On behalf of the Board of Directors of Les Mines JAG Ltée, I am pleased to present the Annual Report for the year ended December 31, 2009. It contains the Management Discussion and Analysis (“MD&A”) filed on SEDAR.com on April 28, 2010 as well as the Audited Financial Statements for the last fiscal year.
Mineral Exploration activities :
Over the course of the last few years JAG has been active on two properties that offer important Gold and Silver mining potential. They are the Belleterre property in Temiscaming and the Malartic project in Abitibi. Since their original acquisition JAG has invested more than 5 millions dollars ($ 5,000,000) in exploration expenses and resources on both properties have been identified.
JAG owns 100% of the mineral rights on the Belleterre property. Dr. Mehmet Taner, the geologist in charge of the project recommended at the end of the 2009 exploration program to continue the gold mining potential evaluation of the property. A more complete text of his recommendations can be found in the MD&A.
The continued exploration and development of the Malartic property is now underway as per the terms of a Joint-Venture and 50% Interest Acquisition Agreement with Amseco Exploration Ltd. The conditions of this Agreement are outlined in the MD&A.
Oil and Gas Exploration :
JAG continues being very active on its Oil and Gas exploration permits acquired in 2006. The surface exploration is under the direction of Dr. Marc Richer-Laflèche, Ph. D. geology, and also professor at the “Institut National de la Recherche Scientifique”. JAG and its Olitra inc. subsidiary have jointly invested to this date, in excess of two million dollars ($ 2,000,000) in exploration and acquisition costs for these properties.
The results obtained to date are very interesting and a summary of the activities prepared by Dr. Richer-Laflèche can be found in the MD&A.
On June 21, 2010, JAG announced the transfer of the permits to Olitra Inc. The TSX Venture Exchange accepted the filing of the necessary documents and authorized the issuance of 32,474,440 shares to JAG in exchange for the transfers. This press release can be found on SEDAR. The completion of two (2) Olitra common shares Private Placements saw the issuance of ten millions (10,000,000) shares of Olitra raising the number of issued and outstanding shares to 42,474,440, bringing JAG’s current interest to 76.5%.
The proposed 2010-11 work programs are budgeted at more than one million dollars ($ 1,000,000) and Olitra’s management is currently very active in completing this financing. Under the proposed scenario a prospectus for an Initial Public Offering (« IPO”) is planned for and the filing of the required Listing Documents with the TSX-Venture Exchange should be done by the end of Fall 2010.
JAG’s management wishes to thank its collaborators for their constant efforts in helping it attain its objectives.
Pierre Gévry
President
