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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 July 2, 2008 NEWS RELEASE JASPER MINING CORPORATION COMMENCES 2008 EXPLORATION PROGRAM ON ISINTOK PROPERTY The prior operator, Anaconda Canada Exploration Ltd., calculated reserves of 22,994,985 tonnes grading 0.067% MoS2 (0.040 % Mo) and 0.161 % Cu (Note: reported prior to implementation of, and therefore not compliant with, National Instrument 43-101). “... The area encompassed measures about 1000 by 300 metres with a vertical mineralized interval of 27 metres” (MINFILE 092HNE100). Jasper’s exploration program to date is directed toward location, and definition, of a copper-molybdenum plus/minus gold porphyry -style (i.e. large tonnage) 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 [eCu = % Cu +(3.45 x% Mo)]” (BC MINFILE 092HNE047). Given the close proximity of an available work force with supporting infrastructure and using the above grades for reference, the Company believes the Brenda Mine serves as a viable model for a potentially mineable mineralized deposit. 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 this program were previously released in Press Releases dated August 11, August 28, September 26, October 25 and December 12, 2006; March 27, 2007 and summarized in the Press Release dated April 9, 2007. A total of 16 diamond drill holes were completed in 2006 with the majority of the holes returning Cu values in excess of 0.1% (1,000 ppm), many with accompanying anomalous Mo values over intervals up to 128 m and downhole depths to 391 m. Preliminary interpretation of these drill results is interpreted to support a north-south trending mineralized zone greater than 1 km in length and up to 400 m in width. Gold has been detected in approximately 75% of the assays, with local elevated gold values to 1,445 ppb over 0.66 m and 586 ppb over 1.52 m documented. Tungsten values to 5400 ppm have been also been documented, however, highly anomalous values for these metals are subordinate to copper. Therefore, on the basis of results to date, a potential mineralized deposit is best characterized as Cu +/- Mo +/- Au +/- W. Sub-surface drill results are particularly interesting with regard to surface soil and Induced Potential (IP) geophysical results. Both surveys document generally coincident Cu + Mo soil and chargeability anomalies overlying the area of sub-surface mineralization independently documented through drilling. On the basis of this coincident data, management interprets drilling completed to date to have been collared above a relatively narrow, linear zone (approximately 100 to 200 m wide) of anomalous Cu + Mo with an associated, coincident chargeability anomaly that mushrooms farther north into a generally circular to elliptical zone of coincident anomalies. On the basis of these data, drill holes to date have collared in mineralization and subsequently passed into a weakly mineralized halo. Furthermore, several of the Company’s drill holes may have passed from this weakly mineralized halo into deeper zones of mineralization. As part of the 2007 field program, surface soil sampling was extended to the west and south of the coincident soil and IP anomaly defined in 2006 so as to “close” the anomaly. On the basis of the 2006 soil results the surface soil anomaly was extended a further 400 m south to 1400 m on the basis of coincident Cu - Mo - W, with spotty, but coincident Au. In addition, a prominent linear defined by coincident Cu - Mo - W appears to extend to the northwest from the southernmost portion of the initial anomaly. These extensions of surface soil data were not covered by the IP survey in 2006. However, given the apparent success in obtaining coincident surface soil and IP data, supported by independent sub-surface drill results, this is an area proposed for future drill testing. In summary, surface soil sampling has proven to be a very cost effective and reliable means of defining areas of anomalous mineralization on the Isintok property. Therefore, a program of further soil sampling has been initiated on the Isintok property for the month of July. Drilling has commenced on the Isintok property under the 2008 program. The drill program is intended to specifically test the core of the IP Chargeability anomaly briefly described above. The first pad to be drilled is located at the top of the thin north-south trending portion of the anomaly, at the point where it flairs into the large circular to elliptical - east-west oriented anomaly. A total of 12 pads have been approved under the 2008 permit so as to test the IP anomaly. As discussed above, the holes completed during 2006 were collared along the existing road system at a consistent azimuth, based on results from the Verdstone program during the mid-1990's which was interpreted to provide mineralized intercepts at a high angle (to perpendicular) to the core axis. Furthermore, the collar locations are interpreted to have been located immediately above the chargeability anomaly and drilled away to a weakly mineralized halo. The 2008 program should result in at least 12 holes (i.e. minimum of 1 hole per pad) with several holes possible based on results from the initial hole on each pad. Azimuths for the proposed holes are variable, dependent upon the location of the pad with respect to the IP Chargeability anomaly. The intent of the program is to thoroughly test the IP Chargeability (and Resistivity) results under the hypothesis that it corresponds to the high grade core of the weakly (to moderately) mineralized halo documented in 2006. 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 an open pit 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.$3.90 per pound, and molybdenum over $30 per pound a mineralized volume having minimum surface dimensions 1000 m long x 200 m wide to a possible depth of 200 m, having minimum grade of 0.100% Cu may represent a resource for potential development. (Note: no metallurgical studies or resource estimates have been completed to date). Management is very encouraged by results to date from the Isintok program, comprised of diamond drill, surface soil and IP geophysical results, and is very optimistic about anticipated results from the 2008 program. This press release has been prepared by Richard T. Walker, B.Sc., M .Sc., P. Geo., the “Qualified Person” under National Instrument 43-101. For further information contact: - 30 - The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |