2006

J-Pacific Gold Inc.
1440 - 1166 Alberni Street, Vancouver, BC V6E 3Z3
Tel: (604) 684-6677 Fax: (604) 684-6678
E-mail: ir@jpgold.com Web: http://www.jpgold.com

NEWS RELEASE No.5, 2006
May 23, 2006

FOR IMMEDIATE RELEASE
TSX VENTURE SYMBOL: JPN
OTC BB SYMBOL: JPNJF

J-PACIFIC ARRANGES FINANCING (CORRECTION)

J-Pacific Gold Inc. (the "Company") wishes to make a correction to the news release issued today at 3:15 PM EST wherein it was incorrectly reported that the warrants issued in the announced private placement entitle the holder to purchase one additional common share of the Company at a price of $0.50 per share. The correct exercise price of the warrants is $0.55 per share. The corrected release follows:

The Board of Directors of J-Pacific Gold Inc. (the "Company") (TSX VENTURE:JPN) (OTCBB:JPNJF) is pleased to announce that the Company intends to proceed with a private placement of up to 1,800,000 Units of the Company at a price of $0.35 per Unit for total proceeds of up to $630,000. Each Unit consists of one common share and one warrant entitling the holder to purchase one additional common share of the Company at a price of $0.55 per share for a period of 12 months after the closing of the private placement. The Company will, subject to TSX Venture Exchange approval, pay a finders fee of 88,500 Units.

All securities issued will be subject to a four-month hold period.  The proceeds of the financing will be applied to working capital.

The private placement is subject to regulatory approval.

On behalf of the Board of Directors,
“N. Ferris”
President and CEO

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.