Olitra Private Placement, JAG Oil and Gas Subsidiary

J.A.G. Mines Ltd (TSX VENTURE:JML) wishes to announce that its majority-owned
subsidiary Olitra Inc. (OLITRA) is currently completing a private placement in
the amount of up to three hundred and fifty thousand dollars ($350,000). This
placement is being offered in units of $5,000 to arm's length accredited
investors. 


OLITRA plans to issue a total of up to three million five hundred thousand
(3,500,000) shares at a price of $ 0.10 per share. As a result of this
financing, JAG's equity position in OLITRA will be reduced by a maximum of 4.5%
- from 67% to 62.5%. Olitra will use these proceeds to support its working
capital requirements, including property renewal payments and legal and
administration expenses related to Olitra's planned Listing. 


Pursuant to the closing of its private placement, OLITRA plans to list with the
TSX Ventures exchange. OLITRA anticipates that the Listing will be realized via
a Qualifying Transaction (QT) with a Canadian Pool Corporation (CPC) or a
reverse takeover (RTO) via a TSX-V listed firm. The shares issued in this
private placement will not be consolidated during the Listing process.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pierre Gevry, President
Les Mines J.A.G. Ltee
[e-mail]
514-849-7336
514-849-9260 (FAX)


Charles Alexander, President
Olitra Inc.
[e-mail]
514-849-0495
514-849-9260 (FAX)
www.olitrainc.com