JASPER MINING CORPORATION CLOSES $199,500 PRIVATE PLACEMENT

CALGARY, May 12 /CNW/ --
Trading Symbol: JSP (TSX-V)

www.jaspermining.com

CALGARY, May 12 /CNW/ - Jasper Mining Corporation (the
'Company')(TSX-V:JSP) is pleased to announce that it has completed a
non-brokered private placement, as announced on May 5, 2011, and
accordingly has issued 767,308 units of the Company at a price of $0.26
per unit; for gross proceeds to the Company of $199,500. Each unit will
consist of 1 common share and ½ common share purchase warrant. The
warrants are at an exercise price of $0.45 and expire May 6, 2013.

The private placement has resulted in the issuance of 767,308 common
shares, and 383,654 share purchase warrants. There were 3 subscribers
to the private placement.

A finders fee of $8,970 will be paid to Anacort Capital Inc., being 6%
of $149,500 and the Company will grant finder's fee warrants equal to
6% of 575,000 units subscribed for to Anacort Capital Inc. (34,500
warrants) at an exercise price of $0.45 with a term of 18 months.

All of the securities issued pursuant to this private placement are
subject to a four month hold period.

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.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy


or accuracy of this release.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2011/12/c4128.html

Gordon F. Dixon, Q.C., President, Jasper Mining Corporation, Telephone: (403) 297-9483, Fax: (403) 266-1487, e-mail: gdixon43@telus.net