JASPER MINING CORPORATION CLOSES $797,000 PRIVATE PLACEMENT

Trading Symbol: JSP (TSX-V)

CALGARY, Feb. 28 /CNW/ - Jasper Mining Corporation (the "Company")(TSXV:JSP) is pleased to announce that it has completed a non-brokered private placement, as announced on February 10, 2011, and accordingly has issued 3,188,000 units of the Company at a price of $0.25 per unit; for gross proceeds to the Company of $797,000. Each unit will consist of 1 common share and ½ common share purchase warrant. The warrants are at an exercise price of $0.35 and expire February 16, 2013.

The private placement has resulted in the issuance of 3,188,000 common shares, and 1,594,000 share
purchase warrants. There were 30 subscribers to the private placement.

A finders fee of 6% has been paid to Macquarie Private Wealth Ltd. ($12,720), Anacort Capital Inc. ($27,600) and National Bank Financial ($7,500) and the Company has granted finder's fee options equal to 6% of the total number of units subscribed for to Macquarie Private Wealth Ltd. (50,880 options), Anacort Capital Inc. (110,400 options) and NBCN Inc. ($30,000 options), at an exercise price of $0.35 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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