Jasper Mining Corporation announces further high grade molybdenum results from three more holes on McFarlane property



    CALGARY, June 24 /CNW/ - Jasper Mining Corporation (the "Company") has
received additional high grade molybdenum results from three more holes
completed as part of its Phase II drill program on the McFarlane property. The
Company continues to drill further holes to evaluate a high grade
molybdenite-bearing quartz veins. Results to date have included molybdenite
values up to 3.235% Mo (5.396% MoS(2)(1)) with composite intervals exceeding 3
metres. Results greater than 0.1% Mo (0.167 MoS(2)(1)) are reported below.
(Note: an additional 74 samples (in addition to those reported below) returned
Mo values greater than 100 ppm). Intervals for which an average grade has been
determined for a contiguous series of multiple samples are highlighted in
bold.

    
    -------------------------------------------------------------------------
      Hole       From        To     Width(*)      Mo         Mo       MoS(2)
     Number       (m)        (m)      (m)       (ppm)        (%)      (1)(%)
    -------------------------------------------------------------------------
    MC-08-43(2)  38.12      38.24     0.12      1302.1      0.130      0.217
    -------------------------------------------------------------------------
                 53.27      54.67     1.40        1489      0.149      0.248
    -------------------------------------------------------------------------
     including   53.27      53.43     0.16        3520      0.352      0.587
    -------------------------------------------------------------------------
                 54.26      54.67     0.41        3710      0.371      0.619
    -------------------------------------------------------------------------
                 91.02      91.31     0.29        2540      0.254      0.424
    -------------------------------------------------------------------------
                 93.32      93.45     0.13        2500      0.250      0.417
    -------------------------------------------------------------------------
                 94.76      94.98     0.22      1739.7      0.174      0.290
    -------------------------------------------------------------------------
                108.75     108.91     0.16      1212.5      0.121      0.202
    -------------------------------------------------------------------------
    MC-08-55     95.26      95.46     0.20      2000(3)       0.2      0.334
    -------------------------------------------------------------------------
                100.96     101.28     0.32      1750.8      0.175      0.292
    -------------------------------------------------------------------------
                                              (greater   (greater   (greater
                                                  than)      than)      than)
                102.50     103.20     0.70      2000(3)       0.2      0.334
    -------------------------------------------------------------------------
    MC-08-67    138.66     138.78     0.12         999      0.100      0.167
    -------------------------------------------------------------------------
                163.46     163.82     0.36      1671.2      0.167      0.279
    -------------------------------------------------------------------------
                165.98     166.17     0.19      1169.6      0.117      0.195
    -------------------------------------------------------------------------
                185.65     186.14     0.49        1373      0.137      0.228
    -------------------------------------------------------------------------
                186.85     187.10     0.25      1007.4      0.101      0.168
    -------------------------------------------------------------------------
                193.94     194.24     0.30      1480.1      0.148      0.247
    -------------------------------------------------------------------------
                                              (greater   (greater   (greater
                                                  than)      than)      than)
                199.67     199.84     0.17      2000(3)       0.2      0.334
    -------------------------------------------------------------------------
                229.56     230.60     1.04        2288      0.229      0.382
    -------------------------------------------------------------------------
     including  230.41     230.60     0.19       11270      1.127      1.880
    -------------------------------------------------------------------------
                306.25     306.59     0.34      1050.5      0.105      0.175
    -------------------------------------------------------------------------
                323.79     323.92     0.13      1882.3      0.188      0.314
    -------------------------------------------------------------------------
                345.26     346.31     1.05        1470      0.147      0.245
    -------------------------------------------------------------------------
     including  345.26     345.99     0.73        1851      0.185      0.309
    -------------------------------------------------------------------------
    MC-08-68     42.89      47.64     4.75        1484      0.148      0.247
    -------------------------------------------------------------------------
     including   45.39      45.53     0.14       16150      1.615      2.694
    -------------------------------------------------------------------------
     including   45.53      46.14     0.61        1799      0.180      0.300
    -------------------------------------------------------------------------
     including   47.30      47.64     0.34      1133.4      0.113      0.188
    -------------------------------------------------------------------------
    MC-08-76(4)  37.64      37.79     0.15      1559.5      0.156      0.260
    -------------------------------------------------------------------------
                 42.33      42.97     0.64      1941.1      0.194      0.324
    -------------------------------------------------------------------------
                103.25     103.66     0.41      1948.4      0.195      0.325
    -------------------------------------------------------------------------
                122.83     123.22     0.39      1055.3      0.106      0.177
    -------------------------------------------------------------------------
                151.28     152.49     1.21        2185      0.219      0.365
    -------------------------------------------------------------------------
     including  152.23     152.49     0.26        9920      0.992      1.655
    -------------------------------------------------------------------------
                161.41     161.95     0.54        1802      0.180      0.300
    -------------------------------------------------------------------------
     including  161.41     161.76     0.35        2510      0.251      0.419
    -------------------------------------------------------------------------
                167.33     167.57     0.79      1646.9      0.165      0.275
    -------------------------------------------------------------------------

