JAG Mines Ltd. and M B Capital announce oil and gas partnership agreement - Work commences in Témiscouata and Lac St-Jean



    ("JML") TSX VENTURE EXCHANGE

    MONTREAL, March 1 /CNW Telbec/ - J.A.G. Mines Ltd. ("JAG") is pleased to
announce the signature of an agreement with M B Capital ("MBC"), a private
Canadian company whereby MBC may earn a 50% interest in the 16 oil and natural
gas exploration permits acquired by JAG in April 2006. The permits cover a
total area of 332,790 hectares in three regions of Quebec: Témiscouata,
Lac St-Jean and Charlevoix.
    The agreement provides for MBC to earn its 50% interest by financing the
first two phases of work on the properties in 2007, for a sum total of
$1,500,000. A work program was developed by geologist Geneviève Camiré and
reviewed by NI 51-101-qualified geologist Paul Laroche. The program focuses on
basic geological studies and the identification of areas of interest on these
large properties. The first phase of work, which is presently underway,
involves an amount of $200,000, which MBC has already transferred to JAG.
    Sub-surface geophysical work has started in Témiscouata to delineate the
anomalous zones potentially associated with hydrocarbon circulation. Identical
surveys will begin on Monday, March 5, 2007, on the south-western half of Lac
St-Jean.
    This transaction has been submitted to and approved by the TSX Venture
Exchange.

    About JAG

    J.A.G. Mines Ltd. ("JAG") is a Quebec-based junior mining company engaged
in exploration for precious and base metals and industrial minerals. The
Company was formed in 1976 and is listed on the TSX Venture Exchange under the
symbol JML.V. In addition to its mining exploration projects, JAG also owns
16 oil and natural gas exploration permits on three large properties in
Quebec, and is now preparing to conduct exploration on these permits.

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




For further information:

For further information: Pierre Gévry, President, (514) 849-7336,
st-jacques@qc.aira.com

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J.A.G. MINES LTD.

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