TORONTO, ONTARIO (TSX VENTURE: JTM)(FRANKFURT: YGH)(XETRA: YGH),
is pleased to announce it has entered into an option agreement on
March 6, 2008 to acquire a 100% interest in 185 mining claims in
Callieres Township, Charlevoix County, 180 km north of Quebec City
referred to as the St. Simeon Uranium Property (the "Property").
The Property is registered in the name of Mr. Robert Rosenblat who
is an individual resident of British Columbia (the "Optionor").
To earn a 100% interest in the Property, the Company is required
to make an aggregate cash payment of $412,000 (expressed in
Canadian dollars), and issue an aggregate of 5,000,000 common
shares of Jetcom, to the Optionor. The payments and issuances are
to be made in four instalments over a three year period beginning
on the date that is 30 business days following the receipt of the
approval of the Agreement by the Exchange ("Initial Payment Date").
The cash payments will be in the amount of $46,000, $86,000,
$120,000, and $140,000 respectively and the shares are to be issued
in four equal instalments of 1,250,000 common shares. In addition,
Jetcom has agreed to incur minimum annual exploration expenditures
of $210,000, $300,000, $350,000, and $400,000 in the four years
following the Initial Payment Date, respectively, and pay the
vendor a 2% net smelter return if and when applicable.
Jetcom has entered into the Agreement with the intention of
satisfying the Exchange's requirements for a change of business to
operate in the mining industry. Subject to the receipt of required
approvals for the proposed change of business, including approvals
from the Exchange and the shareholders of Jetcom, the Agreement
will serve as Jetcom's change of business agreement in accordance
with the Exchange's policies.
Michel Boily, PhD, P. Geo, a "Qualified Person" as such term is
defined by National Instrument 43-101, has reviewed and approved
the technical information in this news release on behalf of Jetcom.
The Company has contracted Mr. Boily to produce an updated NI
43-101 technical report for the property in furtherance of its
change of business submission.
The Property consists of 185 concessions or cells totalling
10,488.29 hectares (104.88 km2) located within the 21N/13 SNRC
sheet. The Property is located in the Grenville Province of the
Canadian Shield. The dominant rocks are pink gneiss, augen gneiss,
biotite mica schist, amphibolite, and granitic pegmatite. The
metamorphic rocks are characterized by abundant, small
(decimetre-long), irregular masses of leucocratic material
consisting dominantly of quartz and feldspar with minor mica. The
Property is favourably located for mine development. It is situated
just north of the St. Lawrence River near Route 170, a major artery
connecting Chicoutimi (Saguenay) to St-Simeon. A 750KeV electric
power line crosses the Property.
Anomalous levels of radioactivity were detected in the St.
Simeon area in 1903 and explored by various companies between 1949
and 1969 and between 1977 and 1980. Several airborne geophysical
surveys delineated areas of anomalous radiation, and Geiger counter
and magnetometer surveys found radioactive pegmatites and showings
of radioactive minerals, dominantly uraninite. The St-Simeon
Uranium showing exposed near the north shore of the St-Lawrence
River represents the most significant uranium showing of the
property and holds a substantial potential for future
development.
The mineralization is reported to be associated with granitic
pegmatitic rocks throughout the Property. The ore deposit model
used for exploration in the St. Simeon area is similar to the
Bancroft, Ontario. At Bancroft, uraninite and uranothorite
((Th,U)SiO4) are hosted by irregular masses of pegmatites. The
St-Simeon Uranium showing (number 21N13-0113; MRNFQ) is one of the
most interesting uranium occurrence situated within the St-Simeon
claim group. This ancient property comprised two main groups of
claims i.e. Callieres and Sagard-Dumas. Historical work included
trenching, sampling and drilling that unearthed several significant
radioactive zones associated with granitic pegmatite bodies. At the
Callieres site, the mineralization consists of disseminated
uraninite, (UO2) molybdenite (MoS2) and fergusonite (Y, REE)NbO4 in
a sheared and fracture granitic pegmatite dyke crosscutting a
hornblende-biotite gneiss. Weighted average assay values produced
concentrations of 0.16 wt. % U3O8 and 0.10 a 0.25 wt. % Rare Earth
Elements (Leblanc, 1953; GM-02719A). The Sagard-Dumas site revealed
U3O8 concentrations varying form 0.12 to 1.08 wt.%. A 600 lbs bulk
sample processed gave a value of 0.15 wt.% U3O8.
Recent exploration on the Property was initiated by Caracle
Creek International Consulting Inc. on behalf of Laramide Resources
Ltd. The work completed in 2005 included a review of historical
exploration and a radiometric and magnetic airborne geophysical
surveys covering the entire Property. The survey revealed
significant anomalies, several of them verified in the field by the
geologists of Caracle Creek. These anomalous areas displayed
moderately elevated radioactivity. Verification with a hand-held
scintillometer, which did not included the St-Simeon Uranium
showing, confirmed higher than background radioactivity and the
corresponding outcrops were subjected to grab rock sampling. The
resulting assay values were in general low to the exception of some
samples having concentrations of 22 to 59 ppm U associated with
granitic and pegmatitic granite materials. These rocks are exposed
in the vicinity of the Lac a Paul and Lac aux Foins. The two areas
will be subjected to more detailed geological investigation during
the next year. However, the bulk of our efforts and exploration
expenditures will be devoted to the area comprising and surrounding
the St-Simeon Uranium showing. We strongly believe that this region
necessitates a thorough revaluation of its potential for uranium
and the rare-earth elements. Our work will consist of geological
mapping, ground-based radiometric and magnetic surveys, trenching,
rock sampling and eventually diamond drilling.
Completion of the transaction is subject to a number of
conditions, including but not limited to, Exchange acceptance,
disinterested shareholder approval and any other necessary
regulatory approvals. The transaction cannot close until the
required shareholder approval is obtained. There can be no
assurance that the transaction will be completed as proposed or at
all.
Investors are cautioned that, except as disclosed in the
Management Information Circular or Filing Statement to be prepared
in connection with the transaction, any information released or
received with respect to the change of business may not be accurate
or complete and should not be relied upon. Trading in the
securities of Jetcom should be considered highly speculative.
About Jetcom Inc.:
Jetcom is a holding company with proposed a transaction for
uranium exploration properties through its wholly owned subsidiary
Yellowcake Resources Inc. whereby the Company has been granted an
option to purchase a 100% interest in 23 uranium claims totalling
3100 acres in the Campbell's Bay area of Quebec. It also signed an
option agreement to acquire 6 mining claims in the Lac a David,
Saguenay area of Quebec located in the township of Dumas. The
Company has been granted the exclusive and irrevocable option to
purchase a 100% interest in the claims. Most recently it has a
entered into an additional proposed transaction to acquire the St.
Simeon Uranium Property in Quebec. All deals are subject to
Exchange approval and in connection to the change of business
submission pursuant to TSX policy 5.2 and must be approved by
Jetcom's shareholders and by the TSXV beforehand. More information
can be found on the SEDAR website at www.sedar.com and
www.jetcom.com and www.yellowcakeresources.com.
CAUTIONARY STATEMENT
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This news release includes certain "forward-looking
statements". All statements other than statements of historical
fact included in this release, including, without limitation,
statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Jetcom, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and results to differ
materially from Jetcom's plans and expectations as detailed herein
and from time to time in the filings made by Jetcom with the TSX
Venture Exchange and securities regulators. Jetcom does not assume
any obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release.
Contacts: Jetcom Inc. A. G. Dragone President (416) 447-4884
(416) 447-8868 (FAX) Website: www.jetcom.com
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