    (*) The angle between the core axis and veins were all at an inclined
        angle and so widths are not true widths

    Core in each of the sampled intervals was split, with one half submitted
    for analysis and one half retained for subsequent analysis. The core was
    submitted to Acme Analytical Laboratory Ltd in Vancouver, BC for Group
    1DX analysis. Samples that returned Mo results greater than 2,000 ppm
    were re-submitted for re-analysis. Group 7KP - 0.50 gm analysis was
    utilized for more quantitative determination of high grade Mo results.

    1 - Conversion factor from Mo to MoS(2) is 1.6681.

    2 - Results from upper portion of hole, remainder for bottom portion yet
        to be received.

    3 - Initial results exceed upper detection limit of 2000 ppm, results of
        Group 7KP re-analysis to follow

    4 - Hole 76 was deepened. Therefore, the results above represent the
        upper portion of the hole.
    

    Molybdenite mineralization has been documented in hundreds of intercepts
to date and varies from coatings several mm thick along vein contacts, through
fine- to very coarse-grained disseminations within quartz (+ pyrite +/-
sericite +/- alkali feldspar) veins up to 1.6 m thick to thin (up to 2 cm
thick) visually pure molybdenite veins. The vein system generally trends
east-west with dip varying between steeply north and steeply south dipping.
Quartz monzonite is the predominant host lithology, with overlying
metasediments (metamorphosed sediments) hosting a subordinate proportion of
molybdenite-bearing veins.
    Hole 43 was drilled 26 m north of Holes 38 to 40 and 68 m south of Holes
37, 41 and 42 (see News Releases dated May 6, 26 and 29, 2008). These holes
were drilled to test the vein system between approximately 35 and 100 m west
of the eastern adit. Hole 55 was drilled from the same pad as Holes 53 and 54
and oriented so as to test an Induced Potential (IP) anomaly identified from
the geophysical survey completed earlier this year (see News Release dated
January 21, 2008). Hole 67 was drilled approximately 400 m north of the
eastern adit, approximately 100 m southwest of the veins chip sampled at
surface (see News Release dated Oct. 22, 2007). Hole 68 was drilled from the
same pad as Hole 67, having the same azimuth but different inclinations, -48
and -55 degrees respectively. Hole 76 is one of the most northeasterly holes
drilled and, in part, defines the current northeastern extent of the
mineralized vein system. It should be noted in the table above that Hole 76
contains many high grade intercepts.
    Mineralization exposed along road cuts, identified within drill holes and
exposed along the eastern adit have, therefore, been documented along an
approximately 500 m length of logging road, extending from Holes 38 to 40 to
veins documented by the 2007 surface chip samples. The extent of the
mineralized vein system documented to date is approximately 920 m northeast -
southwest by 400 m wide (northwest - southeast), with two adits separated by
480 m on either side of the mineralized trend. The western end of the trend is
defined by the Ben Derby adit, in which high grade molybdenite mineralization
has been described (and sampled - see News Release dated October 22, 2007).
The eastern end of the trend is defined by mineralization noted in Holes 75
-77. Therefore, the mineralized molybdenum trend remains open along trend in
all four directions and at depth.
    Drill core recovered from the program continues to be evaluated and
sampled, with samples submitted for analysis to Acme Laboratories Ltd in
Vancouver, BC. Quantitative analytical results will continue to be released as
received and evaluated by the Company.
    Jasper management is encouraged with the McFarlane drilling results and
expects to have sufficient information to have an independent resource
evaluation prepared for the property.
    The property is adjacent to and is contiguous with the Company's Lydy
property. Together the Lydy and McFarlane properties comprise a composite
property of 4,259 ha (10,524 acres), encompassing an area 11 km east-west by
4 km north-south. Both the Lydy and McFarlane properties are 100% owned by the
Company with potential for molybdenum plus copper plus/minus gold
mineralization.
    This news release has been prepared by Richard T. Walker, B.Sc., M.Sc.,
P. Geo., the "Qualified Person" under National Instrument 43-101.

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





For further information:

For further information: Gordon F. Dixon, Q.C., President, Jasper Mining
Corporation, Telephone (403) 297-9480, Fax (403) 266-1487, email:
xon@telus.net; Investor relations inquiries may be directed to Robert Rowell,
Telephone (403) 668-4880, email: ir@beaumontcapital.ca


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