Jetcom Inc.

Jetcom Inc.

March 12, 2008 10:25 ET

Jetcom Enters Into Option Agreement to Acquire St. Simeon Uranium Property

TORONTO, ONTARIO--(Marketwire - March 12, 2008) - Jetcom Inc. (the "Company" or "Jetcom") (TSX VENTURE:JTM)(FRANKFURT:YGH)(XETRA:YGH), is pleased to announce it has entered into an option agreement on March 6, 2008 to acquire a 100% interest in 185 mining claims in Callieres Township, Charlevoix County, 180 km north of Quebec City referred to as the St. Simeon Uranium Property (the "Property"). The Property is registered in the name of Mr. Robert Rosenblat who is an individual resident of British Columbia (the "Optionor").

To earn a 100% interest in the Property, the Company is required to make an aggregate cash payment of $412,000 (expressed in Canadian dollars), and issue an aggregate of 5,000,000 common shares of Jetcom, to the Optionor. The payments and issuances are to be made in four instalments over a three year period beginning on the date that is 30 business days following the receipt of the approval of the Agreement by the Exchange ("Initial Payment Date"). The cash payments will be in the amount of $46,000, $86,000, $120,000, and $140,000 respectively and the shares are to be issued in four equal instalments of 1,250,000 common shares. In addition, Jetcom has agreed to incur minimum annual exploration expenditures of $210,000, $300,000, $350,000, and $400,000 in the four years following the Initial Payment Date, respectively, and pay the vendor a 2% net smelter return if and when applicable.

Jetcom has entered into the Agreement with the intention of satisfying the Exchange's requirements for a change of business to operate in the mining industry. Subject to the receipt of required approvals for the proposed change of business, including approvals from the Exchange and the shareholders of Jetcom, the Agreement will serve as Jetcom's change of business agreement in accordance with the Exchange's policies.

Michel Boily, PhD, P. Geo, a "Qualified Person" as such term is defined by National Instrument 43-101, has reviewed and approved the technical information in this news release on behalf of Jetcom. The Company has contracted Mr. Boily to produce an updated NI 43-101 technical report for the property in furtherance of its change of business submission.

The Property consists of 185 concessions or cells totalling 10,488.29 hectares (104.88 km2) located within the 21N/13 SNRC sheet. The Property is located in the Grenville Province of the Canadian Shield. The dominant rocks are pink gneiss, augen gneiss, biotite mica schist, amphibolite, and granitic pegmatite. The metamorphic rocks are characterized by abundant, small (decimetre-long), irregular masses of leucocratic material consisting dominantly of quartz and feldspar with minor mica. The Property is favourably located for mine development. It is situated just north of the St. Lawrence River near Route 170, a major artery connecting Chicoutimi (Saguenay) to St-Simeon. A 750KeV electric power line crosses the Property.

Anomalous levels of radioactivity were detected in the St. Simeon area in 1903 and explored by various companies between 1949 and 1969 and between 1977 and 1980. Several airborne geophysical surveys delineated areas of anomalous radiation, and Geiger counter and magnetometer surveys found radioactive pegmatites and showings of radioactive minerals, dominantly uraninite. The St-Simeon Uranium showing exposed near the north shore of the St-Lawrence River represents the most significant uranium showing of the property and holds a substantial potential for future development.

The mineralization is reported to be associated with granitic pegmatitic rocks throughout the Property. The ore deposit model used for exploration in the St. Simeon area is similar to the Bancroft, Ontario. At Bancroft, uraninite and uranothorite ((Th,U)SiO4) are hosted by irregular masses of pegmatites. The St-Simeon Uranium showing (number 21N13-0113; MRNFQ) is one of the most interesting uranium occurrence situated within the St-Simeon claim group. This ancient property comprised two main groups of claims i.e. Callieres and Sagard-Dumas. Historical work included trenching, sampling and drilling that unearthed several significant radioactive zones associated with granitic pegmatite bodies. At the Callieres site, the mineralization consists of disseminated uraninite, (UO2) molybdenite (MoS2) and fergusonite (Y, REE)NbO4 in a sheared and fracture granitic pegmatite dyke crosscutting a hornblende-biotite gneiss. Weighted average assay values produced concentrations of 0.16 wt. % U3O8 and 0.10 a 0.25 wt. % Rare Earth Elements (Leblanc, 1953; GM-02719A). The Sagard-Dumas site revealed U3O8 concentrations varying form 0.12 to 1.08 wt.%. A 600 lbs bulk sample processed gave a value of 0.15 wt.% U3O8.

Recent exploration on the Property was initiated by Caracle Creek International Consulting Inc. on behalf of Laramide Resources Ltd. The work completed in 2005 included a review of historical exploration and a radiometric and magnetic airborne geophysical surveys covering the entire Property. The survey revealed significant anomalies, several of them verified in the field by the geologists of Caracle Creek. These anomalous areas displayed moderately elevated radioactivity. Verification with a hand-held scintillometer, which did not included the St-Simeon Uranium showing, confirmed higher than background radioactivity and the corresponding outcrops were subjected to grab rock sampling. The resulting assay values were in general low to the exception of some samples having concentrations of 22 to 59 ppm U associated with granitic and pegmatitic granite materials. These rocks are exposed in the vicinity of the Lac a Paul and Lac aux Foins. The two areas will be subjected to more detailed geological investigation during the next year. However, the bulk of our efforts and exploration expenditures will be devoted to the area comprising and surrounding the St-Simeon Uranium showing. We strongly believe that this region necessitates a thorough revaluation of its potential for uranium and the rare-earth elements. Our work will consist of geological mapping, ground-based radiometric and magnetic surveys, trenching, rock sampling and eventually diamond drilling.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance, disinterested shareholder approval and any other necessary regulatory approvals. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular or Filing Statement to be prepared in connection with the transaction, any information released or received with respect to the change of business may not be accurate or complete and should not be relied upon. Trading in the securities of Jetcom should be considered highly speculative.

About Jetcom Inc.:

Jetcom is a holding company with proposed a transaction for uranium exploration properties through its wholly owned subsidiary Yellowcake Resources Inc. whereby the Company has been granted an option to purchase a 100% interest in 23 uranium claims totalling 3100 acres in the Campbell's Bay area of Quebec. It also signed an option agreement to acquire 6 mining claims in the Lac a David, Saguenay area of Quebec located in the township of Dumas. The Company has been granted the exclusive and irrevocable option to purchase a 100% interest in the claims. Most recently it has a entered into an additional proposed transaction to acquire the St. Simeon Uranium Property in Quebec. All deals are subject to Exchange approval and in connection to the change of business submission pursuant to TSX policy 5.2 and must be approved by Jetcom's shareholders and by the TSXV beforehand. More information can be found on the SEDAR website at and and


No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Jetcom, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and results to differ materially from Jetcom's plans and expectations as detailed herein and from time to time in the filings made by Jetcom with the TSX Venture Exchange and securities regulators. Jetcom does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Jetcom Inc.
    A. G. Dragone
    (416) 447-4884
    (416) 447-8868 (FAX)