January 05, 2007 13:15 ET

JAG Closes a $375,000 Private Placement

MONTREAL, QUEBEC--(CCNMatthews - Jan. 5, 2007) - Les Mines J.A.G. Ltee (TSX VENTURE:JML) ("JAG", the Corporation), announces it has closed on December 29th a $375,000 private placement. This offering involves the issuance of 3 000 000 common shares of which 2,400,000 are flow through. 1,500,000 warrants were also issued, each warrant entitling the holder to purchase one common share at 0,20 up to December 31st 2007.

$300,000 from this offering will be used for exploration purposes, more precisely on the Belleterre property. The remainder will be reserved for general working capital requirements.

Shares issued through this offering are subject to a 4 months hold period from the date of the closing. There are no finder's fees payable on this transaction which is subject to regulatory approval.

The Belleterre mining Camp is located in the Abitibi-Temiscamingue area of the Province of Quebec and is made up of 77 claims totalling 1,150 hectares including a small bloc of claims bordering the northern part of Belleterre Mine.

In his January 2005 Summary, Jean-Raymond Frederic, geologist and qualified person as per NI-43-101 who has approved this press release, reports:

"More than 28 other known gold-bearing veins exists on Les Mines J.A.G. property, they should be reassessed, some of them have a strong potential... The property represents the locus of a high grade gold / quartz vein system, enhanced by the diamond possibilities, making a good potential target."

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

Contact Information