July 08, 2008 10:32 ET

J.A.G. Mines Ltd./Petroleum and Natural Gas: Filing of a 51-101 Report

MONTREAL, QUEBEC--(Marketwire - July 8, 2008) - Les Mines J.A.G. Ltee - ('JAG' - the 'Company')(TSX VENTURE:JML) wishes to update the status of its search for petroleum and natural gas on its Temiscouata Lac St-Jean and Charlevoix properties where its been active since 2006.

In June 2008, JAG filed with the TSX-Venture Exchange a 51-101 report prepared by Mr.Paul Laroche, engineer geologist and petroleum geophysicist, with the assistance of Genevieve Camire and Marc Richer-LaFleche, both geologists. The report presents a summary of the geo-scientific knowledge obtained since 2006 by the Company as well as a compilation of the historical work done on its properties. It proposes an exploration program designed using the results obtained to date as well as proposed timelines for current and future work programs.

JAG is awaiting the acceptance of this report by the TSX-V before making it publicly available on SEDAR, at which time a press release to this effect will be issued.

Temiscouata property :

This property represents the biggest portion of the petroleum and gas project. It covers in excess of 193,000 hectares. The property is covered by Devonian rocks consisting of a succession of siliclastic rocks (including black shales and mudrocks), limestone and conglomerates. In 2007, DGPS positioned MAG and EM surveys were completed along more than 800 line kilometers covering in excess of two thirds of the property. More than 750 sampling stations were established and gas, soil and mineral samples were taken and sent for laboratory and ROCK-EVAL testing.

Lac St-Jean property:

While the greater Lac St-Jean geological area is located within the Grenville province, the ordovician-aged sedimentary rocks cover discordantly the local stratigraphy made of precambrian igneous and metamorphic rocks along the lake's south-west shore. It is opined that the Ordovician sedimentary rocks are part of the Lower St-Lawrence lowlands basin. Prior to the glacial age erosion, the theory holds that a carbonate platform covered the majority of the territory between Ontario and Anticosti. Around the lake the thickness of the sedimentary rock sequences is believed to be between 60 to 80 meters while being unknown under the lake.

In 2006, DGPS-positioned MAG and EM surveys were completed along more than 720 line-kilometers covering around 70% of the property. The results were superimposed over satellite-imaging surveys to obtain a clearer regional picture. Shales and sedimentary rock outcrop samples were taken along the lakeshore, regional roads and in quarries. These samples were sent out for ROCK-EVAL and standard testing.

Charlevoix property:

The Charlevoix properties covers paleozoic sediments remaining following the regional erosion of the most collapsed areas of the native St-Lawrence lowlands, immediately to the north of the non-native sediments from the Appalachian Front, specifically caracterised by a devonian-age meteor impact dating to around 350 Ma. which caused a marked collapse of the base and platform.

In this region, JAG is searching for potential oil and gas-bearing formations preserved within sedimentary sequences similar to those found elsewhere in the St-Lawrence lowlands. It is also possible that gas was trapped within the Quarternary sediments that cover the ordivician rocks in a similar way to the Pointe-du-Lac, St-Lawrence Valley, Quebec, deposits previously discovered and exploited.

DGPS positioned MAG and EM surveys were recently completed along the Gouffre river graben. These surveys were superimposed over satellite images to get a better understanding of the regional geophysics. A litho-geochemical reconnaissance survey was completed on the sedimentary and ordovician rock outcrops along the Du Gouffre and Malbaie rivers. These samples were sent for ROCK-EVAL and other standard testing.

This press release was prepared by JAG's management and reviewed by Genevieve Camire, geologist and Qualified Person under National Instrument 43-101.

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

Contact Information