J.A.G. Mines Ltd.: Private Placement of $450,000

• Press Release
• Source: J.A.G. MINES LTD.
• On 2:02 pm EST, Thursday December 4, 2008

MONTREAL, QUEBEC--(MARKET WIRE)--Dec 4, 2008 -- J.A.G. MINES LTD. (CDNX:JML.V - News) wishes to announce that it is proceeding with a private placement of a maximum of 100 units at $4,500 per unit for a total of $450,000. This placement is offered the "Qualified Investors" only. Each unit is made up of 27,000 flow-through common shares at $0.15 each; ii) 3,000 non flow-through common shares at $0.15 each and iii) 15 000 share purchase warrants, each warrant entitling the holder to purchase one common share at $0.30 for a 12-month period.

Flow-through proceeds from the financing will be used for the Gold property in Belleterre (Temiscamingue). JAG is currently active on its property with a 4,000 meters drilling program.

Shares issued pursuant to the offering will be subject to a four-month hold period.

The company has no plan to pay any finder's fee on the transaction, which is subject to regulatory approval.

The TSX Venture Exchange does not accept any responsibility for the content or the veracity of the information contained in this release.

     Contacts:
     J.A.G. MINES LTD.
     Pierre Gevry
     President
     514-849-7336
     514-849-9260 (FAX)
     st-jacques@qc.aira.com
     http://www.minesjag.com