Jasper Mining Corporation announces $1,000,000 private placement by the
issuance of flow-through shares

Trading Symbol: JSP (TSX-V)

CALGARY , Jan. 4 /CNW/ - Jasper Mining Corporation (the "Company") is pleased to announce it completed a non-brokered private placement of 5,000,000 flow-through units at $0.20 per unit for a total amount of $1,000,000 on December 31, 2009 . Each unit consists of 1 common share and 1/10 common share purchase warrant with a term of 18 months, and an exercise price of $0.75 . The flow-through common shares and warrants will have a hold period of four months.

The private placement will result in the issuance of 5,000,000 common shares, and 500,000 share purchase warrants.

A fee of 6% will be payable to First Merchants Capital Inc., and First Merchants Capital Inc., will be granted a further fee being an option equal to 4%, or 200,000 common shares, of the total number of units subscribed for, at an exercise price of $0.75 with a term of 18 months.

This News Release is being issued in accordance with TSX Venture Exchange procedure which requires a News Release be made that discloses the material details of the private placement.

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 accuracy of this release.

For further information: Gordon F. Dixon, Q.C., President, Jasper Mining Corporation, Telephone: [phone], Fax: [phone], E-mail: [email protected]