JUB Jubilee Gold Exploration Ltd

Jubilee Gold Inc. (TSX VENTURE: JUB) announces that it has agreed to revise its royalty agreement with Gold Canyon Resources Inc. whereby certain Springpole claims in the Red Lake mining District will now be subject to a 3% NSR. Jubilee will receive $50,000 US upon signing the revised agreement and 100,000 shares in the capital of Gold Canyon in 2010 and a further 100,000 shares each year for the next 5 years. In addition Gold Canyon will make advance royalty payments to Jubilee in the amount of $70,000 per year.

About Jubilee Gold Inc.

Jubilee came into existence on January 1, 2010 being an amalgamation of five companies: Union Gold Inc., Sheldon-Larder Mines, Limited, Golden Harker Explorations Limited, Wood-Croesus Gold Mines, Limited and Milestone Exploration Limited.

Mineral Interests of Jubilee Gold Inc.

Jubilee holds 15 mineral exploration properties and royalty interests in 5 more. Most contain known mineral occurrences (usually gold) and are located in mining friendly jurisdictions in Ontario, Quebec and New Brunswick. Scott Wilson RPA of Toronto recently completed independent technical evaluations of Jubilee's Harker and Munro projects.

The Golden Harker project (621 hectares) is an advanced stage exploration project located 50 km northeast of Kirkland Lake in the Larder Lake Mining district of N.E. Ontario. Pre-1990 exploration includes 20,560 m of diamond drilling, a 312 m shaft, ramp access, and underground development on five levels. In 1988 a resource was calculated at 241,436 tons grading 0.178 oz/ton gold over a mining width of 8.1 feet. This resource estimate is currently considered historical in nature and not compliant with 43-101 requirements. Early work was focused along a 1400-metre section of an easterly-trending fault system. From 2005 to 2008, Golden Harker Explorations Limited, the predecessor to Jubilee, completed an additional 5,000 metres of surface drilling in 29 holes, and confirmed that the Harker mineralized horizon has a strike length of over 3 kilometres. In their technical evaluation, Scott Wilson RPA concluded that the Golden Harker property hosts a significant gold target and warrants an extensive exploration program.

The Munro property (600 hectares) is located 30 kilometres west of the Golden Harker project. The Destor-Porcupine Deformation Zone, a major fault structure, considered potentially important in the regional emplacement of gold mineralization, passes just 3 km to the south of Munro. The subparallel Pipestone Fault System extends through the north part of the property. The Croesus gold deposit, a small but very high grade past producer is 400 metres west, while the larger and currently undeveloped Fenn-Gibb deposit is located immediately to the southeast. The volcanic-sediment assemblage that hosts the Fenn-Gibb deposit extends through the south portion of the Munro property. Gold occurrences have been previously reported at Munro associated with quartz veining, silicified quartz-feldspar-porphyry, and fractured and silicified mafic volcanics. Scott Wilson RPA concluded that the Munro property hosts significant exploration potential and recommended a substantial exploration program, focused initially on the potential discovery of Fenn-Gibb and Croesus style mineralization.

JUBILEE PROPERTY INTERESTS

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PROPERTY                 LOCATION                 COMMENTS
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Golden Harker (621-ha)   Harker Twp. ON           advanced, shear-hosted
gold
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Munro Property (600 ha)  Munro/Guibord Twp. ON    mid-level, quartz and
shear hosted gold
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Munro North (132 ha)     Munro Twp. ON            early stage, favourable
for base metals
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Dale Project (112 ha)    Harker Twp. ON           anomalous gold, associated
with syenite
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Harker South (144 ha)    Harker Twp. ON           anomalous gold,
syenite/basalt contact
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Ghost Lake (144 ha)      Elliott Twp. ON          gold occurrence in sheared
basalt
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Magusi River (608 ha)    Tannahill/Holloway Twps  gold occurrence, quartz &
ON                       iron formation
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Dasserat Deep (284 ha)   Dasserat Twp. Quebec     gold, along trend of Kerr
Addison Mine
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Halcrow Creek (576 ha)   Halcrow Twp. ON          gold occurrence in sheared
porphyry
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Klotz Lake (276 ha)      Longlac area, ON         advanced gold - optioned
to Kodiak Expl.
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Elmhirst (64 ha)         Elmhirst Twp. ON         shear and quartz-vein
hosted gold
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Birneys Lake (1,536 ha)  S.E. New Brunswick       shear and vein hosted gold
& Zinc (Zn)
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True Hill (26-claims,    Mount Pleasant area N.B. Geodex Minerals-Project
416ha)                                            Operator, Sn
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Beach Hill (8 claims,    Mount Pleasant area N.B. Geodex Minerals-Project
128ha)                                            Operator
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McDougall (54cms, 864ha) Mount Pleasant area N.B  Geodex Minerals-Project
Operator, Zn, In
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Royalty Interest -       GermanStock Twps. ON    advanced gold/Sage Gold
Clavos                                            Inc.
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Royalty Interest         Guillet Twp. Que.        gold, base metals/P.
Desjardin
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Royalty Interest         McGarry Twp. ON          advanced gold/Armistice
Resources Corp
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Royalty Interest         Springpole Lake ON       advanced gold/Gold Canyon
Resources
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Royalty Interest         Duprat Twp. Que          gold/base metals
potential/Xstrata
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Jeffrey J. Becker,
President and Director

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 news release.

Contacts: Jubilee Gold Inc. Jeffrey J. Becker President and Director 416-364-0042 416-364-2630 (FAX) thebeckergroup@bellnet.ca