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JASPER MINING CORPORATION September 29, 2008 NEWS RELEASE JASPER MINING CORPORATION MORE HIGH GRADE RESULTS FROM ISINTOK PROPERTY Hole IS-08-47 is currently being drilled as part of the Company’s continued program to evaluate sub-surface mineralization corresponding to coincident surface soil and Induced Potential anomalies. The results from Hole 26 are from the last hole drilled on the east flank of the coincident anomaly, which was drilled toward the west into mineralization controlled by steeply, generally west dipping structures. As a result, the hole is interpreted to have been drilled sub-parallel to the controlling structure which has the result of diluting the vein density while exaggerating the thickness of any mineralized interval. Management believes the overall result has been essentially a trade-off as visual results from multiple holes drilled on the western side of the coincident anomaly are tentatively interpreted to indicate similar (and potentially better) overall grades. However, management would like to emphasize that this is an entirely empirical observation at this point, subject to confirmation through analytical results expected over the next several weeks. Management also wishes to emphasize the point that while the project is currently being evaluated as a Cu - Mo porphyry deposit, numerous very high grade molybdenum intercepts have been documented, with single sample intervals to 3.985% Mo (6.647% MoS2) over 0.32 m and composite intervals grading 0.055% Mo (0.092% MoS2) over 44.58 m. Local high grade values for silver (40.30 g/t over 1.18 m), Au (2.591 g/t over 1.18 m) and tungsten (0.442% over 0.86 m) have also been documented. The following table is a compilation of high grade analytical results for copper +/- molybdenum +/- |
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*The angle between the core axis and veins were all at an inclined angle and so widths are not true widths Core in each of 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 returning in excess of 10,000 ppm copper were re-submitted for Group 7AR analysis. Samples that returned Mo results greater than 2,000 ppm were re-submitted for Group 7KP - 0.50 gm analysis. 1 - Conversion factor from Mo to MoS2 is 1.6681. To date, core sampling has emphasized both visually high grade intervals and thicker mineralized zones within holes evaluated to date. Further sampling will be undertaken on each hole reported in the future so as complete sampling over the entire length of the core recovered. As such, the relatively short, high grade intercepts documented to date will be incorporated into thicker composite intervals, with both a reduction in overall grade and a corresponding increase in mineralized thickness. An initial copper equivalency calculation utilizes current prices and assumes 100% recovery for all metals. As a result, the resulting copper equivalency values are presented herein solely for discussion purposes. Further work will be undertaken on the copper equivalency equation so as to produce more meaningful values in future releases. Preliminary copper equivalency (Cu. EQ.) results are presented in the following table: |
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| 1 - The equation used to calculate the copper equivalent is as follows:
Cu. EQ (%) = ((Cu(%)*20* $Cu) + ((Mo%*20*1.5*$MoO3)) + ((Ag*($Ag/34.2857)) + (Au*($Au/34.2857)))/(20*$Cu) where $Cu = $3.26/lb, $MoO3 = $33.75/lb, Ag = $13.18/oz and Au = $802.50/oz. Note: The resulting Cu. EQ. value assumes 100% recovery of all metals. Furthermore, the values utlized for the metals was taken from the September 8 - 14 Northern Miner and so does not address expected trends in metal prices. Management continues to be very excited by high grade results from the Isintok property. Management is very encouraged by additonal results as they continue to confirm sub-surface mineralization, at higher grades, documented by previous drill programs. The 2008 sampling program extended the linear soil anomaly approximately 3 km northwest, with a second linear soil anomaly extending approximately 1.5 km west. As a result, the overall surface soil anomaly defined is approximately 4.2 km in length, generally oriented northwest - southeast, and up to 1 km in width. A second 1.5 km long linear surface soil anomaly extends to the west from the area of current drilling, localized in the southern third of the overall soil anomaly. The Chargeability anomaly defined by the 2006 Induced Potential survey, coincides with the initial surface soil anomaly defined in 2006. This coincidence of the surface soil and Chargeability anomalies, together with sub-surface mineralization subsequently confirmed through diamond drilling, is interpreted to indicate analogous mineralization associated with the overall Cu-Mo-W surface soil anomaly defined by soils recovered between 2006 and 2008. Management believes the surface soil anomaly defined, taken together with locally coincident IP results and sub-surface mineralization identified through drilling, represents potential for a considerable increase to the size of the overall mineralized system. This news 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. |