J.A.G. MINES LTD.
TSX VENTURE : JML

J.A.G. MINES LTD.

October 29, 2007 12:19 ET

JAG Closes 450,000$ Private Placement

MONTREAL, QUEBEC--(Marketwire - Oct. 29, 2007) - JAG Mines Ltd. ("JAG") (TSX VENTURE:JML) wishes to announce that it has closed a private placement for the expected maximum of $450,000. This placement implicates the issuance of 3,000,000 common shares of which 2,100,000 are flow-through. 3,000,000 warrants will also be issued and every unit will give the possibility to the holders to buy a share at a fixed price of 0,20$ until October 29, 2008.

Proceeds from the flow-through portion of the offering will be used for exploration work on the Belleterre, Temiscamingue property and proceeds from the common shares will be used for general working capital purposes.

Shares issued pursuant to the offering are subject to a four-month hold period. No finders' fee are payable on the transaction, which has received conditional regulatory approval.

About JAG

J.A.G. Mines Ltd. ("JAG") is a Quebec-based junior mining company engaged in exploration for precious, base metals and industrial minerals. The Company was formed in 1976 and is listed on the TSX Venture Exchange under the symbol JML.V. In addition to its mining exploration projects, JAG also owns16 oil and natural gas exploration permits on three large properties in Quebec, and is now conducting exploration on these permits.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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