April 11, 2011 13:06 ET

J.A.G. Mines Ltd/Olitra Inc.: Closing of a $750,000 Olitra Inc.-Private Placement

MONTREAL, QUEBEC--(Marketwire - April 11, 2011) - Les Mines J.A.G. Ltée (TSX VENTURE:JML) (« JAG ») announces that its Olitra Inc. subsidiary has completed a $750,000 Private Placement with arm's length Accredited Investors.

This Placement calls for the issuance of six million (6,000,000) common shares of Olitra, of which 80% are Flow-through at a price of $0.125 each. This Placement will result in JAG seeing its interest in Olitra being diluted from 76.46% to 67%, or a 9.46%.

The Flow-through portion of the Placement, in this instance $600,000, will be invested on Olitra's Oil and Gas properties in Témiscouata, Lac St-Jean and Charlevoix. JAG & Olitra have been active in these regions since 2006. For more information on the exploration programs completed to date and the recently obtained results, the reader is invited to visit JAG or Olitra's Web Site.

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

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