Jet Gold Corp. - Private placement to raise $400k

Proceeds to accelerate Big Hammer gold drilling program

VANCOUVER, Oct. 4, 2011 /PRNewswire/ - Jet Gold Corp. (TSX-V: JAU) (the "Company") today announced  a non-brokered private placement of $400,000 to be raised through the issuance of 1,428,571 flow-through units ("FT Units") at a price of $0.28 per FT Unit.  Each FT Unit will be comprised of one flow-through common share and one-half of one non flow-through common share purchase warrant for a term of 24 months ("Non FT Warrant"). One whole Non FT Warrant will entitle the holder to purchase one non flow-through common share at a price of $0.35 per share in year one and $0.45 per share in year two.

The proceeds of the financing will be used to further explore and immediately commence diamond drilling of up to 3500m at the Big Hammer Gold property located in Terrace, BC.

The securities issued pursuant to the private placement will be subject to a hold period of four months and one day from the closing.  The Company may pay finder's fees in connection with the private placement, subject to compliance with the policies of the TSX Venture Exchange ("Exchange"). Completion of the private placement and the payment of any finder's fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange.

JetGold is a Canadian resource exploration company actively developing gold, silver, copper, zinc, molybdenum and tellurium mineral resource properties in British Columbia, Canada. The company is currently undertaking exploration of its two unique precious metal properties [Big Hammer and Silver Bay] and a base metal property [Kshish].

JetGold is strategically investing in the Terrace and Smithers mining districts of British Columbia based on excellent road access, abundant power and water supply and close proximity to the CN rail line and the Fairview Terminal deep water container port in Prince Rupert. The port is an important part of the Government of Canada's "Asia-Pacific Gateway & Corridor Initiative" and the Province of British Columbia's "Pacific Gateway" strategy.

Additional information at: www.jetgoldcorp.com

On behalf of the Board of Directors,
Jet Gold Corp. (TSX.V: JAU)

"Brad J. Moynes"

Brad J. Moynes
President & CEO

Forward Looking Information: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.

Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties

There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

SOURCE Jet Gold Corp.