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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 May 6, 2008 NEWS RELEASE JASPER MINING CORPORATION ANNOUNCES FURTHER HIGH GRADE ANALYTICAL RESULTS FROM MCFARLANE PROPERTY AND SOME CORRECTIONS TO THE PRESS RELEASE OF MAY 2, 2008 The current high priority drill target is a vein system, consisting of up to two relatively thick molybdenite-bearing quartz veins and/or vein systems occurring between the two adits comprising the Ben Derby MINFILE occurrence. The two adits are separated by approximately 500 m map distance. The veins exposed within the adits are up to 1.5 m thick (estimated true thickness - Ben Derby adit) and generally contain highly anomalous molybdenite in association with very coarsegrained pyrite (to five cm in long dimension) and variable sericitic alteration. A total of 56 samples in the four holes released in Table 1 below returned Mo values greater than 100 ppm. The following tabulation includes all mineralized intercepts having an analytical value in excess of 1000 ppm (0.1 %) Mo. Intervals for which an average grade has been determined for a contiguous series of multiple samples are highlighted in bold. The following Table summarizes new data received by the Company since the Press Release of May 2, 2008: Table 1
* Drill intercepts with veins were all at an inclined angle and so widths are not true widths Core in each the sampled intervals was split, with one half submitted for analysis and one half retained for subsequent analysis. The core was submitted to Acme Analytical Laboratory Ltd in Vancouver, BC for Group 1DX analysis. Samples that returned Mo results greater than 2,000 ppm were re-submitted for re-analysis. Group 7KP - 0.50 gm analysis was utilized for more quantitative determination of high grade Mo results. The intercepts in Holes 31 and 34 were drilled from the same pad as Hole 36 (see News Release dated May 2, 2008) but were drilled at different azimuths and/or inclinations. Holes 37 and 38 were drilled northwest and southwest, respectively, of the eastern adit. Hole 38 was drilled from the same pad and at the same azimuth as Hole 39 (Note: correction in Table 2 below), with Hole 38 at an inclination of -45 degrees and Hole 39 at -60 degrees. These holes were intended to In addition, the Company has recently received approval for an amendment to our Phase II program, allowing the Company to expand and continue evaluating the area interpreted to be The Company notes the following errors in the News Release issued May 2, 2008. A total of six intervals were released for which a weighted average value had been calculated. In determining the weighted average value, the total composite thickness had been provided in metres, but the corresponding calculation (undertaken in feet) omitted widths of unmineralized intervals which had not been sampled, resulting in an erroneous average value for each of composite interval. Therefore, the six intervals containing errors are composite intervals comprised of samples that Table 2
Drill core recovered from the program continues to be evaluated and sampled, with samples submitted for analysis to Acme Laboratories Ltd in Vancouver, BC. Quantitative analytical results will continue to be released as received and evaluated by the Company. Jasper management is encouraged with the McFarlane drilling results and expects to have sufficient information to have an independent resource evaluation prepared for the property. The property is adjacent to and is contiguous with the Company’s Lydy property. Together the Lydy and McFarlane 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 and McFarlane properties are 100% owned by the Company 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. 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. |