efforts Powered by SGI

MOUNTAIN VIEW, Calif. These expenses resulted from visits to field operations
by analysts, press and government representatives, and professional
fees paid in relation to the recruitment of candidates for management
and director positions.9 million).

onset icam

, climate changes in the western North
Atlantic Ocean may hold the answers to how oceanic circulation and biology
impact the carbon cycle, the intricate web of interactions between the
biosphere, atmosphere, oceans and geosphere -- all of them linked by the
element that is the basis of all life on Earth . Only state-of-the-art
technology like the kind provided by SGI could deliver the performance and
architecture we needed to support our combined data analysis and modeling
approach.2 million (2004 - $3.

The table below provides, for each of the eight most recent
quarters, a summary of exploration costs on a project-by-project
basis. commenced a $12 million
exploration program . This work has resulted in higher costs during the first
quarter of 2005 compared to the corresponding quarter in 2004.
The milling problems the Company faced with regards to throughput and
availability in the first and second quarters of 2005 were resolved during the
third quarter, with the mill averaging close to its design capacity during
September.8 74. The property is proposed to be a 60%
NAP , 40% URSA joint venture with NAP becoming the operator upon successful
completion of a viable feasibility study and arranging financing for
commercial production.

>>

icam egs

"Our existing resources weren't
adequate to produce the high-resolution regional modeling effort we had in
mind ," said Jim Bisagni, principal investigator on the project and associate
professor at UMass Dartmouth ."
SGI computing, visualization and storage solutions are particularly well
suited to scientific applications, due in large part to SGI's third-generation
NUMAflex(TM) architecture. Most of these
expenditures relate to drilling activities and geophysical surveying. In
addition to returning the mill to its standard operations, Lac des Iles
recently began the implementation of cost savings measures that are expected
to result in a future 10% overall cost reduction.4 grams per tonne palladium .47
-------------------------------------------------------------------------
Mill Availability (%) 87.

goldschmidt mineralogy

4
million) of which more than 75 percent was expended in Quebec.6 carats of diamonds from six tonnes of
kimberlitic material from Renard 9, including a 3.8%.2 62. Important factors that could cause
actual results to differ materially from those expressed or implied by
such forward-looking statements include among others fluctuations in
grade, and geological , mining, processing or technical problems.S.

stomp rsega

Ashton's share of these expenditures was $3.

Quebec

In January 2005, Ashton and SOQUEM INC.6 and 5.

The exercise of stock options resulted in the issuance of 47,375
common shares during the first quarter. Securities and Exchange Commission and Canada
provincial securities regulatory authorities.

geospace vladivostok

, and can be found on the Web
at http: //www.4 million tonnes of kimberlitic
material.

Quarterly administrative expenses have not varied significantly
over time except for variations attributable to the effect of
stock-based remuneration resulting from the granting of stock
options. This result, together with the positive
results from the winter delineation drilling, indicates that Renard 9
could add significantly to the potential of the Renard cluster; and

- processing of 4.

SHARE CAPITAL

During the first quarter of 2005, the Corporation renounced $3.

egs substorm

Hill and his team also make extensive use of the 10,240-processor
Columbia Altix supercomputer at NASA Ames Research Center.7 million (2004 - $6.

Alberta

During the first quarter, fieldwork in Alberta focussed on the
completion of ground geophysical surveys. These transactions do not affect Ashton's cash
position. Palladium is also used in the dental, electronics, jewellery
and chemical sectors.

rsega floodplains

World's Leading Scientists Study and Preserve Earth Environment With Help From SGI Technology

For researchers at UMass Dartmouth's School for Marine Science and
Technology in New Bedford, Mass.
An eight-processor SGI Altix system, installed during June 2004, serves as
the compute engine for the three-year project .

Ashton Announces First Quarter Results

At this stage of the
Corporation's initiatives, prevailing weather and ground conditions
strongly influence the timing of activities in the field.7 km long continuous or
semi-continuous dyke system located approximately 2 km west of the
Renard cluster . Typical palladium
losses to the mill tailings are in the range of 0.

geoscience geospace

These grants were made primarily in the fourth quarter of
2003 and 2004.

During the first quarter of 2005, laboratory analysis of
indicator mineral samples collected from the Nunavut properties in
2004 was also conducted .9%, there was a significant
reduction in the total amount of palladium ounces produced.
The underground's development throughout the third quarter progressed as
planned, with the ramp now down 1,036 metres to the 5180 stope level.17 1.

egs geospace

"Studying the Earth system is important to society, but it also
presents fascinating problems in fluid dynamics, physics, chemistry, geology,
hydrology and computer science," said Hill, whose modeling work in MIT's
Program of Atmospheres, Oceans and Science incorporates a 16-processor SGI(R)
Altix(R) server with 80GB of memory, which was installed at MIT in the summer
of 2004.

NOTE: Silicon Graphics, SGI, Altix, the SGI cube and the SGI logo are
registered trademarks, and NUMAflex and The Source of Innovation and
Discovery is a trademark of Silicon Graphics, Inc.

MEDIA CONTACT
Marla Robinson
marlar@sgi . Field exploration
programs are often suspended for short periods in late spring and
fall.

High priority targets confirmed by ground geophysics will be
drilled during the summer field season .

North American Palladium Ltd. Announces Third Quarter 2005 Operating Performance + Exploration Update

6 - During the third quarter of
2005, the Lac des Iles mill processed 1,328,433 tonnes of ore , or an average
of 14,439 tonnes per day with an average palladium head grade of 1.
These losses are primarily dictated by the ore's mineralogy and generally do
not fluctuate.0 70.5 million cheque earlier this week to
complete the option payment.

---------------------------- ---------------------------------------------
North American Palladium's Lac des Iles Mine is Canada's only primary
producer of platinum group metals and is one of the largest open pit bulk
mineable palladium reserves in the world.

auroral floodplain

These include
Dalhousie University, Israel's Jacob Bluestein Institute for Desert Research,
NASA Ames Research Center, the University of Minnesota Supercomputing
Institute, Oak Ridge National Laboratory, and the Fleet Numerical Meteorology
and Oceanography Center., in the United States
and/or other countries worldwide. All other trademarks mentioned herein are
the property of their respective owners. The 50 hectare Core Area encompasses
six kimberlitic bodies, of which Renard 2, 3, 4, 65 and 9 are
currently estimated to contain 22.1
million of Canadian exploration expenditures to subscribers of
flow-through common shares under a private placement that closed on
December 6, 2004. This has resulted in the recognition of a
future tax recovery.

Forward-Looking Statements - Certain statements included in this news
release are forward -looking statements which are made pursuant to the
"safe harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995.

biogeochemistry floodplains

They join a long list of SGI customers pioneering the study of global
warming and the impact of environmental changes on the Earth.
"To understand the practical problems the world faces, we first need to
comprehend the underlying , purely scientific problems," Hill said."
In western China, researchers at the Institute of Desert Meteorology,
Urumqi, part of the China Meteorology Administration, are turning to
high-performance SGI technology to develop new insights in ecological
regeneration, sustainable use of natural resources , and the image of desert
areas on global climate change. "This project involves assimilating and
analyzing huge amounts of data from multiple sources.sgi.7 million) and working capital was $13. During the corresponding period in 2004,
capital expenditures related primarily to the purchase of equipment
in support of field activities in Quebec ($187,000), the completion
of laboratory leasehold improvements ($123,000) and laboratory
equipment upgrades ($133,000). As a result, if the
mill continues to operate at its design capacity, the expectation is to
produce approximately 56,000 ounces of palladium during the fourth quarter.3 84.
The Offset High Grade Zone drilling program continues and is still on
track to be completed by December.

rsega icam

SGI servers, visualization systems, and
storage area network solutions were installed in March to give the institute's
researchers dramatic new capabilities in their search for answers to climate
changes and weather patterns in western China and beyond.

In the second and third quarters of 2004, the
Corporation also incurred higher than usual investor relations
expenditures.

------------------------------------ ---
Amounts in Thousands of Dollars per
Calendar Quarter
2003
Second Third Fourth
---------------------------- ----------------------------------------
Quebec $ 524 $ 1,548 $ 650
Alberta 66 201 257
Nunavut and Northwest
Territories 1,010 992 211
Others 12 70 23
---------------------------------------------------- ----------------

2004
First Second Third Fourth
------------------------------------------------ --------------------
Quebec $ 3,190 $ 489 $ 3,089 $ 1,684
Alberta 117 48 143 119
Nunavut and Northwest
Territories 90 642 947 240
Others 49 32 45 33
--------------------------------------------------------------------

2005
First
------------------------------------------------ --------------------
Quebec $ 2,483
Alberta 218
Nunavut and Northwest
Territories 443
Others 59
--------------------------------------------------------------------

Ashton explores in remote areas of Canada. During that year,
completion of the first phase of a 660 tonne bulk sample program on
the Renard cluster resulted in higher expenditures. These diamonds substantially
constituted the parcel that was valued in Antwerp;

- recovery of 5.

