Mr. Thomas Lamb reports

J2 METALS INC. COMPLETES $3.8 MILLION UPSIZED PRIVATE PLACEMENT

Further to the previous press releases, J2 Metals Inc. has closed the second and final tranche of its $3.8-million non-brokered private placement financing, which was upsized from $2.5-million, at a price of 25 cents per subscription receipt.

Today's second tranche was composed of 6,577,800 subscription receipts for aggregate gross proceeds of $1,644,450. Yesterday, the company closed the first tranche of the subscription receipt offering for gross proceeds of $2,155,550.

Thomas Lamb, J2's chief executive officer, commented: "This is an excellent result and a great foundation for our company. Next, we are raising critical minerals flow-through at 35 cents per share to advance our 100-per-cent-owned Miniac project in Quebec's Abitibi greenstone belt. We will be moving briskly there to conduct 3-D IP and phase 2 drilling."

Each subscription receipt issued pursuant to the subscription receipt offering will entitle the holder thereof to receive, upon satisfaction of the escrow release conditions that include completion of the company's previously announced plan of arrangement between the company and Twenty Mile Metals Inc., and without payment of any additional consideration or further action on the part of the holder, one common share in the capital of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of 40 cents per share at any time for a period of 24 months following the date of conversion of the subscription receipts.

The gross proceeds from the sale of the subscription receipts will be held in escrow pending satisfaction of the escrow release conditions. If the escrow release conditions are not satisfied, the escrowed funds will be returned to the holders of the subscription receipts, together with any accrued interest thereon, and such securities shall be cancelled without any further action by the holders thereof. The company intends to use the net proceeds of the subscription receipt offering for general corporate purposes.

In connection with the second tranche of the offering, the company will pay a finder's fee, pending satisfaction of the escrow release conditions, of $75,985 in cash and 303,940 warrants at a price of 40 cents per share exercisable for a period of 24 months following the date of conversion of the subscription receipts.

The subscription receipt offering is subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the second tranche of the subscription receipt offering, including common shares issuable upon the exercise of warrants or finder warrants, are and will be subject to a hold period of four months and one day after the date of closing of the second tranche of the subscription receipt offering.

Thomas Lamb, Toby Pierce and Graham Giles are insiders of the company and participated in the second tranche of the subscription receipt offering by purchasing 300,000, 136,000 and 168,000 subscription receipts, respectively, for an aggregate subscription amount of $151,000. Accordingly, the subscription receipt offering constitutes a related-party transaction for the company within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval under MI 61-101 as the fair market value of each of the insider's participation in the subscription receipt offering does not exceed more than 25 per cent of the market capitalization of the company as set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101.

About J2 Metals Inc.

J2 Metals is advancing gold and silver exploration projects with historical production or significant drill results in established mining jurisdictions in Mexico, Quebec and Alaska. The company's Sierra Plata silver-gold-antimony project in Zacualpan, Mexico, hosts multiple past-producing silver-gold mines, confirming its high-grade mineral endowment. At the Miniac project in Quebec's Abitibi greenstone belt, historical and phase 1 drilling has confirmed strong discovery potential, with reported grades of up to 4.8 grams per tonne gold and 6.9 per cent zinc over 0.3 metre (DDH DV-80). Recent high-resolution geophysical surveys have identified 19 high-priority targets along a largely untested seven-kilometre conductive horizon, which will be evaluated in a planned phase 2 drill program. The Napoleon project in the Fortymile district of Alaska is located within a prolific placer gold camp that has produced up to one million ounces of gold, with known hardrock mineralization limited to the Napoleon area. Rock chip samples grading up to 596 g/t gold, together with historical drilling by Teck and Kennecott reporting intercepts such as 8.9 g/t gold over three m and 0.9 g/t gold over 79 m, indicate a robust mineralizing system with district-scale discovery potential.

Qualified person

The technical information contained in this release has been reviewed and approved by Graham Giles, PGeo, J2's vice-president, exploration, who is a qualified person as defined under National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

We seek Safe Harbor.