Jupiter Mines Limited (ASX: JMS)

HIGH GRADE HEMATITE MINERALISATION INTERSECTIONS FROM CENTRAL YILGARN IRON PROJECT

KEY POINTS

?                    Significant high grade hematite intersected at Mt Mason Prospect, including:

                Hole 08RCMM001

-          17m @ 58.4% Fe from 13 metres

-          15m @ 60.5% Fe from 36 metres

-          21m @ 65.4% Fe from 59 metres

                Hole 08RCMM002

                  -     2m @ 57.8% Fe from 60 metres 

?                    Hole 08RCMM001 returned a total of 53 metres of high grade iron mineralisation 

?                    All assays have now been returned for Mt Mason and Mt Ida

?                    An upgraded resource model will be completed for Mt Mason in February

Jupiter Mines Limited (ASX: JMS) is pleased to announce further high grade iron results from its Central Yilgarn Iron Project (CYIP) in Western Australia.

All assay data from the Mt Mason Prospect has now been received following the receipt of assay results from two re-sampled holes, 08RCMM01 and 02. In total 20 holes were drilled on the Mt Mason Prospect with the hole locations shown in Attachment 1.   

The assays returned from hole 08RCMM01 confirmed 53m of high grade iron mineralisation which lies close to other high grade hematite intersections previously reported at Mt Mason, 08RCMM09 (61m @ 65.5% Fe from 16m), 08RCMM013 (64m at 60.6% Fe) and 08RCMM014 (64m at 60.5% Fe) indicating a significant zone of hematite mineralisation (see Attachment 2). 

The significant hematite mineralisation intercepts from this program will add to the assay data base used to calculate a new inferred resource for Mt Mason, which has a current inferred resource of 2.2 million tonnes at 60.6% Fe. A new inferred resource model for Mt Mason will be calculated in February.

The Central Yilgarn region remains a key focus for Jupiter and results from the Company?s 2008 drill campaign have reinforced the area?s significant iron ore exploration potential.

Yours faithfully

Jupiter Mines Limited

Greg Durack

Chief Executive Officer

The potential quantity and grade of the of the inferred resource at Mt Mason, and also any potential resource at CYIP are conceptual in nature and are for exploration purposes only. There has been insufficient exploration and valuation to define a mineral resource and it is uncertain if future exploration will result in the determination of a mineral resource.

Exploration Manger: Charles William Guy Competent Person

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Charles William Guy who is a Member of the Australian Institute of Geoscientist and a full- time employee of Jupiter Mines Limited.  Charles William Guy has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ?Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves?. Charles William Guy consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears Charles William Guy holds the position of Exploration Manager with Jupiter Mines Limited.

Mining Consultant- David Milton (Mt Mason Inferred Resource) Competent Person

The information in this report that relates to Mineral Resources of Mt Mason is based on information compiled by Mr David Milton, who is a Member of the Australian Institute of Mining and Metallurgy and a full time consultant. Mr David Milton has sufficient experience in the type of deposits under consideration and to the activities undertaken to qualify as a Competent Person as defined in the December 2004 Edition of the Australasian Code for reporting Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in the report of the matters based on his information in the form and the context in which it appears.

Attachment 1: Mt Mason Prospect Drill Hole Locations

Attachment 2: Drill Hole Highlights - Mt Mason

-                      All RC drill holes at CYIP are vertical  

-                      ALS Chemex Analysis ME-XRFII, OA-GRA05 LOI1000

-                      The Hematite grades reported in the intersection are a calculated weighted average of the assays from the individual metre intervals with a cut-off grade of 55.0% Fe and internal dilution of up to 3m.

-                      Magnetite grades reported in the intersection are calculated weighted average of the assays from metre intervals with a cut-off grade of 25% and internal dilution of up to 4m

Attachment 3: Mt Mason Drillhole locations

Mt Mason Drillhole locations

MGA ZONE 51   

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