|JASPER MINING CORPORATION
1020, 833 - 4TH AVENUE S.W.
CALGARY, ALBERTA, T2P 3T5
TELEPHONE: (403) 297-9480, FAX: (403) 266-1487
January 23, 2007
Trading Symbol: JSP (TSX-V)
News Release No. 06-149
JASPER MINING CORPORATION 2007 UPDATE
Jasper Mining Corporation (the “Company”) is pleased to announce its 2007 plans in connection with the ongoing development of the company’s 21 mineral properties. All of the properties are located in southern British Columbia. The Company intends to carry out some work on all 21 properties with more concentrated efforts and expenditures being directed to Isintok, Erie Creek, and the Irony properties.
The Company’s 100% owned Isintok property comprises 3,007 hectares and is located 27 kilometres southwest of Summerland, British Columbia. The airborne geophysics, soils geochemistry and induced potential (IP) surveys as well as the diamond drilling on the Isintok property indicate that the Isintok property may contain a large copper molybdenum porphyry. All three forms of survey, airborne geophysics, soil geochemistry and induced potential show a large anomaly which is approximately 1.4 to 1.7 km in length and 4 to 600 metre in width and oriented approximately north south. The bulk of the diamond drilling has not drilled this target and only holes 14, 15 and 16 are thought to have drilled into the south-west portion of this anomaly. Visual inspection of holes 14, 15 and 16 noted high grade mineralization as reported in news release dated December 12, 2006. Certified assay results for holes 14, 15 and 16 have not as yet been received. Management is of the opinion that this anomaly on the Isintok property has the potential to contain good grades of copper molybdenum and large tonnage. Management is excited by the Isintok prospect and arrangements are presently underway to diamond drill on the Isintok property during March or April, 2007.
The Company’s 100% owned Erie Creek property comprises 3708 hectares and is located north of Salmo, British Columbia.. Work on old Crown grants have found sphalerite, galena, gold, chalcopyrite and molybdenum. Jasper’s 2005 airborne geophysical survey of the property revealed 15 high priority geophysical anomalies. A total of 332 geophysical anomalies were identified by the company’s geophysical consultants on the Erie Creek property. During the 2006 field season, a total of 583 soil samples were recovered from the property. Based upon the early work on the Crown grants, the airborne geophysical survey and the soils geochemical survey, the Company is approaching the Erie Creek property as a polymetalic porphyry deposit. Jasper’s soils work indicates elevated molybdenum, nickel, zinc, lead, gold, tungsten, and copper. The location of the soils anomalies coincide with the location of the most conductive airborne geophysical anomalies. These results have been reported in the Company’s news release dated November 29, 2006. One of the significant airborne geophysical anomalies was reproduced on the front page of the Jasper 2005 Annual Report. Management is excited by the Erie Creek prospect and arrangements are presently underway to diamond drill Erie Creek as soon as February, 2007.
Jasper’s 100% owned Irony property is 6028 hectares and is located at the headwaters of Oliver and Ruddock Creeks, approximately 94 kilometres northwest of Revelstoke, British Columbia. The Irony property is contiguous with and immediately south of Selkrik Metals’ Ruddock Creek property on which extensive exploration programs have been completed in 2005 and 2006. Selkirk’s results to date are impressive and have been published. Although, Jasper had the same airborne geophysical contractor fly Jasper’s ground, the geophysical results, maps and reports were not received by Jasper until late in the diamond drill program and therefore, did not have any meaningful influence on the program. Based on Jasper’s understanding of our geophysics, all of our holes were drilled in the wrong place. This was reported by the Company in our news release dated October 18, 2006. Management of the Company has now spent many hours in concentrated discussions with our geophysical consultants which has resulted in the identification of 7 very promising anomalies to drill during the 2007 field season. The previous drilling on Jasper’s Irony property has been a disappointing experience for management but the property has not been properly tested with the diamond drill bit and thus still remains a very exciting prospect. Extensive soil sampling has also been carried out on Irony, those results have not as yet been received. Soils geochemical results will be published by the Company as soon as they are available. The Company’s intention is to drill the Irony property as soon as weather and snow conditions permit. The management expects the program to start in July 2007.
A number of other programs were carried out during 2006 on many of the company’s properties and these results which include both airborne geophysics, and soils geochemistry will be published as and when available.
The Company also announces, it is pleased to have engaged an experienced and qualified geologist, Mr. Doug Cruji of Kimberly, British Columbia. The Company also has made arrangements to hire a graduating geologist from the University of British Columbia, who will start with the Company in May, 2007. The new geological staff and additional field staff will work under the direction of the Company’s Vice-President for exploration, Mr. Richard T. Walker of Cranbrook, British Columbia. All of the Company’s field personnel will work out of the Company’s Cranbrook offices.
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
Gordon F. Dixon, Q.C., President, Jasper Mining Corporation
Telephone (403) 297-9480, Fax (403) 266-1487,
email: firstname.lastname@example.org or visit Jasper’s website at www.jaspermining.com