March 09, 2010 13:39 ET

J.A.G. Mines Ltd.: Quebec Oil And Natural Gas Exploration

MONTREAL, QUEBEC--(Marketwire - March 9, 2010) -

Closing of a $500,000 private placement

Creation of a technical advisory board

Pierre Gevry Jean Desmarais and Les Mines J.A.G Ltd. («JAG») (TSX VENTURE:JML)announce the closing of a $500,000 private placement in JAG's private subsidiary, Olitra Inc. The placement was done with Accredited Investors who received 4 million common shares of Olitra at a price of $0.125 each. 

The placement was part of the oil and gas research permit transfer transactions. Olitra now becomes the Operator for the future exploration works on these permits. One of its first priorities is the creation of a technical Advisory Committee to be formed of a minimum of 5 members that have extensive knowledge and experience in the Oil and Gas exploration and development industries. 


Since April 2006, JAG has held 100% of oil and natural gas research permits on three property blocks in the Témiscouata, Lac St-Jean and Charlevoix regions of Quebec covering some 332,790 hectares.

The Temiscouata property is part of the Appalachian sedimentary basin (Lower St-Lawrence-Gaspesia) and to date is still mostly unexplored for its hydrocarbon potential. The surface geology shows evidence of potential structural traps and a diversified succession of sedimentary rocks, shales, sandstone and carbonated rocks which might constitute host and potential reservoir rocks. This feature makes the area very interesting from a hydrocarbon exploration point of view. 

The Lac-St-Jean and Charlevoix properties are part of the St-Lawrence Lowlands Basin and cover sedimentary rock sequences that are stratigraphically equivalent to the Trenton limestone and the Utica shale formations.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information