Jasper Mining Corporation confirms additional high grade molybdenum results from McFarlane property; 0.064% Mo over 3.00 m in chip samples, 0.82% Mo from grab samples in Adit

    Trading Symbol: JSP (TSX-V)

    CALGARY, Oct. 22 /CNW/ - Jasper Mining Corporation (the "Company") is
pleased to announce results from a recently completed sampling program on its
McFarlane property. A total of 34 chip samples were taken along a new road cut
slightly west of Hole 5 (incorrectly referred to as hole 4 in Press Release
dated July 4, 2007). In addition, a total of 5 grab samples were taken along
the length of an adit driven approximately 50 m into the host meta-sediments,
located west of the 2006 and 2007 drill holes.
    Chip samples were recovered from veins exposed on a new road cut to the
north west of the projected high grade vein system. Each chip sample
represents a 1 metre interval, comprised of chips taken over the entire sample
interval and is considered representative of the entire interval. The exposure
sampled contained three visible veins, similar to those documented in the 2006
and 2007 drill programs, between 15 and 30 cm thick. The chip sample results
document a total of five intervals having molybdenum values in excess of
100 ppm (0.01%). Two relatively thick intervals up to 8 m thick were
documented having highly anomalous values. Pertinent results are as follows:

    Sample      From    To   Width     Mo
    Number       (m)    (m)   (m)      (%)
    4 to 11       3     11      8     0.04
    including     3      6      3    0.064
                  4      5      1    0.108
                  5      6      1     0.05
    8             7      8      1     0.05
    11           10     11      1     0.03
    17 to 20     16     20      4     0.02
    28           27     28      1     0.01

    Continuous chips were taken over each 1.0 m interval. The veins are at an
    oblique angle to the road cut and, therefore, the samples intervals are
    not believed to be true widths for the veins. Samples were submitted to
    Acme Analytical Laboratory Ltd in Vancouver, BC for Group 1DX analysis.

    In addition, an old adit was located and sampled coincident with the chip
sampling program, interpreted to be one of the two adits reported for the Ben
Derby MINFILE occurrence (082FNE125) described as consisting of "... two adits
(driven) on steeply dipping 1.2-metre-thick white quartz veins mineralized
with molybdenite". A total of five grab samples were recovered from the roof
of the adit for evaluation of molybdenum content. The samples recovered were
representative of the mineralization and intimately associated and immediately
adjacent sericitic alteration within the host quartz vein. The adit was driven
east along a molybdenum-bearing quartz + sericite vein up to 1.2 m thick,
located approximately 300 m west-northwest of 2006 Pad 2 (Holes MC-06-03 and
04) and approximately 900 m west-southwest of 2006 Pad 3 (Holes MC-06-05 to
07) and 2007 Hole 5 where Jasper reported a high grade intersection of
7.3 metres grading 0.889% molybdenum. Three of the adit samples returned high
grade molybdenum values, as follows:

    Sample               Mo
    HCMF07-Adit 2      0.039
    HCMF07-Adit 4      0.817
    HCMF07-Adit 5      0.820

    Samples were submitted to Acme Analytical Laboratory Ltd in Vancouver, BC
    for Group 1DX analysis. Samples having in excess of 2000 ppm (0.2%) were
    re-analyzed using Acme's Group 7KP package.

    Given the information from the 2006 - 07 drill holes, and the orientation
of the vein accessed by the adit and the veins within the road cut, the high
grade molybdenum-bearing veins are interpreted to be oriented essentially
east-west, dipping steeply to the south. Management believes potential exists
for delineation of a high grade multi-layered molybdenum-bearing vein system,
comprised of east striking, south dipping veins.
    The Company intends to drill in the near future to evaluate the
molybdenum-bearing veins. A 3D Induced Potential (IP) survey is also being
    The McFarlane property, located immediately east of Kootenay Lake near
the community of Gray Creek, BC, overlies the eastern edge of the Crawford
Stock, a Cretaceous intrusion correlated to the Bayonne Magmatic Belt. Many of
the Cretaceous intrusions of the Bayonne Magmatic Belt are characterized by
strong aeromagnetic signatures, either within the intrusion itself or as a
halo in the surrounding host rocks, and are associated with anomalous
molybdenum mineralization. The Crawford Stock is associated with a prominent
magnetic anomaly evident on regional geophysical maps. Previous programs have
documented narrow intervals of high grade molybdenum.
    The property is adjacent to, and is contiguous with, the Company's Lydy
property. Together, the McFarlane and Lydy 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 property (1,201 ha; 2,968 acres) and the
McFarlane property (3,058 ha; 7,556 acres) are 100% owned by Jasper with
potential for molybdenum plus copper plus/minus gold mineralization.

    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; Investor relations inquiries may be directed to Robert Rowell,
Telephone (403) 668-4880, email: ir@beaumontcapital.ca

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