Jasper Mining Corporation closes $2,800,000 private placement with MineralFields Group

    Trading Symbol: JSP (TSX-V)

    CALGARY, Oct. 26 /CNW/ - Jasper Mining Corporation (TSXV:JSP) is pleased
to announce that further to its news release of October 5, 2007 it has now
completed a portion of its non-brokered private placement and accordingly has
issued 7,000,000 flow-through units (the "FT Units") of the Company at a price
of $0.40 per FT Unit for gross proceeds to the Company of $2,800,000.
    First Canadian Securities(R) acted as the finder with respect to this
financing. As consideration for its participation in the offering, the finder
received a cash commission equal to 6% of the total proceeds raised for a
total of $168,000 was issued finders fee options equal to 8% of the total
number of FT Units sold and was paid a 2% due diligence fee totalling $56,000
plus GST. As previously disclosed (refer to October 5, 2007 news release),
each finders fee option issued in connection with FT Units sold (560,000
finders fee options) is exercisable into one unit at a price of $0.40 per
    All of the securities issued pursuant to this private placement are
subject to a four month hold period. The hold period for the 7,000,000 FT
Units and the corresponding finder's fee options expires on February 25, 2008.
    "We are very pleased to be commencing our relationship with MineralFields
Group", said Gordon Dixon, Chairman of the Corporation. "This is an important
milestone in the growth of Jasper Mining Corporation and we look forward to
working with MineralFields Group as we develop our properties in B.C."

    MineralFields Group (a division of Pathway Assets Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com. First Canadian Securities(R) is active in
leading resource financings (both flow-through and hard dollar) on
competitive, effective and service-friendly terms, with investors both within,
and outside of, MineralFields Group.

    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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