Josephine Mining Corp.
TSX VENTURE : JMC

Josephine Mining Corp.

May 10, 2011 12:44 ET

Josephine Mining Corp.; Current $1.2MM Drill Program Designed To Increase Mineral Resource Value

SPOKANE, WASHINGTON--(Marketwire - May 10, 2011) - Robert L. Russell, President and CEO of Josephine Mining Corp. ("Josephine" or the "Company") (TSX VENTURE:JMC) announces that it is the Company's desire to fast track the development of their Turner-Albright Gold Project and has initiated an in-fill drill program budgeted to spend $1.2 MM to drill 12,000 ft. Drilling is scheduled to begin during the Q2 2011. The goal of this 12 twelve drill hole program is to improve the classification of a portion of the mineral resource, as well as increase the total resource tonnage. This program will substantiate the existing results data from earlier drilling.

The mineral resource is a Cyprus-type ophiolite-hosted volcanogenic massive sulfide (VMS) gold, copper & zinc deposit. The Turner-Albright Project's NI 43-101 Preliminary Economic Assessment (PEA) tonnes and grades from previous drilling are:

Turner Gold Deposit
Mineral Resources
Mineral Resource at Metal Prices, $900/oz Gold, $2.00/lb Copper, $12.50/oz Silver, $0.65/lb Zinc
CategoryCutoff NSR/tShort KtonsNSR $/tonGold oz/tonCopper %Silver oz/tonZinc %Cobalt %Contained KOzs GoldContained KLbs CuContained KOzs SilverContained KLbs Zn
Undiluted Indicated$42.002,44792.880.0901.250.312.650.047
Mining Recovery90%2,20292.880.0901.250.312.650.047
Mining Dilution10%22042.260.0490.500.160.790.038
Indicated (Recovered + Diluted)2,42288.270.0861.180.302.480.04620957,245718120,169
Undiluted Inferred$42.002,08486.400.0880.990.642.780.036
Mining Recovery90%1,87686.400.0880.990.642.780.036
Mining Dilution10%18842.260.0490.500.160.790.038
Inferred (Recovered + Diluted)2,06482.380.0840.940.592.600.03617438,9911,223107,290

Indicated + Inferred
4,48685.560.0851.070.432.540.04138396,2361,941227,459
Notes:
Undiluted calculations are from the block model at the $42.00/ton NSR cutoff
Undiluted calculations require each block to have 4 neighbors above cutoff grade
Dilution grade based on the grade of material surrounding the undiluted tabulation, at a $5.00/ton NSR cutoff

The statement of mineral resources above is from the technical report dated 16 November 2009 and as revised on May 17, 2010. John Marek of Independent Mining Consultants, Inc. acted as the "Qualified Person" for the mineral resources within that technical report, and has reviewed this press release.

Significant intercepts from previous drilling are given below. Josephine is in possession of the entire drill core and will conduct further verification assays of these significant intercepts. The historical drill log summary as previously published is:

HoleFrom InterceptCoreGoldSilverCopperZincCobalt
No.(FT)To (FT)Interceptoz/tonoz/ton%%%
Tab-396115.519.50.4932.2215.172.180.067
Tab-6392.8442.549.70.1850.7811.094.760.086
Tab-8242.5263.5210.1720.5121.815.410.03
Tab-9196.5205.79.20.2050.2391.911.750.09
Tab-106708802100.130.0152.041.410.061
Tab-131,105.01,115.0100.1220.0251.792.460.006
Tab-15250260.510.50.170.8651.155.60.035
Tab-24290330400.2210.2455.210.840.036
Tab-26408.549586.50.260.4073.953.610.045
Tab-27730.5855124.50.0830.5011.554.360.031
Tab-303955201250.1440.2231.153.640.082
Tab-30748.8833.584.70.1721.663.417.220.048
Tab-33136.919053.10.3651.6124.831.920.066
Tab-3598.5175.5770.1031.10.988.160.034
Tab-41167.5178.611.10.1172.661.547.310.043
Tab-41194201.57.50.2973.324.332.010.039
Tab-48136.3159.723.40.1751.361.310.190.067
Tab-56742.6870127.40.061.381.129.510.018
Tab-63773.2822.349.10.1430.320.413.08NA
Tab-64792.382229.70.2250.231.860.69NA

HoleNorthEastElevInclinationBearing
No.(FT)(FT)(FT)(Degrees)(Degrees)
Tab-319,658.6020,192.902,918.00-50S25W
Tab-619,515.4020,525.802,830.00-55S25W
Tab-819,151.7020,280.702,943.00-45West
Tab-919,481.8020,296.802,931.00-45West
Tab-1019,171.5020,570.302,747.50-61West
Tab-1319,174.8020,273.802,940.70-90---
Tab-1519,278.5020,532.202,747.50-60West
Tab-2419,171.5020,570.302,747.50-40West
Tab-2619,071.1820,741.832,662.04-35West
Tab-2719,071.1820,741.832,662.04-60West
Tab-3019,071.1820,741.832,662.04-90---
Tab-3319,583.8420,244.182,923.80-45S55W
Tab-3519,264.8220,232.012,934.40-56S54W
Tab-4119,177.7820,150.773,022.10-60S60W
Tab-4819,583.8420,244.182,923.80-70S60W
Tab-5619,007.9020,549.002,811.70-76West
Tab-6319,081.7520,899.092,542.50-58S86W
Tab-6419,081.7520,900.492,542.50-74S80W

Current work is directed toward preparation of a preliminary feasibility study to be completed in 2012. The planned program's metallurgical and geologic data is scheduled to be completed this year. The Company's technical staff is directing permitting, engineering, and design activities for the project, and is also coordinating on-site efforts in support of the current drilling program.

Further, in keeping with managements' historical and continued commitment to maximize shareholder return on investment, Josephine is aggressively executing its ongoing program of evaluating potential acquisition candidates. Interested investors should look forward to ongoing material updates on the Turner-Albright Gold Project.

For further information about the Company, please refer to the Company's filings on SEDAR (www.sedar.com), particularly the NI43-101 concerning the Turner Gold property in Josephine County, Oregon, USA.

Disclaimer for Forward-Looking Information

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events, such as the statements that: (i) Diamond drilling and geologic data are planned for Q2 and Q3, 2011. (ii) A preliminary feasibility study will be completed in 2012. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.

These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements such as the current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no guarantee that its goals and objectives detailed above will be accomplished, in part or at all.

These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks Factors" section in the Filing Statement of the Company dated October 10, 2010 and available on www.sedar.com.

Neither 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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