JASPER MINING CORPORATION CLOSES $199,500 PRIVATE PLACEMENT

Trading Symbol: JSP (TSX-V)
www.jaspermining.com

CALGARY, May 12 /CNW/ - Jasper Mining Corporation (the "Company")(TSX-V:JSP) is pleased to announce that it has completed a non-brokered private placement, as announced on May 5, 2011, and accordingly has issued 767,308 units of the Company at a price of $0.26 per unit; for gross proceeds to the Company of $199,500. Each unit will consist of 1 common share and ½ common share purchase warrant. The warrants are at an exercise price of $0.45 and expire May 6, 2013.

The private placement has resulted in the issuance of 767,308 common shares, and 383,654 share purchase warrants. There were 3 subscribers to the private placement.

A finders fee of $8,970 will be paid to Anacort Capital Inc., being 6% of $149,500 and the Company will grant finder's fee warrants equal to 6% of 575,000 units subscribed for to Anacort Capital Inc. (34,500 warrants) at an exercise price of $0.45 with a term of 18 months.

All of the securities issued pursuant to this private placement are subject to a four month hold period.

This News Release is being issued in accordance with TSX Venture Exchange procedure which requires a News Release be made that discloses the material details of the private placement.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of this release.

SOURCE Jasper Mining Corporation

For further information:

Gordon F. Dixon, Q.C., President, Jasper Mining Corporation, Telephone: (403) 297-9483, Fax: (403) 266-1487, e-mail: gdixon43@telus.net


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