March 11, 2009 09:00 ET

JAG Is Presently Completing the Third Year of Its Oil and Gas Research Program on the Lac St-Jean

MONTREAL, QUEBEC--(Marketwire - March 11, 2009) - J.A.G. Mines Ltd. ("JAG") (TSX VENTURE:JML) is pleased to announce that it has undertaken exploration work for the third year of its oil and gas research program on its Lac St. Jean Property (Quebec).

Since the end of 2006, JAG is actively researching oil and gas in the Lac St. Jean area, where it holds five research permits covering 99,945 hectares on the southwestern half of Lac St. Jean. The Lac St. Jean Property covers an Ordovician sedimentary rock succession which has traditionally been correlated with better exposed St. Lawrence Lowlands strata to the south (e.g. Trenton limestones and Utica Shale).

JAG is presently completing the third year of the first phase of its exploration program. JAG has developed a comprehensive two phases research program which can be consulted on SEDAR. Objective of Phase 1 is to determine the petroleum-generative potential of the sedimentary rock sequence and identify the eventual surface expression of hydrocarbon-induced soil and sediment alterations. Collected results during Phase 1 should enable JAG to define targets before conducting more detailed research and more conventional surveys during Phase 2.

In February 2009, JAG has undertaken, on the frozen surface of Lac St. Jean, combined subsurface geophysics including a gravimetric survey (CG5-Scintrex) aimed at localizing with the help of model estimates sedimentary rock thickness variations under the bottom of the lake and deeper structures. Gravimetric measurements, taken at a distance of 200 m, were carried out along five NE-SW profile lines crossing the property and set 5 km away. The gravimetric survey has been combined with GPS (RTK-GPS) positioning and sonar bathymetric measurements. JAG has also undertaken mobile magnetic and gradiometric surveys along the gravimetric profiles lines. Work has been completed so far in the Desbiens and Chambord areas, and is in the course of being completed in the Roberval area. JAG considers that ongoing geophysical surveys should be finished near the middle of March.

About JAG

JAG is also active on its gold propery in Belleterre. The property is composed of 77 claims in the Guillet Township, covering an area of 1,153 hectares over the years in excess of $3,000,000 of exploration work has been done. The most promising sector is the Aubelle 1, resulting in the discovery of a number of gold and silver veins.

JAG holds since April 2006, permits of research for oil and natural gas, covering an area of 332,790 hectares (932,000 acres) located in three regions of Quebec, Témiscouata, Lac St-Jean and Charlevoix. More than $700,000 of exploration work was realized so far with the collaboration of geologists from l'Institut de la Recherche Scientifique (INRS).

This press release was prepared in collaboration with Dr. Marc Richer-LaFlèche, qualified geologist.

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