Jasper Mining Corporation acquires additional tenures between Lydy and McFarlane properties

    Trading Symbol: JSP (TSX-V)

    CALGARY, March 9 /CNW/ - Jasper Mining Corporation (the "Company") is
pleased to announce the recent acquisition of two additional mineral tenures
around its Lydy property. The claims surround the Lydy property along the
west, south and eastern boundaries. The addition of the western tenure makes
the Lydy and McFarlane properties contiguous, comprising 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 property (1,201 ha: 2,968 acres) and the McFarlane
property (3,058 ha; 7,556 acres) are 100% owned by the Company and are located
east of Kootenay Lake near the community of Gray Creek in southeastern British
Columbia. The properties are interpreted to have potential for molybdenum +
copper +/- gold mineralization.
    The properties are located east of a prominent aeromagnetic anomaly
associated with the Crawford Stock, a biotite granite intrusion of Cretaceous
age correlated to the Bayonne Magmatic Belt. Many of the Cretaceous intrusions
of the Bayonne Magmatic Belt have strong aeromagnetic signatures and are
associated with anomalous molybdenum mineralization. Furthermore, the property
is located immediately south of, and contiguous with, Eagle Plains Resources
Ltd.'s ("Eagle Plains") Sphinx property, for which an Inferred Resource of
62,005,615 tonnes grading 0.035% Mo, using a cut-off grade of 0.01% Mo, was
recently announced (see their Press Release dated May 9, 2006). The resource
is associated with an interpreted Cretaceous age intrusive body, with
mineralization occurring as "disseminations and within quartz-pyrite stockwork
veins hosted by both sedimentary and intrusive rocks".
    An airborne geophysical program, completed by Aeroquest International in
2006, documented strong conductors oriented north-south, interpreted to
represent a steeply dipping stratigraphic sequence correlated to the uppermost
Purcell Supergroup and lowermost Horsethief Creek Group. As previously
reported (see Press Release dated August 3, 2006), a prominent and very strong
magnetic anomaly is evident on the Aeroquest data, extending essentially
north-south and has a sharp, possibly faulted, eastern termination. Underlying
the majority of the property is a broad magnetic low, sub-parallel to the
geology as previously mapped. However, a spatially coincident EM high is
oriented slightly oblique to the magnetic anomaly and has a subtle anomaly
trending south-southwest which may represent a response to the mineralized
Cretaceous intrusive.
    Taken together with the results released by Eagle Plains on their Sphinx
property, (Eagle Plains Press Release dated February 7, 2007 and Technical
Reports of May, 2006), the host intrusion may be localized along a fault and,
therefore, controlled by the north-south structural trend. Previous drilling
on the Lydy property documented alteration and sulphide mineralization
(pyrrhotite) interpreted to be consistent with proximity to an intrusive heat
source, however, no molybdenum mineralization was documented. Further drilling
to the west was proposed but limited by proximity to the western boundary of
the property. However, with the addition of the tenures recently acquired, the
Company now has ample room to adequately evaluate the interpreted molybdenum
potential along the joint McFarlane/Lydy property boundary.
    In addition, further interpretation is being undertaken on the McFarlane
property to further define geophysical anomalies tentatively interpreted to
represent speculative molybdenum targets. The interpretation is being
undertaken by Aeroquest International on the data acquired through the
airborne geophysical program completed in 2006 (see Press Release dated
August 3, 2006). Further drilling has been proposed for the 2007 field season
subsequent to receipt of the results of the additional interpretation.
    This press 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, or visit Jasper's website at www.jaspermining.com

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