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| JASPER MINING CORPORATION 1020, 833 - 4TH AVENUE S.W. CALGARY, ALBERTA, T2P 3T5 TELEPHONE: (403) 297-9480, FAX: (403) 266-1487 April 9, 2007 PRESS RELEASE JASPER MINING CORPORATION - MANAGEMENT DISCUSSION OF RESULTS FROM 2006 EXPLORATION PROGRAM ON ISINTOK PROPERTY Previous work by Anaconda Canada Exploration Ltd. and Canex Aerial Exploration Ltd. resulted in identification of possible reserves of 22,994,985 tonnes grading 0.067% molybdenum disulfide (0.040 % molybdenum) and 0.161 % copper (Note: reported prior to implementation of, and therefore not compliant with, National Instrument 43-101). Of particular significance to the Company’s evaluation of the property is that “... reserves are based on 14 widely-spaced diamond and percussion-drill holes drilled by Anaconda Canada Exploration Ltd. in 1981. The 14 holes average about 90 metres in depth with many of the holes stopped in ore grade material. The area encompassed measures about 1000 by 300 metres with a vertical mineralized interval of 27 metres” (MINFILE 092HNE100). The documented fact that many of the holes stopped in material considered to be“ore grade”, at that time, suggests strong potential to increase the size and possible grade of the reported resource. The objective of the Company’s exploration program continues to be directed toward location, and definition, of a copper-molybdenum plus/minus gold porphyry-style deposit similar to the Brenda Mine, located approximately 40 km north of the Isintok property, west of Peachland. “The Brenda mine began production in early 1970 with measured geological (proven) reserves of 160,556,700 tonnes grading 0.183 per cent copper and 0.049 per cent molybdenum at a cutoff of 0.3 per cent copper equivalent [eCopper = % Copper +(3.45 x% Molybdenum)]” (BC MINFILE 092HNE047) (Note: reported prior to implementation of, and therefore not compliant with, National Instrument 43-101). Therefore, using the above grades as a model for the property, the Company requires mineralized intercepts averaging approximately 0.183% (1830 ppm) copper and 0.049% (490 ppm) molybdenum. Exploration work completed during the 2006 field season included an airborne geophysical survey, 16 diamond drill holes, collection of 1,388 soil samples and an Induced Potential (IP) ground geophysical survey. The results of these programs have been previously released (Press Releases dated August 11, August 28, September 26, October 25 and December 12, 2006; March 27, 2007). A total of 16 diamond drill holes were completed in 2006, intended to continue the Company’s evaluation of sub-surface mineralization in an area identified from previous drill programs in 1982 and 1976-1979. The following tabulations document all results in excess of 1,000 ppm (0.100%) copper from the last two years drilling by the Company. 2005
2006
Management is very encouraged by these results as they confirm sub-surface mineralization documented by previous drill results. Preliminary interpretation of these drill results is interpreted to support a north-south trending mineralized zone up to 1 km in length and up to 400 m in width. Furthermore, the results tabulated are also interpreted to indicate two possible intervals of mineralization, a near surface zone extending from surface to approximately 150 m below surface and a second at depths greater than 200 m (see holes 7, 15 and 16). Gold has been detected in approximately 75% of analyses, with local, highly elevated gold values (to 1,445 ppb over 0.66 m; 586 ppb over 1.52 m) documented. Most gold values returned have been below 50 ppb. Similarly, silver values to 60.0 ppm over 0.25 m have been documented, however, values are generally less than 1 ppm, with only approximately 60% returning values over the minimum detection limit. Tungsten values to 5400 ppm have also been documented, however, values are generally less than 10 ppm. On the basis of results to date, the mineralization is best characterized as copper plus/minus molybdenum plus/minus gold. Results to date may indicate possible zonation within the mineralized system documented to date, with elevated molybdenum plus/minus tungsten in the southerly holes and elevated gold to the north. Possible zonation will be evaluated as the program continues. Drilling to date has utilized the existing road network, with all holes drilled on, or west of, a north-south access road to the drill area. A high grade soil anomaly is located east of the road to the south and crosses the road at a shallow oblique angle to the north, passing across the road to the west side. As a result, the mineralized intercepts documented to date may represent lower grade mineralization on the west side of the mineralized zone, as defined by soil results. The sub-surface results are particularly interesting with regard to the results of surface soil and IP geophysical results. Both surveys document a coincident copper plus molybdenum soil and chargeability anomalies overlying the area of sub-surface mineralization independently documented through drilling. On the basis of these coincident data management interprets the drilling to have been collared above a relatively narrow zone (approximately 100 to 200 m wide) of linear anomalous copper plus molybdenum and chargeability that mushrooms farther north into a generally circular to elliptical zone of coincident anomalies. The drill holes, under this interpretation, have passed from near surface mineralization, as tabulated above, into a weakly mineralized to barren halo. As discussed previously, several holes may have subsequently passed into deeper zones of mineralization. As part of the 2007 field program, given the apparent success of surface soil sampling, the Company intends to extend surface soil sampling to the west and south of Grid B so as to tie in anomalous results at the grid boundaries with those documented on Grid A and along road traverses to the west. As previously reported (see Press release dated Dec. 12, 2006) , the surface soil and IP anomaly identified on Grid B was approximately 400 m wide on the southernmost line of Grid B and remains open to the south. Additional soil sampling on Grid B will, therefore, be extended a further 500 m to the south (and possibly beyond dependent upon results once received). Given the fact that surface soil and IP anomalies document the presence of sub-surface mineralization, the Company has proposed a diamond drill program to test the sub-surface underlying the access road where surface soil and IP suggests a higher grade core to the anomaly may be situated. Data from the Brenda Mine, which produced from early 1970 to mid-1990, document a total of 160,556,700 tonnes grading 0.183 % copper and 0.049 % molybdenum from a volume 720 m long x 360 m wide x 300 m deep. The Brenda Mine was able to exploit a relatively low grade resource due to careful grade control and the readily available local infrastructure. A similar level of infrastructure exists at the Isintok property, located only 27 km the Okanagan Valley along existing forestry roads. Metal prices during the life of the Brenda Mine varied from U.S. $0.45 to $1.29 (average $0.76) per pound for copper and U.S.$1.80 and $23.95 (average $5.11) for molybdenum. Management believes that with copper prices above U.S.$2.00 per pound, a mineralized volume having surface dimensions 1000 x 200 to a possible depth of 200 m, having an average grade of 0.100% copper may represent a resource for potential development. (Note: no metallurgical studies or resource estimates have been completed to date). Management is unreservedly encouraged by the results of the 2006 field program, together with surface soil and IP results. Further work will be completed on the property during the 2007 field season and will include expansion of the existing grids to the south west and northwest as well as additional diamond drilling. This press release has been prepared by Richard T. Walker, B.Sc., M .Sc., P. Geo., the “Qualified Person” under National Instrument 43-101. - 30 - The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. For further information contact: |