MONTREAL, QUEBEC--(Marketwire - Sept. 24, 2012) - J.A.G. MINES LTD. (TSX VENTURE:JML) is pleased to announce that it is currently completing a private placement in the amount of one million dollars ($1 000 000.). This placement is being offered to "Accredited Investors" in units of $5,000. Each unit is made up of:
| i. |
40 000 flow-through common shares at $0.10 per share; |
| ii. |
10 000 non-flow-through common shares at $0.10 each and; |
| iii. |
25 000 common share purchase warrants, each warrant shall entitle the holder thereof to acquire one common share of the Issuer (on a non-flow-through basis) at a price of $0.20 until the date which is twelve (12) month following the Closing date. |
The proceeds raised from the issuance of the Flow-Through Shares will be used to incur exploration expenditures on JAG's Properties in Belleterre-Temiscamingue (gold-silver) and St-Robert-Bellarmin (gold-silver-tungsten, lead, zinc).
Shares issued pursuant to the offering will be subject to a four (4) month hold period.
Belleterre Property (Temiscamingue)
This property covers a perimeter of 1,157.3 hectares spread over 81 claims. It is composed of many gold-bearing zones including Aubelle-1 which, according to historical data, has 1,257,000 tons of resources of an average content of 3.2 g/t.
Since the beginning of 2012, a team led by geologist Marc Richer Laflèche from the 'Institut National de la recherche scientifique'(INRS) is active on the property, performing prospecting activities. These works will be followed by an important drilling campaign.
St-Robert Property
St-Robert Property is composed of 18 mining claims and covers 1,156 hectares.
The 100% JAG owned property hosts many quartz veins and carbonates rich in poly-metallic sulphides (Pb,Zn,Ag,Au,W) injected in the sedimentary rocks. JAG initiated in 2011, a compilation of exploration work and small scale production done by St-Robert Metals
Corporation and Nouvelle Mining between 1951 and 1976. All the geological and geophysical surface data have been digitalized and GIS integrated. Following that, many surface works including geophysical surveys and systematic sampling were completed by Dr. Laflèche's team. We are now well prepared to go ahead with a drilling campaign.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.