Jasper Mining Corporation Closes $137,200 private placement with First Merchants Capital Inc.

    Trading Symbol: JSP (TSX-V)

    CALGARY, Jan. 23 /CNW/ - Jasper Mining Corporation (TSXV:JSP) is pleased
to announce that it has completed the non-brokered private placement announced
in its news release of November 13, 2008.
    The Corporation issued 490,000 flow-through units ("FT Units") at a price
of $0.28 per FT Unit for gross proceeds to the Company of $137,200. All of the
securities issued pursuant to this private placement are subject to a hold
period which expires on May 1, 2009.
    First Merchants Corporation received a cash commission of $8,220.00.
Further, 19,600 finders options were issued to First Merchants Capital Inc..
The finder's options are exercisable at a price of $0.50 with an expiry date
of June 30, 2010. The finder's options are subject to a hold period which
expires May 1, 2009.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacyor 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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