Jetcom Inc.
TSX VENTURE : JTM

Jetcom Inc.

November 15, 2006 09:00 ET

Jetcom's Yellowcake Acquires Uranium Properties

TORONTO, ONTARIO--(CCNMatthews - Nov. 15, 2006) - Jetcom Inc. (TSX VENTURE:JTM), through its wholly owned subsidiary Yellowcake Resources Inc., is pleased to announce that it has entered into an agreement with Robert Rosenblat, a mining consultant with over 50 years experience, whereby the Company has been granted an option to purchase a 100% interest in 23 uranium claims totaling 3100 acres in the Campbell's Bay area of Quebec.

The total purchase price is payable in cash, shares and a work commitment over the next four (4) years. Initially, in the first year the Company will pay Mr. Rosenblat $20,000 plus 1,000,000 common shares and a work commitment of $60,000. In the next 12 months the Company is to pay $25,000 plus 1,000,000 shares and a work commitment of $80,000. Within 24 months the Company will pay $30,000 plus 1,000,000 shares with a work commitment of $100,000. In the final 36 months the Company will pay Mr. Rosenblat $35,000 plus 1,000,000 with a work commitment of $120,000.

The properties are located 35 kilometers North West of Ottawa, Ontario and adjoins the Globex Mining Enterprises Inc. (TSX:GMX) uranium deposit in Grand Calumet Township.

The Globex property was initially worked between 1953 and 1954 by Calumet Uranium Mine Ltd. Previous diamond drilling outlined two uranium fluorite zones. One small bulk sample graded 0.10% U308 and 0.15% THO2. Individual grab samples ranged up to 4% U308 and 20% THO2.

The Quebec government files (cogite 31F15 - 0026) report a non NI 43-101 conformable calculated tonnage of 1 million tonnes grading 0.80% U308 and 0.29%THO2 and 10% to 15% fluorite.

The uranium division of the Canadian government flew an airborne radiometric survey over this area five (5) years ago and came up with some results showing very high uranium readings in an area immediately North of the Company's latest acquisition.

Aldershot Resources Ltd. (TSX VENTURE:ALZ) being very active in the area for over a year acquired the major portion of this survey and now have field crews examining all the exposed showings. Aldershot is a major player here, having ten (10) groups of claims under option. Last fall they completed their own airborne radiometric survey. Some of the assays from previous work on Aldershot's holdings were very impressive. They had values as high as 2.68%, 1.97%, .79%, 0.68%, 0.65%, 0.62%, 0.50%, 0.50%, 0.49% and 0.45%. These values are comparable to the best ever seen in Eastern Canada. Jetcom's Yellowcake has been fortunate to acquire one block of ground covering part of this airborne survey and adjoins Aldershot's holdings.

This agreement is subject to due diligence and TSX Venture Exchange approval.

About Jetcom Inc.:

Jetcom is a holding company with interests in satellite television programming distribution, e-telehealth technology, and currently uranium exploration and development mining properties (through its wholly owned subsidiary Yellowcake Resources Inc.). More information can be found on the SEDAR website at http://www.sedar.com. A complete Yellowcake Resources website is under construction.

The information in this press release in not NI 43-101 compliant and should not be relied upon as such. This press release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange and on SEDAR. All statements, other than of historical fact, included herein 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 future events could differ materially from those anticipated in such statements.

Information contained in this news release includes information about adjacent properties on which we have no right to explore or mine. We advise investors in the United States that the SEC's mining guidelines strictly prohibits information of this type in documents filed with the SEC. United States investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

Jetcom Inc. has 37,525,971 outstanding common shares.

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

Contact Information

  • Jetcom Inc.
    Robert Coluccio
    Director
    (416) 447-4884
    (416) 447-8868 (FAX)