Jubilee Gold Inc. Announces Grant of Incentive Stock Options

  Jubilee Gold Inc. (TSX VENTURE: JUB), CUSIP number 481249100, announces that pursuant to the Company's Rolling Stock Option Plan (approved by the Shareholders on December 21st, 2009) the following options have been granted to the President and Director, Jeffrey J. Becker 600,000, to Maureen L. Friesen, Director, 100,000, Grant V. Ohman, Director, 100,000, William R. Troup, Consultant, 300,000, Sigrid I. Ades, Secretary-Treasurer, 300,000, Mark R. Warkentin, Director, 100,000, Howard L. Banting, Consultant, 200,000 and I. Eileen Green, Consultant, 200,000 for a total of 1,900,000 Common Shares at an exercise price of $0.20, expiry date February 4th, 2015. The Fair Market Value at grant was $0.19 per share.

A total of 2,000,000 shares have been reserved for the granting of stock options under the Stock Option Plan. At present the issued and outstanding number of shares is 20,000,000.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.

Contacts: Jubilee Gold Inc. Sigrid I. Ades Secretary-Treasurer [phone] or 1-800-442-0824 [phone] (FAX) [e-mail]