CAPITAL RESOURCES

No significant capital expenditures were incurred during the
first quarter of 2005 .1 million tax
effect of this renounciation as a reduction of share capital and as a
future tax liability. Mine personnel are committed
to identifying further cost savings as rising electrical power and fuel costs,
combined with weak palladium prices continue to place stress on the Company 's
operations. URSA has proven to be an excellent partner and we
look forward to a positive outcome with the feasibility study". In
addition to operating Lac des Iles, the Company's mandate is to expand
its production profile through an aggressive exploration campaign,
designed to increase its exposure to base and precious metals. They include estimates and statements
that describe the Company's future plans, objectives and goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Readers are cautioned
not to put undue reliance on these forward-looking statements.

hlungsborn rsega

Achieving those insights requires numeric analysis and modeling
of enormous amounts of weather data. SGI's vision is to provide technology
that enables the most significant scientific and creative breakthroughs of the
21st century.7 tonnes of kimberlitic boulders
collected at the south-eastern and north-western end of the Lynx dyke
system.8 million). The Corporation has offset the future tax
liability by recognizing the tax benefit of deductions for tax
purposes available for future years that had not previously been
recognized in the accounts.53 grams per tonne, producing 79,174 ounces of palladium
at a recovery rate of 74 .05 million
ounces (see Annual Report 2004) appears to be expanding with recent drill
results indicating widths in the 30 to 40+ metre range. These types of widths
are significant because they may be amenable to future lower cost, large scale
bulk mining techniques.

iamg goldschmidt

And today, Silicon Graphics
(NYSE: SGI ) announced that scientists at three respected institutions have
joined the ranks of researchers worldwide who rely on SGI(R) computing,
visualization and storage solutions to study and preserve the planet 's
resources and ecosystems. By handling larger problems all at once,
we can get to our results sooner. The primary focus of Ashton's
activities was the Core Area of the Renard cluster on the Foxtrot
property in north-central Quebec. In total, the 664
tonne bulk sample returned 457 carats of diamonds , including 25
diamonds greater than one carat. These results confirmed the highly diamondiferous
nature of the Lynx dyke system, a 3.3
million (December 31, 2004 - $16. Trading Symbols TSX - PDL
AMEX - PAL

TORONTO, Oct.47 grams
per tonne, producing 39,532 ounces of palladium at an average recovery rate of
62.6
grams of palladium per tonne range , mainly due to metallurgical issues, and
adversely affected the quarter's palladium recovery.6 74.

onset regularities

com.com
256-864-3426

SGI PR HOTLINE
650-933-7777

SGI PR FACSIMILE
650-933-0283

Another notable
accomplishment was the 27 percent increase in the estimated tonnage
within the Core Area over the initial estimate announced in Amounts are expressed in thousands of dollars

Except for the recognition of the future tax recovery of $1 .

FINANCIAL CONDITIONS AND LIQUIDITY

Cash on hand at March 31, 2005 was approximately $14 million
(December 31, 2004 - $16. (TSX:ACA)

The following table outlines the operating results for the past five
quarters:

<<
------ --------------------------------------------
Q3, 2004 Q4, 2004 Q1, 2005 Q2, 2005 Q3, 2005
------------------------------------------------------------------------ -
Mill Throughput
(tonnes per day) 14,145 13,075 12,848 13,135 14 ,439
-------------------------------------------------------------------------
Palladium Recovery (%) 74.3 87. When used herein, words such as "expect",
"continue", "estimate ", "anticipate", "will", "appears", "indicating",
"may" and other similar expressions are intended to identify forward-
looking statements. Such forward-
looking statements involve inherent risks and uncertainties and are
subject to factors, many of which are beyond our control that may cause
actual results or performance to differ materially from those currently
anticipated in such statements.

floodplains iah

By studying certain aspects of desert climates, institute researchers may
discover new truths about global warming and even gases and glacial-snow
meteorology. The favourable valuation announced in late April for the
parcel of diamonds recovered from Renard 2, 3, 4 and 65 is the
highlight of Ashton's activities to date.

Nunavut and Northwest Territories

Kimberlite was intersected at two of three targets drilled on the
100 percent-owned Ric property in Nunavut in late March and early
April.
Caustic dissolution analysis of sections of drill core from one of
the two targets is scheduled for the third quarter. This work will continue during the second
quarter in anticipation of the summer field program that will include
indicator mineral sampling , geophysical surveying and, if warranted,
further target drilling.9%. Due to the low open pit ore grade that had to be mined throughout
the third quarter and the low recovery rate of 62.4 to 0.7
-------------------------------------------------------------------------
Palladium Production
(ounces) 79,174 62,526 52,572 48,230 39,532
------------ -------------------------------------------------------------

The Company is pleased to announce that on Thursday September 29, 2005,
the shareholders of URSA Major Minerals Incorporated (TSXV: UMJ) approved the
option and joint venture agreement on the Shakespeare nickel, copper, PGM
property located near Sudbury, Ontario. For a
more comprehensive review of risk factors, please refer to the Company's
most recent Annual Report under "Management's Discussion and Analysis of
Financial Results" and Annual Information Form under "Risk Factors" on
file with the U.